TaxTMI 
TaxTMI 
2019 (4) TMI 2007
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....he holding company namely ATC Telecom Infrastructure Private Limited (Transferee Company) and their respective shareholders under the provisions of Sections 230 to 232 of the Companies Act, 2013. 2. The Counsel for the Applicant Companies further submits that the Applicant Companies are engaged in providing passive telecom infrastructure services to cellular mobile telephony operators and other licensed telecom infrastructure providers in India. 3. The Counsel for the Applicant Companies further submits that the proposed merger will be beneficial to the Transferor Company, the Transferee Company, their respective shareholders and creditors, employees and other stakeholders and will have following benefits: a. enable consolida....
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....sferor Company; b) Since it is a merger of a wholly owned subsidiary company into its holding company, no shares would be issued or allotted as consideration pursuant to the merger. The proposed Scheme will not result in any dilution in shareholding of the Transferee Company; c) The existence of the Transferee Company will remain as before without any change either to its shareholding pattern or debt position pursuant to the scheme; d) Further, the net worth of the Transferee Company is positive. The assets of the Transferee Company are more than sufficient to discharge its liabilities; e) Further, there is no compromise or arrangement with the members or the creditors of the Transferee Company. Therefore, the pro....
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....en the Applicant Companies and their respective Shareholders as contemplated under the provisions of Section 230(1)(b) of the Companies Act 2013. This bench hereby directs the First Applicant Company to issue notice to all its Unsecured Creditors having value of Rs. 1,00,00/- or more by Courier/Registered Post/Speed Post/Hand Delivery or through Email (to those creditors whose email addresses are duly registered with their respective Applicant Companies for the purpose of receiving such notices by email), at their last known address as per the records of the First Applicant Company. 11. That the First Applicant Company is directed to serve notices along with copy of scheme upon:- (i) concerned Income Tax Authority within whose juris....