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TMI Blog2015 (3) TMI 114X X X X Extracts X X X X X X X X Extracts X X X X ..... er law, irrespective of the sanction of the scheme.It is clarified that the approval of the Scheme, would in no manner affect the tax treatments of the transactions under the Income Tax Act, 1961 or any other applicable taxing statute, nor would the sanction of the Scheme serve as a defence for the petitioners against tax treatment under the above mentioned statutes. In view of the approval accorded by the Shareholders of the Petitioner Company; representation/reports filed by the Regional Director, Northern Region, attached with this Court to the proposed Scheme of Arrangement, there appears to be no impediment to the grant of sanction to the Scheme of Arrangement. Consequently, sanction is hereby granted to the Scheme of Amalgamation u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The registered offices of the Petitioner Companies are situated at New Delhi, within the jurisdiction of this Hon ble Court. 3. Details with regard to the date of incorporation of the Petitioner Companies, their authorized, issued, subscribed and paid up capital have been given in the Petition. 4. Copies of the Memorandum and Articles of Association as well as the latest audited Accounts for the year ending 31st March 2013 of Petitioner Companies have also been enclosed with the Petition. 5. Copies of the Resolutions passed by the Board of Directors of the Petitioner Companies approving the Scheme of Amalgamation have also been placed on record. 6. Learned Counsel for the Petitioner Companies submits that no proceedings under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Affidavit/Report dated 5th December, 2014. Relying on Clause 1.19 of the Scheme, he has stated that, upon sanction of the Scheme of Arrangement, all the staff/employees of the Demerged Company engaged in Finance Division shall become the employees of the Resulting Company No. 1 without any break or interruption in their services upon sanctioning of the Scheme of Arrangement by the Hon ble Court. It is also stated that all the staff/employees of the Demerged Company engaged in Construction Division shall become the employees of the Resulting Company No. 2 without any break or interruption in their services upon sanctioning of the Scheme by the Hon ble Court. It is further stated that all the staff/employees of the Demerged Company enga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... directed that Income Tax Department is permitted to restrain its resource for recovery of any existing or future tax liabilities of Demerged or Resulting Companies, under the proposed scheme irrespective of the sanction of the Scheme. The sanction of the Scheme would not affect the powers of the Income Tax Department for recovery, including imposition of penalties etc. as permissible under law, irrespective of the sanction of the scheme. 12. It is clarified that the approval of the Scheme, would in no manner affect the tax treatments of the transactions under the Income Tax Act, 1961 or any other applicable taxing statute, nor would the sanction of the Scheme serve as a defence for the petitioners against tax treatment under the aboveme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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