2017 (8) TMI 1719

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.... this Tribunal pursuant to the Companies (Transfer of Pending Proceedings) Rules, 2016 and renumbered as TP(HC)/91 & 92 & 93 & 94 & 95 & 96/CAA/2017. The purpose of the Company Petitions is to obtain sanction for the Scheme of Amalgamation (in short, 'Scheme') by virtue of which M/s. Radhasoami Securities Private Limited (hereinafter referred to as 'Transferor Company 1'), M/s. Onesource Ideas Private Limited (hereinafter referred to as 'Transferor Company 2'), M/s. Nochi Industries Private Limited (hereinafter referred to as 'Transferor Company 3'), Carewell Consultants Private Limited (hereinafter referred to as 'Transferor Company 4') and M/s. Subh Labs Share Brokers Private Limited (hereinafter re....

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....iness of the these entities into one entity which will facilitate in focused growth, operational efficiency, resulting in more productive utilization of said resources and cost & operational efficiency which would be beneficial to all stakeholders. The learned counsel further submits that no investigation proceedings are pending against the Companies under the provisions of the Companies Act, 1956 or corresponding provisions of the Companies Act, 2013. 6. The notices were issued to the statutory authorities viz. Official Liquidator, Regional Director, RoC and Income Tax Authority as per the procedure prescribed. However, there has been no objection/representation to the proposed scheme under reference. 7. The Regional Director, Southe....

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....y services and the service income of the company exceeded Rs. 10 Lakhs in the year 2012-13 and 2013-14, consequent to which the company should have sought registration with the Service Tax department and should have paid service tax on the gross income, but the Transferor Company 4 has not got any such registration and no service tax has been paid. Thus, such non-payment of service tax is a loss to the exchequer. 10. With regard to the above observation made by the OL, the learned counsel for the Petitioner Companies submitted that the Transferor Company 4 undertakes to make payment of service tax due as on the date. 11. Further perusal of the scheme shows that the accounting treatment is in conformity with the established accounting ....