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2019 (5) TMI 1824 - Tri - Companies LawApproval of the Scheme of Amalgamation - Sections 230 to 232 of the Companies Act, 2013 read with the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 and the National Company Law Tribunal Rules, 2016 - HELD THAT - Upon considering the approval accorded by the members and creditors of all the Petitioner companies to the proposed Scheme and the affidavits filed by the Regional Director, Northern Region, Ministry of Corporate Affairs including the report of official liquidator, Income Tax Department and RBI and also as no objection from any quarter against the Scheme has been received; there appears to be no impediment in sanctioning the present Scheme. Sanction is hereby granted to the Scheme under Section 230 to 232 of the Companies Act, 2013 - Application allowed.
Issues:
Approval of Scheme of Amalgamation under Sections 230 to 232 of Companies Act, 2013. Detailed Analysis: The judgment involves a joint application filed by the Petitioner Companies seeking approval for the Scheme of Amalgamation of the Transferor Company into the Transferee Company under Sections 230 to 232 of the Companies Act, 2013. The Transferor Company, M/s. Agarwal Meadows Private Limited, and the Transferee Company, M/s. Paisalo Digital Limited, were incorporated under the Companies Act, 1956. The initial motion application for dispensation from convening shareholder and creditor meetings was approved by the Bench, and subsequent meetings were conducted and the Scheme was unanimously approved. The Petitioners complied with publication requirements and submitted necessary affidavits affirming compliance with orders. The Regional Director, Official Liquidator, Registrar of Companies, and the Income Tax Department submitted reports without objections to the Scheme. The Department of Income Tax clarified its right to recover pending dues. The RBI issued a No Objection Letter, and no objections were received from any party. The Scheme affirmed no pending proceedings against the Petitioner Companies under the Companies Act, 2013 or 1956. Statutory auditors confirmed the accounting treatment's conformity with Accounting Standards. The judgment emphasized the shareholders' autonomy in decision-making, stating that the Tribunal should not interfere unless necessary. Referring to legal precedents, the judgment highlighted the court's limited jurisdiction to ensure fairness and legality of the Scheme. The statutory provisions under Sections 230-234 of the Companies Act, 2013, provided the basis for the application. The Scheme's approval was deemed in the interest of all stakeholders. Considering the approvals and reports received, the Tribunal granted sanction to the Scheme under Sections 230 to 232 of the Companies Act, 2013. The Petitioners were instructed to comply with statutory requirements, and any deficiencies or violations would not impede legal actions. The judgment clarified that it did not exempt payment of duties, taxes, or charges and directed the Transferor Company's dissolution without winding-up. It outlined the transfer of assets, liabilities, pending proceedings, and employee transitions to the Transferee Company. The judgment ordered the Petitioner Companies to register the order with the Registrar of Companies for dissolution of the Transferor Company and consolidation of relevant documents. Interested parties were granted liberty to seek necessary directions from the Tribunal. Overall, the petition was disposed of in accordance with the detailed terms outlined in the judgment.
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