TaxTMI 
TaxTMI 
2022 (4) TMI 784
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.... of Transferor Company into Transferee Company. 2. A perusal of the petition discloses that initially the First Motion joint application was filed before this Tribunal vide CA(CAA)-30(ND)2021 and based on such application moved under Sections 230-232 of the Companies Act, 2013, directions were issued by this Tribunal, wherein the meetings of the Equity Shareholders and the Secured Creditors of Transferor Companies were convened with vide order dated 15.03.2021. Since the consents affidavit of the unsecured creditors & preference shareholders have been placed on record in relation to Transferor Company, the meetings were dispensed with. 3. Thereafter 2nd motion petition was filed vide CAA-61 (ND)/2021 within prescribed time limit and vide ....
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....les framed thereunder. The company did not have any woman director on its Board from 1st April 2020 till 7th August 2020. * The company needs to devise proper mechanism for making payment against purchase of sugarcane within 14 days of its purchase as per the requirement of section 3 of the sugarcane (control) Order, 1966. b. Transferor Company is having the dues outstanding in respect of Income Tax, GST, Sales Tax, Service Tax on account of dispute. c. Transferor Company is having security premium reserve of Rs. 1,345.74 Lacs. d. The Transferee Company shall comply with section 232(3)(i) of the Companies Act, 2013 and pay the difference fee on consolidated authorized share capital of Transferee company, after setting off the fee al....
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....ing held on 08th August 2020 have appointed Mrs. Manju Gupta as Women Independent Director to hold office for a term of 3 consecutive years w.e.f. 8th August, 2020. b) Status of the 14-days payment mechanism to be developed for sugarcane related payments:- The company has paid all the dues to cane growers for the sugar season 2020-21 and has instituted a robust system for payment of came dues to farmers within 14 days during sugar season 2021-22. c) Detailed breakup of the security premium Rs. 1345 lakhs in the books of GSML:- d) The amounts of taxes payable appearing in the books of GSML, such as income arc, GST, etc., are provisions for taxes to be paid by the company as and when the taxes will become procedurally due. Further, th....
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....ard notified by the Central Government as specified under the provisions of Section 133 of the Companies Act, 2013. 12. In view of the foregoing, upon considering the approval accorded by the members and creditors of all the petitioner companies to the proposed scheme, as well as the objections filed by the regional director, northern region, the official liquidator, and the income tax department and being satisfied in view of affidavit of undertaking filed by the transferor company, there appears to be no impediment in sanctioning the present scheme. Consequently, sanction is hereby granted to the scheme under section 230 & 232 of the Companies Act, 2013. The companies however remain bound to comply with the statutory requirements in acco....
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....ansferred to and vets in the transferee company. c) That all the liabilities and duties of the transferor company, be transferred without further act or deed, to the transferee company and accordingly the same shall, pursuant to Section 232 of the Act, be transferred to and become the liabilities and duties of the transferee company; and d) That all proceeding now pending by or against the transferor company, be continued by or against the transferee company; and e) That all the employees of all the transferor company in service, on the date immediately preceding the date on which the scheme takes effect, i.e., the effective date shall become the employees of the transferee company on such date without any break or interruption in ser....