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TMI Blog2019 (1) TMI 1685X X X X Extracts X X X X X X X X Extracts X X X X ..... in the transaction effected both at the registered office and its branches and such books shall be kept on accrual basis and according to the double entry system of accounting. The submission that the Chartered Account has submitted a certificate certifying that the Transferor Company has complied with the Accounting Standard 9 and therefore, the asset value shown in the Balance Sheet is the value in the Books of Account kept in the company appears to me is not correct. Accordingly, the objections raised on the side of the Central Government regarding the approval of the scheme is found sustainable. The applicant is hereby directed to comply with the above said provisions and submit a revised financial statement in compliance of Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the loan. According to him without showing the realisable value of the assets of the Transferor Company in the Balance Sheet, which come to ₹ 7.58 Crores and not to ₹ 1.14 Crores as shown in the Balance Sheet and therefore, the applicant may be directed to submit revised financial statement in compliance of Section 131 of the Companies Act, 2013. 3. To the above said objection, Ld. Sr. Counsel appearing for the applicant has submitted that a Chartered Accountant has prepared a certificate as per Accounting Standard 9 has been annexed with the reply to the objections raised by the Central Government as Annexure - B and that as per the Certificate the Company has acquired the loan for a price of ₹ 1.14 Crores an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it appears to me that same should be shown in the Balance Sheet of the Transferor Company, that has not been done. It is contrary to Section Section 128(1) of the Companies Act, 2013. As per Section 128(1) the transferor shall prepare and keep at registered office books of account and other relevant books and papers and financial statement for every financial year which give true and fair view of the state of the affairs of the company, including that of is branch office or offices, if any, and explain the transaction effected both at the registered office and its branches and such books shall be kept on accrual basis and according to the double entry system of accounting. 6. The above being the provision applicable in the case i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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