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TMI Blog2020 (9) TMI 802X X X X Extracts X X X X X X X X Extracts X X X X ..... Scheme Petition filed by the Petitioner Companies are made absolute in terms of prayer clause (a) (b) of Company Scheme Petition. All concerned regulatory authorities to act on a certified copy of this order along with the Scheme duly certified by the Deputy/ Assistant Registrar, National Company Law Tribunal, Mumbai Bench. X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner Company 2 is incorporated to carry out the business of development, marketing, selling, trading and dealing in Software, Software Development and technology products systems and to act as technicians, consultants in the field of computer software development and hardware products. 6. The Representative for the Petitioner Companies states that the rationale for the Scheme of Arrangement is as follows: - a. Segregation of business of the Demerged Company into Resulting Company in a manner provided in the scheme. b. Allowing management of each company to pursue independent growth strategies. c. Allow in creating the ability to achieve valuation based on respective risk-return profile and cash flow, attracting right investors and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Zee Entertainment Enterprises Limited on 13th October, 2019 and proof of payment is annexed as Annexure M-1 to the Company Scheme Petition and more over the said unsecured creditors has not appeared before this bench to oppose the scheme as they are no more the unsecured creditors. 9. The Representative appearing on behalf of the Petitioner Companies states that in response to the notice issued to unsecured creditors of the Petitioner Company 1. IE Online Media Services Private Limited unsecured creditors of the Petitioner Company 1 amount due ₹ 4,38,595 has filed affidavit opposing the scheme on 30th September,2019 representing as unsecured Creditors of both the Petitioner Companies. The Representative states that IE Online Media S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th the Registrar of Companies, Maharashtr, Pune. Further, the Petitioners may be asked to comply with the requirements and clarified vide circular no. F. No. 7/12/2019/CL-I dated 21.08.2019 issued by the Ministry of Corporate Affairs. 11. In response to the Report of the Regional Director, the Petitioner Companies have filed an affidavit in reply/rejoinder dated 6th January2020 and have clarified that:- 12. As far as the observations made in paragraph IV(a) of the Report of Regional Director is concerned, the Petitioner Companies through its Representative submits that the Petitioner Companies shall pass such accounting entries as may be necessary in connection with the Scheme of Arrangement to comply with accounting standards AS-14( IN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019 filed by the Petitioner Companies are made absolute in terms of prayer clause (a) & (b) of Company Scheme Petition. 18. The Petitioner Companies are directed to lodge a copy of this order and the Scheme duly certified by the Deputy/ Assistant Registrar, National Company Law Tribunal, Mumbai Bench, Mumbai with the concerned Superintendent of Stamps, for the purpose of adjudication of stamp duty payable, if any, on the same within 60 days from the date of receipt of this order. 19. The Petitioner Companies are further directed to file a copy of this order along with a copy of the Scheme of Arrangement with the concerned Registrar of Companies, electronically, along with E-Form INC-28, in addition to physical copy within 30 days from th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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