9911796707
TMI Blog2018 (5) TMI 1846X X X X Extracts X X X X X X X X Extracts X X X X ..... ancial assets constitute more than 50 per cent. of the gross total income in view of RBI's approval not in place, the scheme is liable to be rejected. In the instant case also as per the report of the Regional Director all the above companies meets the above criteria and therefore falls within the scheme of a company carrying NBFC activity and if that were so, requiring the RBI approval and since the same is not in place, this Tribunal is constrained to dismiss the present petition - Company Petition No. 868 of 2015 connected with Company Application (Main) No. 153 of 2015. - - - Dated:- 2-5-2018 - R. Varadharajan Judicial Member For the Petitioners : Ashish Middha For the Regional Director : Manish Raj, Company Prosecutor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red notice in the second motion petition in C. P. No. 868 of 2015 moved by the petitioners under sections 391 to 394 of the Companies Act, 1956 read with relevant rules of the Companies (Court) Rules, 1959 in connection with the scheme of amalgamation, to the Registrar of Companies, Regional Director and the official liquidator. The petitioners were also directed vide said order to carry out publication in the newspapers Business Standard in English edition and in Hindi edition. 5. While the joint petition in C. P. No. 868 of 2015 was pending disposal since the provisions relating to compromises, arrangements and amalgamation as contemplated under sections 230-232 had been notified with effect from December 15, 2016 wherein the power to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t dated April 27, 2016 before the hon'ble High Court of Delhi and have stated the following : At paragraphs 7 and 8 as follows : 7. That the deponent states that the Registrar of Companies, Delhi and Haryana vide his above referred report has stated that-'It has been observed from the balance-sheet as at March 31, 2015 that all the above-mentioned companies are prima facie engaged in investment activities or extending loans and advances to certain parties/ body corporates whereas there is no mention whether these companies are registered with the RBI as NBFC to carry on such business. They fall within the definition of NBFC as per the RBI Notification No. RBI/2006-07/158 DNBS (PD) C. C. No. 81/03.05.002/2006-07, dated Octo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an affidavit before this Tribunal on May 1, 2017 stating that the observation is not correct as all the investments are in the unlisted companies and further, the shareholders of all the companies are related to each other and as such the shares have to be allotted to the shareholders who are in close relations and hence, the shares to be allotted shall not be outside the family. Balance-sheets stating the income of the transferor and transferee companies along with the schedules has been placed on record. The schedule showing the investment made are in the closely held companies has also been placed on record. That on the date of hearing on December 13, 2017 upon clarification, learned counsel for the petitioner-companies also stated that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... directors. The said penalty amount was paid vide challan Nos. U16613721, U16613812 and U16613671 and the appeal was disposed of. 12. Further, it is also seen that pursuant to the directions of the Regional Director, a copy of the company petition has also been served on the Jurisdictional Income-tax Officer of the petitioner-companies and that no specific comments/observation have been received raising any objections to the scheme for which sanction is sought presently. 13. That counsel for the petitioners have also filed the report of the official liquidator on November 8, 2017 along with the affidavit stating that the office of the official liquidator has not received any complaint against the proposed scheme of amalgamation from an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bench, National Company Law Tribunal was taken in appeal and the hon'ble National Company Law Appellate Tribunal-(Avenir Finvest and Leasing P. Ltd. v. Regional Director (Northern Region) [2019] 213 Comp Cas 180 (NCLAT)) in Company Appeal (AT) No. 323 of 2017 upheld the order of the National Company Law Tribunal that under the circumstances where the financial assets of a company constitute more than 50 per cent. of their total asset and income from the financial assets constitute more than 50 per cent. of the gross total income in view of RBI's approval not in place, the scheme is liable to be rejected. In the instant case also as per the report of the Regional Director all the above companies meets the above criteria and therefor ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
