TaxTMI 
TaxTMI 
2022 (10) TMI 1014
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....Limited (Transferor Company No. 2) and Vedik Agencies Private Limited (Transferor Company No. 3) and Vedik Distributors Private Limited (Transferor Company No. 4) with Prism Alloys Private Limited (Transferee Company) wherein the merger of Balasa Tex-Trade Private Limited and Jaguar Housing Private Limited and Vedik Agencies Private Limited and Vedik Distributors Private Limited with Prism Alloys Private Limited is proposed. 2. A copy of the Scheme of Arrangement has been annexed herewith. 3. All the above mentioned applicant companies come under the jurisdiction of this Bench. 4. The Applicants have prayed for the following reliefs: i. To confirm the merger of the Petitioner Companies i.e. Balasa Tex-Trade Private Limited, Jaguar Hous....
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....ws, increased asset base and stronger consolidated revenue and profitability. 5.6. Result in enhanced leveraging capability of the combined entity which in turn will allow the combined entity to undertake future expansion strategies and to tap bigger opportunities in the industry. 5.7. Consolidation of managerial expertise of the Companies will facilitate greater focus and utilization of resources. Amalgamation will give additional strength to the operations and management of the Amalgamated Company. 6. The Applicants further submits that: 6.1. The Board of Directors of the Transferee Company and the Transferor Companies have at their Board meetings held on 22.02.2022 and 23.02.2022 respectively have passed resolution approving the Sche....
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....'/Transferee Company has been annexed herewith. 6.7. All the Shareholders of the Transferor Companies have given their written consent by way of affidavit to the Proposed Scheme of Amalgamation. Copies of affidavit in the form of consents by shareholders of the Transferor Companies have been annexed herewith. 6.8. All the Shareholders of the Transferee Company have given their written consent by way of affidavit to the Proposed Scheme of Amalgamation. A copy of affidavit in the form of consent by shareholders of the Transferee Company has been annexed herewith. 6.9. A Certificate from the Statutory Auditor of the 'Prism Alloys'/Transferee Company certifying that the Company has Rs. 144,301,122/- Creditors as on 22.02.2022 has....
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....he Affidavit under Section 29A as well as the Creditor's Consent Form in respect of the Creditors of the Transferee Company. ORDER 8. Having heard the Ld. Counsel for the applicant companies, and by perusing the records, documents annexed to the application and consent affidavits filed on behalf of the shareholders of the Transferor Companies and the Transferee Company to approve the proposed Company Scheme in the instant proceedings, the requirement of convening and holding of meetings of the equity shareholders of the applicant Companies is dispensed with. In view of the fact that there are NIL Creditors in the Transferor Companies, and the consent affidavit on behalf of the creditors of the Transferee Company, the requirement of co....