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TMI Blog2012 (6) TMI 343X X X X Extracts X X X X X X X X Extracts X X X X ..... d revenue is booked in the year 31.03.2010, there would not be any further losses and in fact huge revenue is under process and hence, the picture as depicted as loss in few of the transferor companies – all the companies are under the same management and are family companies which are closely held companies and upon merger there is no interest of either of the members or public at large is going to be adversely affected and all the companies are going concerns and doing the business uninterruptedly - scheme of arrangement allowed. - CO. PETITION NO. 71 OF 2011 - - - Dated:- 30-3-2012 - R.M. CHHAYA, J. Pavan S. Godiawala for Petitioner. P.S. Champaneri and Pratik P. Thakkar for the Respondent. ORDER 1. Heard Mr. Pavan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of one class namely secured creditors was ordered to be convened and held at the registered office of the transferee company on 15.04.2011 at 11:00 a.m. and the quorum for the meeting was fixed as two and it was ordered that, the notice of the meeting shall be served through hand delivery. The Chairman of the meeting was appointed Mr. Kamlesh Gondaliya failing him Mr. N.R. Shah, Company Secretary. It was further ordered that Chairman shall report to this Court the outcome of the meeting within 15 days of the conclusion of the meeting. 5. The petitioner as per the direction convened and hold the meeting under the Chairmanship of Mr. Kamlesh Gondaliya on the appointed date, day and time. Two secured creditors remained present in the meeti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company in the Civil Court for injunction against one plot and if the scheme is sanctioned ultimately, the transferee company will go for liquidation. 11. Against the objection raised, the petitioner has filed the affidavit opposing the allegations and it is submitted in the affidavit, there is no substance in the allegations, further, the transferee company is not going to be dissolved and is retaining its identity and upon merger of other group concerns, the corpus of the transferee company shall be enlarged. Further, it is submitted that the allegation about transferee company shall go into liquidation and fraud, the same are denied and without substance. There is no infirmity in the proposing the scheme and such civil suit is yet t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t due to other loss incurring business. The loss as sustained of Rs. 140.74 lac is concerned by Chankya Infraction Pvt. Ltd., it is explained that the said company is developing commercial and residential projects called as Takshashila Habitate, Takshashila Gallariya mall and at time of converting partnership firm into company the than market value of the land has been taken as cost and however, at this time, booking from members was already accepted and booking amount was received and hence, loss as shown by the said company is difference of market value of land and price at which booking from members is received and there is no business or other losses incurred by the said transferor company, further to off set these losses the shareholde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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