9911796707
TMI Blog2019 (10) TMI 1219X X X X Extracts X X X X X X X X Extracts X X X X ..... wed. The Petitioner Company is allowed to file the revised Financial Statements for the Financial Year ended 31st March 2018 to the extent of incorporating the effect of the Scheme of Arrangement as approved by this Tribunal. - C.P. No. 21/NCLT/AHM/2019 - - - Dated:- 12-7-2019 - MR. MANORAMA KUMARI MEMBER (JUDICIAL) AND M/S HARIHAR PRAKASH CHATURVEDI, MEMBER (JUDICIAL) For The Petitioner Company : Mr Dhiren Dave. PCS ORDER Per : Hon'ble Ms. Manorama Kumari, Member (Judicial) 1. Sumilon Polyester Limited filed this Petition under sections 131 and 134 and other applicable provisions of the Companies Act, 2013 through its Managing Director with a prayer to this Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titioner Company for the Financial Year 2017-18 were duly filed and adopted before the date of passing of order dated 11.01.2019 by this Tribunal, the accounts of the Petitioner Company for the Financial Year 2017-18 did not show any effect of demerger. Hence the Petitioner Company is filing this petition under sections 131 and 134 and other provisions of the Companies Act, 2013 for voluntary revision of Financial Statements of the Petitioner Company for the Financial Year 2017-18. 2.5 The Petitioner Company has annexed with this petition, copy of audited Financial Statements as on 31.03.2018 as Annexure - B and copy of unaudited Financial Statements as on 31.03.2018 post demerger as Annexure - C for perusal of this Tribunal. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2017 to 31.03.2018 are revised to the extent of incorporating the effect of the Scheme of Arrangement as approved by NCLT, Ahmedabad vide order dated 11.01.2019. 6. In this context, Section 131 of the Companies Act, 2013 is reproduced below: Sec. 131 - Voluntary revision of Financial Statements or Board s Report (1) If it appears to the directors of a company that- (a) the financial statement of the company; or (b) the report of the Board, do not comply with the provisions of section 129 or section 134 they may prepare revised financial statement or a revised report in respect of any of the three preceding financial years after obtaining approval of the Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions 129 and 134 of the Companies Act, 2013.- Section 129 requires that financial statements shall give a true and fair view of the state of affairs of the company or companies, comply with the accounting standards notified under section 133 and shall be in the form or forms as may be provided for different class or classes of companies in Schedule III. Further Section 134(3) of the Companies Act, 2013 requires that the extract of annual return as provided under sub-section (3) of section 92 shall be attached to a report of its Board of Directors. The extract of annual return attached with the Board s Report shall be in Form No. MGT- 9 as per Rule 12 of Companies (Management and Administration Rules), 2014. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncorporation, registration and percentage of shareholding held by them; and (k) such other matters as may be prescribed, and signed by a director and the company secretary, or where there is no company secretary, by a company secretary in practice: 8. On perusal of the petition and the documents annexed along with the petition, this Tribunal is of the view that Petitioner Company could not carry out the effects of the Scheme of Arrangement and Restructuring in the nature of demerger and transfer of Gandhidham Unit of Sumilon Industries Limited with the Petitioner Company with effect from the Appointed Date of demerger i.e. 01.04.2017, for circumstances beyond their control. Under such circumstances, the peti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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