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TMI Blog2020 (12) TMI 423X X X X Extracts X X X X X X X X Extracts X X X X ..... ounting treatment as prescribed U/s 133 of the Companies Act, 2013 with reference to the Scheme in question. The Applicant Companies have disclosed all the material facts relating to the Scheme in question and filed necessary documents along with the Application. It is hereby dispensed with convening and holding the meetings of the Shareholders and Unsecured Creditors of the Applicant Companies. The scheme is approved - application allowed. - C.A. (CAA) No.44/BB/2020 - - - Dated:- 3-12-2020 - Shri Rajeswara Rao Vittanala, Member (Judicial) and Shri Ashutosh Chandra, Member (Technical) Parties/CounseIs Present (throuqh Video Conference): For the Applicant Companies Shri.P. Chinnappa ORDER 1. C.A.(CAA) No.44/BB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e and to construct residential apartments, commercial buildings, shops, office, and other allied structures, building and works of common utility for sale and/or allocation and allotment or generally to grant right of use, exploitation and enjoyment of such structures etc. (2) P. Sreenivasulu Associates, Chartered Accountants, have issued a Certificate dated 10.08.2020 by certifying that there are 3 (three) Shareholders of the Applicant Company No. 1 as on 31 st July 2020 viz., Pratap Thumboochetty holding 16,666 Equity Shares of ₹ 10/- each, Surendran Thumboochetty holding 16,666 Equity Shares of ₹ 10/- each, and Nirmal Thumboochetty holding 16,668 equity shares of ₹ 10/- each. Accordingly, Mr. Pratap Thumboochetty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imilar declaration, for approval of the proposed Scheme. (5) Aspera Estates Private Limited (hereinafter referred as the Applicant Company No.2/ Transferee/ Resulting Company) was incorporated on 11.09.2019 under the Companies Act, 1956 bearing CIN: U70109KA2019PTC127832 and having its registered office situated at No. 7, 4th Main Road, Amarjyothi Layout, Sanjay Nagar, Bengaluru - 560 094. Its Authorised Share Capital is 10,00,000/- divided into 1,00,000/- Equity shares of INR 10/- each and Issued, Subscribed and Paid-up Share Capital is ₹ 1,00,000/- divided into 10,000 equity shares of INR 10 each fully paid. The main objects of Applicant Company No.2 isinter-alia to carry on the business of development, management, market ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said Scheme. (9) The Board of Directors of the Applicants Companies have approved and adopted the Composite Scheme of Arrangement in their respective meetings held on 06th July 2020 and 07th July 2020. (10) P. Sreenivasulu Associates, Chartered Accountants, the Statutory Auditors of the Applicants Companies, has issued a separate Certificate dated 10th August, 2020 by inter alia stating that the accounting treatment contained in the aforesaid Scheme is in accordance with all the applicable Accounting Standards specified u/ s 133 of the Companies, Act, 2013 and other generally accepted Accounting Principles. (11) The rationale for the Scheme inter alia that the scheme would allow DEPL and the Demerged Undertakings to raise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Chartered Accountants of the Company have also issued respective Certificates by inter-alia certifying that the details of shareholders, creditors, and compliance of accounting treatment as prescribed U/s 133 of the Companies Act, 2013 with reference to the Scheme in question. The Applicant Companies have disclosed all the material facts relating to the Scheme in question and filed necessary documents along with the Application. Therefore, we are convinced with the case, made out by the Applicants so as to grant relief as sought for, by dispensing with meeting of the Shareholders and Unsecured Creditors of Applicant Companies No. 1 2 and convening the meeting of the Secured Creditors of the Applicant Company No. 1 by appointing the Chair ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in Kannada Daily Udayavani . (iv) The Applicant Companies and the Chairperson and Scrutiniser appointed in the case, are hereby directed to follow all extant provisions of the Companies Act, 2013 r/ w Companies (Compromises, Arrangements and Arrangements) Rules, 2016 in convening above meetings. (v) The Chairperson and Scrutinizer are directed to file their respective reports with Registry of this Tribunal, within two weeks from the date of conclusions of respective meeting, and thereafter, the Applicants Companies are hereby granted two weeks to file appropriate Company petition, in accordance with law, to seek sanction of the Scheme in question, subject to all statutory Compliances. (vi) Any person/ Company/ Institution agg ..... X X X X Extracts X X X X X X X X Extracts X X X X
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