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TMI Blog2020 (11) TMI 57X X X X Extracts X X X X X X X X Extracts X X X X ..... onger financial base and that it would be advantageous to combine the activities and operations of all companies into a single Company for synergistic linkages and the benefit of combined financial resources. This will be reflected in the profitability of the Transferee Company - From the material on record, the Scheme appears to be fair and reasonable and is not violative of any provisions of law and is not contrary to public policy. Scheme sanctioned. - CP (CAA) No. 2030/MB.III/2018 and CA (CAA) No. 135/MB.III/2018 - - - Dated:- 15-5-2020 - Rajasekhar V.K., Member (J) And V. Nallasenapathy, Member (T) For the Appellant/Petitioner/Plaintiff: Ahmed M. Chunawala i/b Rajesh Shah Co., Advocates and Rupa Sutar, Deputy Director ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have complied with all requirements as per directions of this Tribunal and they have filed necessary affidavits of compliance in this Tribunal. 7. Learned Counsel for the Petitioner Companies states that business of the Petitioner Companies: (a) The First Petitioner Company to undertake the business of builders, contractors, erectors, constructor of buildings, houses, apartments, structures or residential, office, industrial, institutional or commercial or developers of co-operative housing societies, developers of housing schemes, townships, holiday resorts, hotels. (b) The Second Petitioner Company has been carrying on the business as buyers, sellers, traders, merchants, indentors, brokers, agents, commission agents, stockists, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aling, marketing, trading, importing, exporting, distributing, wholesaling and retailing through online portals, websites, e-commerce mode, stores and shops of all industrial products and consumer's products. 8. Learned Counsel submits that the rationale for the Scheme of the Petitioner Companies is that since all the Companies are under the same management, the merger will lead to synergies of operations and more particularly the following benefits: (a) The amalgamation will enable the Transferee Company to consolidate the businesses and lead to synergies in operation and create a stronger financial base. (b) It would be advantageous to combine the activities and operations of all companies into a single Company for synergisti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith fact and figures as to how the stated rationale/objects shall be achieved. 10. In response to the observations made by the Regional Director, the Petitioner Companies clarifying as that so far as the observation in paragraph II of the Report of the Regional Director is concerned, the Petitioner Companies submitted that the amalgamation will enable the Transferee Company to consolidate the businesses and lead to synergies in operation and create a stronger financial base and that it would be advantageous to combine the activities and operations of all companies into a single Company for synergistic linkages and the benefit of combined financial resources. This will be reflected in the profitability of the Transferee Company. 11. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any, on the above. 18. The Petitioner Companies are directed to lodge a certified copy of this order along with a copy of the Scheme with the concerned Registrar of Companies, electronically in Form INC-28 within 30 days of the date of issue of the order by the Registry, duly certified by the Deputy/Assistant Registrar of this Tribunal. 19. All concerned regulatory authorities to act on a copy of this order duly certified by the Deputy/Assistant Registrar of this Tribunal, along with a copy of the Scheme. 20. Any person interested shall be at liberty to apply to the tribunal in the above matter for any directions that may be necessary. 21. Pronounced today in open court. File be consigned to records. - - TaxTMI - TMITax - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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