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2020 (2) TMI 1339 - Tri - Companies LawSanction of Scheme of Merger by Absorption - Sections 230 to 232 of the Companies Act, 2013 - HELD THAT - The Applicant Companies are directed to serve notices along with copy of scheme upon the Central Government through the office of Regional Director, Western region, Mumbai, pursuant to Section 230(5) of the Companies Act, 2013 and as per Rule 8 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 - The Applicant Companies are directed to serve notices along with copy of scheme upon the Registrar of Companies, Mumbai, pursuant to Section 230(5) of the Companies Act, 2013 and as per Rule 8 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 - The Applicant Companies are directed to serve notice upon their respective concerned Income Tax Authority, pursuant to Section 230(5) of the Companies Act, 2013 and as per Rule 8 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016. The Transferor Companies are also directed to serve notice along with copy of the scheme upon Official Liquidator The Hon ble Tribunal is appointing M/s Gondalia Mandvilal, Chartered Accountants having their office at Hamam House , Ambalal Doshi Marg, Fort, Mumbai- 400023 with a remuneration of ₹ 45,000/- along with the applicable taxes for the services to assist the Official Liquidator to scrutinize books of accounts of the Amalgamating Company No.1 to Amalgamating Company No.6 for the last five years. The Applicant Companies to file affidavit of service in not less than 7 days after dispatch of notice, in the Registry with regard to proving dispatch of notices to the Regulatory Authorities as stated in clauses above and do report to this Tribunal that the directions regarding the issue of notices have been duly complied with - Application disposed off.
Issues Involved:
1. Scheme of Amalgamation 2. Business Activities of Applicant Companies 3. Share Capital Details 4. Rationale for Amalgamation 5. Board Approval for Scheme 6. Consent of Equity Shareholders 7. Consent of Preference Shareholder 8. Issuance of Shares by Transferee Company 9. Secured Creditors 10. Compliance with Section 230(1)(b) of the Companies Act, 2013 11. Notifications to Central Government and Regional Director 12. Notifications to Registrar of Companies 13. Notifications to Income Tax Authorities 14. Notification to Official Liquidator 15. Filing of Affidavit of Service Detailed Analysis: 1. Scheme of Amalgamation: The scheme presented involves the merger by absorption of six companies into New India Exports Private Limited, referred to as the "Scheme of Amalgamation" under Sections 230 to 232 of the Companies Act, 2013. 2. Business Activities of Applicant Companies: The First, Second, Third, Fourth, and Sixth Applicant Companies are engaged in investment activities, the Fifth Applicant Company in manufacturing furniture and home decor, and the Seventh Applicant Company in investing and lending. 3. Share Capital Details: The authorized, issued, subscribed, and paid-up share capital of each applicant company as of April 1, 2019, is detailed, with specific figures provided for each company. 4. Rationale for Amalgamation: The amalgamation aims to consolidate business, achieve synergies, create a stronger financial base, improve management efficiency, reduce legal and regulatory compliances, and result in cost savings and higher profitability. 5. Board Approval for Scheme: The Board of Directors of all applicant companies approved the Scheme of Amalgamation on August 21, 2019, with the appointed date as April 1, 2019. 6. Consent of Equity Shareholders: All equity shareholders of the applicant companies have provided written consent to the proposed scheme, leading to the dispensation of the need for meetings of the equity shareholders. 7. Consent of Preference Shareholder: The sole preference shareholder of the Sixth Applicant Company has given written consent to the proposed scheme, resulting in the dispensation of the meeting of preference shareholders. 8. Issuance of Shares by Transferee Company: Upon the scheme becoming effective, the Seventh Applicant Company will issue and allot equity shares to the members of the transferor companies as per specified ratios, including token shares due to negative fair value for certain companies. 9. Secured Creditors: There are no secured creditors in any of the applicant companies, so no meetings of secured creditors are required. 10. Compliance with Section 230(1)(b) of the Companies Act, 2013: The scheme is under Section 230(1)(b) as there is no compromise or arrangement with creditors, and no sacrifice from them is called for. Notices will be issued to all unsecured creditors, allowing them to submit representations within 30 days. 11. Notifications to Central Government and Regional Director: Notices along with the scheme will be served to the Central Government through the Regional Director, Western Region, Mumbai. If no response is received within 30 days, it will be presumed that there is no objection to the scheme. 12. Notifications to Registrar of Companies: Notices along with the scheme will be served to the Registrar of Companies, Mumbai. If no response is received within 30 days, it will be presumed that there is no objection to the scheme. 13. Notifications to Income Tax Authorities: Notices along with the scheme will be served to the respective Income Tax Authorities of the applicant companies. If no response is received within 30 days, it will be presumed that there is no objection to the scheme. 14. Notification to Official Liquidator: The transferor companies will serve notice along with the scheme to the Official Liquidator. M/s Gondalia & Mandvilal, Chartered Accountants, are appointed to scrutinize the books of accounts of the amalgamating companies for the last five years. The Official Liquidator may submit representations within 30 days. 15. Filing of Affidavit of Service: The applicant companies are directed to file an affidavit of service within 7 days after dispatching notices to the regulatory authorities, confirming compliance with the directions regarding the issue of notices.
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