9911796707
TMI Blog2016 (12) TMI 254X X X X Extracts X X X X X X X X Extracts X X X X ..... affidavit dated 25.10.2016. The Official Liquidator filed separate reports dated 16.11.2016, in the petitions of the Transferor companies. In respect of the compliance of Accounting Standard 14, as observed in the affidavit of Regional Director at paragraph 2(d), the petitioner of Transferee Company has filed an affidavit dated 24.11.2016, undertaking to comply with the Accounting Standard 14 and has submitted that, the excess of assets over liabilities, if any, shall be credited to the Amalgamation Reserve Account being of Capital Reserve nature and the shortfall, if any, shall be debited to the Goodwill Account. It is also undertaken that, the reserve so created, if any, shall not be available for distribution of dividend and the peti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Act, 1956 and shall not be absolved from any statutory liability. Considering the above, it is ordered that, the Scheme at Exhibit “C” to the petitions, is hereby sanctioned and the prayers made in the Company Petitions are granted. - COMPANY PETITION NO. 319, 320, 321, 322 of 2016, COMPANY APPLICATION NO. 325, 326, 327, 328 of 2016 - - - Dated:- 29-11-2016 - SMT. ABHILASHA KUMARI, J. FOR THE PETITIONER : MR PAVAN S GODIAWALA, ADVOCATE FOR THE RESPONDENT : MR DEVANG VYAS, ADVOCATE ORAL COMMON ORDER 1. Heard Mr. Pavan S. Godiawala, learned advocate for the petitioner and Mr. Kshytij Amin, learned Central Government Standing Counsel for Mr. Devang Vyas learned Assistant Solicitor General for the Regional Director a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Director and the Official Liquidator. Notice of the petition was directed to be published in the English Daily newspaper, Business Standard and the Gujarati Daily newspaper, Jai Hind both Ahmedabad Editions. The publication in the Government Gazette came to be dispensed with. The Transferee Company preferred Speaking to Minutes and an order dated 5.8.2016 came to be passed, correcting the error regarding the deletion of the word Official Liquidator in the order passed in Company Petition No. 322 of 2016. The petitions were kept for hearing on 26th August, 2016. 5. Accordingly, the petitioners complied with the order of publication and service. The affidavit for publication and service of notices came to be filed. The notices of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ture and the shortfall, if any, shall be debited to the Goodwill Account. It is also undertaken that, the reserve so created, if any, shall not be available for distribution of dividend and the petitioner will comply with the Accounting Standard 14. Further the petitioners also undertake to comply with the Income Tax Act and Rules. 7.1. In respect of the second observation, the petitioner of Company Petition No. 392 of 2016 in the same affidavit at paragraph 2 clarified that, there are no Secured and Unsecured Creditors in the respective companies and the Petitioners have produced the certificates of the Chartered Accountant with the respective applications and upon considering the averments and submissions, the order came to be passed, ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
