TaxTMI 
TaxTMI 
2020 (12) TMI 463
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....reinafter referred to as the "First Applicant Company" or "Transferor Company") and The Tata Power Company Limited (hereinafter referred to as the "Second Applicant Company" or "Transferee Company") are entering into a scheme of amalgamation. By the said Scheme, the First Applicant Company is amalgamating with the Second Applicant Company as a going concern. The Second Applicant Company is desirous of consolidating the assets and liabilities of the First Applicant Company pursuant to the scheme of amalgamation. For the sake of convenience, the First Applicant Company and the Second Applicant Company may be collectively referred to as "Applicant Companies" wherever required. 3. The First Applicant Company is a wholly owned subsidiary ....
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....d at 45 SCL 143 and Windermere Properties PrivateLtd, Haddock Properties PrivateLtd, Grandeur Properties Private Limited, Winchester Properties Private Limited and Pentagram Properties Private Limited with Housing Development Finance Corporation Limited, Company Scheme Application No. 243 of 2017 (order dated 4 September, 2017) and therefore, the Second Applicant Company is not required to convene a meeting or send any notices to its Equity Shareholders for approval of the Scheme. The Applicant Companies have submitted that they will file a company petition with the Tribunal seeking approval of the Scheme and will also issue notices to all regulatory authorities. 6. The Learned Counsel submitted that the Applicant Companies do not have pre....
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....eme. In view of this, the meeting of the Secured Creditors of the Second Applicant Company is not required to be convened. However, the Second Applicant Company shall file consent affidavits of the Secured Creditors of the Second Applicant Company. Accordingly, the consent Affidavits of secured creditors be obtained by sending notices to all its Secured Creditors inviting representations, if any, thereto by post/ courier/ email/ hand-delivery. Representations, if any, shall be filed before this Tribunal with a copy to the Second Applicant Company within 30 (thirty) days from the date of receipt of such notice. 9. The Learned Counsel for the First Applicant Company submitted that as on 30th September 2020, there is only 1 unsecured creditor....
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....and above inviting representations, if any, thereto by post/ courier/ email/ hand-delivery. Representations, if any, shall be filed before this Tribunal with a copy to the Second Applicant Company, within 30 (thirty) days from the date of receipt of such notice, failing which, it shall be presumed that they have no objection to the proposed Scheme. 11. The Learned Counsel for the Applicant Companies submit that the First Applicant Company is registered with the Reserve Bank of India under Section 45-IA of the Reserve Bank of India Act, 1934 as a non-banking financial institution carrying on the business without accepting public deposits. The First Applicant Company made an application with the Reserve Bank of India seeking prior permission....
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....ity, Virar West-401303 (Mobile No. 9557539539), email id [email protected], is appointed to assist the Official Liquidator to scrutinize the books of the First Applicant Company for the last 5 years. The fee of the Chartered Accountant is fixed at Rs. 2,50,000/- plus applicable taxes ( @ Rs. 50,000/- per year) which shall be paid by the First Applicant Company. The Official Liquidator shall submit his Report to the Tribunal within 30 (Thirty) days of the date of receipt of such notice, failing which it shall be presumed that the Official Liquidator has no objection to the proposed Scheme. A copy of the Report shall simultaneously be served upon the Transferor Company. 14. Additionally, the Second Applicant Company to service notices upon ....