9911796707
TMI Blog1995 (10) TMI 19X X X X Extracts X X X X X X X X Extracts X X X X ..... said company and the vendors filed Form No. 37-I with the first respondent on February 28, 1995, in terms of section 269UC in Chapter XX-C of the Income-tax Act, 1961, seeking a certificate, in terms of section 269UL(1) of the said Act from the appropriate authority, that it has no objection to the transfer of the said property for an amount equal to the apparent consideration therefor as stated in the agreement. The apparent consideration shown in the agreement is Rs. 39 lakhs. It is stated in the petition that a sum of Rs. 7,80,000 was paid as advance to the vendors leaving a balance of Rs. 31,20,000 to be paid at the time of execution and registration of the sale deed. Under the terms of the agreement, the sale was required to be compl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany in the place of the transferor-company in the certificate dated May 18, 1995, issued under section 269UL(1) of the Income-tax Act by the first respondent. From the averments in the petition, it seems that on July 31, 1995, the authorised representative of the transferee-company accompanied by the vendors presented the sale deed engrossed on stamp paper of the value of Rs. 4,87,500 for registration before the second respondent. The second respondent having noticed that the certificate issued by the first respondent was in favour of the transferor-company declined to register the document unless the certificate issued by the first respondent is corrected indicating the name of the transferee-company. The first respondent by letter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he same stands transferred to and vested in the transferee-company pursuant to sections 391 and 394 of the Companies Act, 1956 (hereinafter called 'the Act'), so as to become the property of the transferee-company from that date and this court doth further order that with effect from the appointed day, all debts, liabilities, duties and obligations of the transferor-company without any further act or deed shall be transferred to the transferee-company as stated in the scheme of amalgamation and accordingly the same shall pursuant to section 394(2) of the Companies Act, 1956, be transferred to and become the debts, liabilities, duties and obligations of the transferee-company and this court doth further order that all legal and other proceed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inted date for amalgamation was April 1, 1994. It would take effect finally on the date the certified copies of the order of the High Court of Judicature at Bombay are filed with the Registrar of Companies, Maharashtra. It appears the certified copy of the amalgamation order was received by the transferee-company on May 19, 1995, and the same was filed with the Registrar of Companies on May 29, 1995. Consequently, the scheme has come into effect from April 1, 1994. He submitted that in view of the amalgamation the entire business and undertakings of the transferor-company including all its investments, reserves, properties, movables, immovables and assets of whatsoever nature, including leases, tenancy rights, licences, permits, etc., would ..... X X X X Extracts X X X X X X X X Extracts X X X X
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