TaxTMI 
TaxTMI 
2021 (6) TMI 693
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....ted the Applicant No. 2 Company with Shanu Tex And Developers Private Limited, the Applicant No. 3 Company (hereinafter jointly referred to as "the Applicant Companies") 2. The Registered Office of the company of all the Applicant Companies situated in Surat in the State of Gujarat, and hence all the Applicant Companies are under the jurisdiction of the National Company Law Tribunal, Bench at Ahmedabad. 3. All the Applicant Companies are empowered by their respective Memorandum of Association to enter into Scheme of Merger. Copies of Memorandum of Association of all the Applicant Companies are placed on record. The Audited Financial Statements of all the Applicant Companies as at 31st March, 2020 and the Provisional Financial Statements a....
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....will result in reduction of overheads and other expenses, reduction in administrative and procedural work, eliminate duplication of work, transaction cost, better and more productive utilization of various resources and will enable the undertakings concerned to effect internal economies and optimize productivity. e. The proposed scheme will contribute in furthering and fulfilling the objects of the concerned companies and enabling the optimum growth and development of their combined businesses. f. With the enhanced capabilities and resources at its disposal, the Merged Company will have greater flexibility to market and meet customer needs will be able to compete more effectively. Thus further strengthening its market position in domest....
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....Applicant No. 1 Company, the meeting is not required; 9. We heard the submissions of Learned Counsel PCS Kunjal Dalai for the Applicant Companies 9.1 It has been submitted that all the three applicant Companies are Private Limited Companies. The Applicant no. 1 Company has 8 Equity Shareholders, Applicant no 2 Company have 6 Equity Shareholders, and Applicant Transferee Company has 5 Equity Shareholders. All the Equity Shareholders have given their written consent on affidavits approving the proposed scheme and for waiver of meeting of Shareholders. The same are placed on record respectively. Certificates from the Chartered Accountant confirming the list of shareholders of all the applicant companies are placed on record respectively. In....
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....owing order: i. The meetings of Equity shareholders of all the Applicant Companies is hereby dispensed with since consent by way of Affidavits has been received from all Equity shareholders. ii. The meetings of Secured Creditors of any of the Applicant Companies are not required to be convened hence dispensed with since the Applicant Companies have no Secured Creditors. iii. The meetings of Unsecured Creditors of the Applicant Company No. 1 is not required to be convened hence dispensed with since the Applicant Company No. 1 have no Unsecured Creditors. iv. The meetings of Unsecured Creditors of Applicant No. 2 and Applicant Transferee Company is hereby dispensed with since consent by way of Affidavits has been received from all Uns....