TaxTMI 
TaxTMI 
2021 (1) TMI 1146
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....rrangements and Arrangements) Rules, 2016, by inter alia seeking to convene the meeting the of Equity Shareholders of the Demerged and Resulting Companies and to convene the meeting of the Unsecured Creditors of the Demerged Company etc. 2. Brief facts of the case, as mentioned in the Application, which are relevant to the issue in question, are as follows: (1) M/s. IBM India Private Limited (hereinafter referred as the Applicant Company No.1/Demerged Company) is an unlisted Private Company incorporated on 13.06.1997 with CIN No. U72200KA1997PTC022382 and having the office situated at No.12, Subramanya Arcade, Bannerghatta Main Road, Bangalore - 560029. Its Authorised Share Capital is Rs. 250,00,00,000/- divided into 25,00,00,00....
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....s. 32,90,19,469/-, M/s. IBM Corporation due amounting to Rs. 1,68,07,80,056/- etc. The Demerged Company seek to convene the meeting of the Unsecured Creditors for the proposed scheme of Arrangement. (4) Further, the said Chartered Accountant has also issued certificate dated 15.01.2021 certifying that there are no Secured Creditors in the Demerged Company as on 31.12.2020. (5) M/s. Grand Ocean Managed Infrastructure Services Private Limited (hereinafter referred as the Applicant Company No.2/Resulting Company) is an unlisted Private Company, incorporated on 08.01.2021 with CIN No. U72900KA2021PTC142940 and having the office situated at No.12, Subramanya Arcade, Bannerghatta Main Road, Bangalore - 560029. Its Authorised Sha....
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....ditors of the Applicant Company No.1 IBM India Private Limited, has issued a Certificate dated 15t January 2021 by inter alia stating that the accounting treatment contained in Paragraph 15.1 of the Scheme is in compliance with applicable India Accounting Standards notified u/s 133 of the Act r/w Rules thereunder and other India GAAP. (10) R.G.N. Price & Co., Chartered Accountants, the Statutory Auditors of the Applicant Company No.2 Grand Ocean Managed Infrastructure Services Pvt. Ltd., has issued a Certificate dated 15% January 2021 by inter alia stating that the accounting treatment contained in Paragraph 15.2 of the Scheme is in compliance with applicable India Accounting Standards notified u/s 133 of the Act r/w Rules thereund....
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....ies have followed extant provisions of Companies Act in framing the Scheme in question, which are duly approved by the Board of Directors of the Companies involved. The Statutory Auditors/Chartered Accountants of the Company have also issued respective Certificates by inter-alia certifying the details of shareholders, creditors, and compliance of accounting treatment as prescribed U/s 133 of the Companies Act, 2013 with reference to the Scheme in question. The Applicant Companies have disclosed all the material facts relating to the Scheme in question and filed necessary documents along with the Application. Therefore, we are convinced with the case, made out by the Applicants so as to grant relief as sought for, by convening the meeting of....
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....pplicant Company No.1 shall be published in an English Daily "The Hindu" and in Kannada Daily "Udayavani". (ii) The meeting of the Equity Shareholders of the Applicant Company No.2 be convened and held on 16.03.2021 at 11.30 to 12.00 P.M at Hilton Bangalore Embassy Golflinks, Embassy Golf Links Business Park, Off Intermediate Ring Road, Bengaluru - 560071, for the purpose of considering and, if thought fit, approving with or without Mr. Dushyanth Kumar.K (CS), having address No. 404/2, 7» Main, 9t Cross, Jayanagar, 224 Block, Bengaluru - 560 011, Contact No. 9341223937 Email ID: [email protected] is appointed as Chairperson and Mr. Sudheendra.P.Ghali FCS, having address at FB2, Krishna Residency, KR Road, Bengaluru -....