TaxTMI 
TaxTMI 
2021 (4) TMI 1180
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....dation, (hereinafter referred to as 'UNM' or the 'Petitioner Transferor Company') with Tornascent Care Institute (hereinafter referred to as 'TCI' or the 'Petitioner Transferee Company') with effect from the appointed date as mentioned in the Scheme. It was pointed out that both the Petitioner Companies are promoted by Torrent Power Limited and Torrent Pharmaceuticals Limited jointly to carry out activities primarily to fulfill their respective CSR obligations under the Companies Act, 2013. Hence, both the Petitioner Companies belong to the same management group. Both the Petitioner Companies are 'not-for-profit' Companies registered under Section 8 of the Companies Act, 2013 having same objects. Both....
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....fidavit of Service and Publication dated 15th December 2020 was duly filed with the Hon'ble Tribunal by the Petitioner Transferee Company. 4. It is submitted that the meeting of Unsecured Creditors of the Petitioner Transferee Company was duly convened on 11th January 2021 through Video Conferencing. The Chairman appointed for the said meeting has filed his report for the result of said meeting alongwith affidavit dated 13th January 2021. The said report confirms the approval to the proposed Scheme by the requisite majority of unsecured creditors of the Petitioner Transferee Company, casting valid votes either through remote e voting or e voting at the time of the meeting. 5. Then, the petitioner filed instant petition, CP (CAA) N....
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.... December 2020 with the proofs of service was filed with the Hon'ble Tribunal. 7. In response to such notices, the Regional Director, North Western Region filed a representation with the Hon'ble Tribunal on 15th January 2021. The Office of the Official Liquidator, Gujarat also filed a report elated 11th February 2021. The Central Government (Regional Director) as well as the Official Liquidator submitted that the related legal fees/expenses, for submitting the report and representing the matter may be paid by the Petitioner Companies. 8. The Petitioner Companies have filed a common additional affidavit dated 19th February 2021 in response to the said representations of the Regional Director as well as the Official Liquidator ....
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....e of the founder promoter of the group Late Shri U.N. Mehta. It is intended to continue the name in memory of late founder promoter by giving the said name to the Petitioner Transferee Company. It is further submitted that the accepted principle of Single Window Clearance, the Petitioner Transferee Company is not required to follow separate procedure for the same and the order sanctioning the scheme shall be treated as the order for change of name. It has been further submitted that Change of Name of the Petitioner Transferee Company does not attract any stamp duty for the transfer of assets. For the transfer of undertaking from the existing Petitioner Transferor Company to the Petitioner Transferee Company, upon sanction of the Scheme, the....
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..... Hence their consent is deemed to have been received. It is also submitted that on the basis of the records of the Petitioner Companies, as on 31st December 2020, there are no disputed and/or undisputed outstanding demands for income tax for either of the Petitioner Companies. The Petitioner Companies have undertaken to abide by all the applicable provisions of the Income Tax Act. 11. It is submitted by the learned lawyer appearing for the Petitioner Companies that the Scheme is not against the public policy and it shall not adversely affect the interests of the creditors. It has also been submitted that all statutory obligations under all applicable laws shall be complied with. 12. It is submitted by the Petitioner Companies that no....
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....- T to the petition is hereby sanctioned and it is declared that the same shall be binding on the Petitioner Companies, their shareholders and unsecured creditors and all concerned under the scheme. However, The Change of Name of the Petitioner Transferee Company as envisaged in Clause 16.2 of the Scheme is not permitted by way of this application as RD in its representation dated 05.01.2021 para 2(e) have objected for such change of name of the Transferee Company. There is/are specific provision as provided in Section 13 of the Companies Act. Therefore this Bench is of the opinion that in respect of any change in name, the Petitioner/Transferee Company shall comply Section 13 of the Companies Act separately/independently. 17. The amount....