9911796707
TMI Blog2016 (12) TMI 1094X X X X Extracts X X X X X X X X Extracts X X X X ..... Company Petitions Nos.403 of 2016, 404 of 2016, 406 of 2016 and 407 of 2016 are filed by the Transferor Companies and Company Petition No.405 of 2016 is filed by the Transferee Company, seeking a prayer for the sanctioning of the Scheme of Arrangement, in the nature of amalgamation of Parijat Infrastructure Limited, Ajabgajab Investments Private Limited, Kamal Exports Private Limited and Sound Finlease Private Limited with Zora Traders Limited as produced as Exhibit 'C' to all the petitions. 3. The petitioners of the Company Petition Nos. 403 of 2016, 405 of 2016, 406 of 2016 and 407 of 2016, preferred respective company applications seeking appropriate directions for the dispensation of the respective meetings of the Equity Shareh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied with the admission orders and published the notice of petitions in the above newspapers on 5th September, 2016 and served notice of the petition on the Official Liquidator on 6.9.2016. Notice on Regional Director also came to be served by the Transferor Companies on 7.9.2016 while the notice of petition of the Transferee Company was served on 16.9.2016. The affidavit of compliance is filed in Company Petition No. 405 of 2016. 6. Pursuant to the service of notices, the Official Liquidator filed separate reports dated 2.12.2016 in the petitions of the Transferor Companies and the Regional Director filed a common affidavit dated 10th November, 2016. 7. The Regional Director, in his affidavit, made observations at paragraph 2(d) to the ef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome Tax department. It is stated that as far as the Transferor Company No. 2 is concerned, there is a demand of Rs. 1,92,030/as on date for the assessment year 200910. It is requested that the outstanding demand and any demand raised in future will become payable by the Transferee Company. It is stated that the amalgamating Company is solely liable for any demand already created or which becomes payable, due to any of the proceedings related to the Income Tax Department in future. In respect of outstanding demand prior to amalgamation and in respect of any demand of the amalgamating company i.e. M/s. AJABGAJAB INVESTMENT PVT. LTD. The responsibility will be on the directors of the amalgamating Company. Further, directions are sought to unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce, the demand of Rs. 1,92,030/stated to be outstanding and any demand raised in future, in case of M/s. AJABGAJAB INVESTMENT PVT LTD., will become payable by M/s. ZORA TRADERS LTD. The Transferee Company also undertaken to pay the liabilities as and when they become due and payable. 13. With regard to the observations pertaining to the compliance of the conditions mentioned in the provisions of sub section 2 to 5 of Section 72A and sub section 19(AA) of Section 2 and Section (IB) of the Income Tax Act, 1961, the Transferor Company M/s. Kamal Exports Pvt Ltd shall comply with the same. It is also undertaken that the Transferor and Transferee companies shall comply with the Income Tax Act and Rules. Further it is also undertaken that, upon ..... X X X X Extracts X X X X X X X X Extracts X X X X
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