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TMI Blog2017 (12) TMI 1105X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the Transferee Company is not a Non-Banking Financial Company (NBFC). However, on perusal of the report of the Regional Director and letter forwarded to the Reserve Bank of India dated 28th April, 2017, it is clear that the “Signature Global (India) Private Limited’, namely, the Transferee Company is carrying NBFC’s activities which, according to the Reserve Bank of India, is illegal activity, as no permission of the Reserve Bank of India has been taken. In view of the specific plea taken by the Reserve Bank of India and brought to the notice of the Tribunal by both Registrar of Companies and Regional Director, Northern Region, we are not inclined to interfere with the impugned order dated 11th August, 2017. Appeal dismissed. - Comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... India rejected the scheme of amalgamation on the ground that the Transferee Company is a Non-Banking Financial Company ( NBFC for short) but is performing NBFC s activities illegally without the permission of the Reserve Bank of India. 4. Learned counsel appearing on behalf of the appellants submitted that the Tribunal wrongly held that the Transferee Company is a Non- Banking Financial Company. According to appellant, the Transferee Company being not a Non-Banking Financial Company is not required to be registered with the Reserve Bank of India nor required to obtain any prior approval. 5. From the record, we find that the Registrar of Companies, at Paragraph 31 of his report, as quoted by the Regional Director, Northern Region, rai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... intangible assets) Financial Assets % Gross income Income from financial Assets % As per Balance Sheet and profit loss account as on 31.03.2015 Transferee Co. 42,60,95,336 Non-current investment 39,26,85,030 92 43,15,625 Revenue From dividend income 25,15,625 58 Stock-in-trade (in shares) 1,26,50,850 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as such, there is no discrepancy in the issued subscribed and paid-up capital of the Company as alleged. The appellants have also taken a plea that the Transferee Company is not a Non-Banking Financial Company (NBFC). However, on perusal of the report of the Regional Director and letter forwarded to the Reserve Bank of India dated 28th April, 2017, it is clear that the Signature Global (India) Private Limited , namely, the Transferee Company is carrying NBFC s activities which, according to the Reserve Bank of India, is illegal activity, as no permission of the Reserve Bank of India has been taken. 8. In view of the specific plea taken by the Reserve Bank of India and brought to the notice of the Tribunal by both Registrar of Companies ..... X X X X Extracts X X X X X X X X Extracts X X X X
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