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TMI Blog2020 (6) TMI 723X X X X Extracts X X X X X X X X Extracts X X X X ..... rtered Accountants. ORDER 1. At the outset, let me candidly confess that this is a matter that was somehow lost sight of. There is no gainsaying that the considerable delay in passing this order must have led to inconvenience to the Applicant Companies and their authorised representatives. I have nobody to blame but myself for this. I apologise for the unconscionable delay in pronouncing this order. 2. Learned Authorised Representative for the Applicant Companies states that the present Scheme is in the nature of Amalgamation of Kripa Trading Private Limited (First Transferor Company and Purica Foods Private Limited(Second Transferor Company) with Roop Commercials Private Limited (Transferee Company) and their respective Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d more efficiently to fund growth opportunities. (c) The Scheme is expected to enable pooling of resources of the Transferor Companies and the Transferee Company resulting in more productive utilisation of the said resources and cost and operational efficiencies which would be beneficial for all stakeholders. (d) Benefit of operational synergies to the combined entity and greater leverage in operations, planning and process optimisation. (e) Cost savings are expected to flow from more focused operational efforts, rationalisation and standardisation of administrative expenses. 7. Learned Authorised Representative for the Applicant Companies submits that all the Equity Shareholders of all the Applicant Companies have given their i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in English and Navshakti in Marathi having circulation in Mumbai. (c) The Applicant Companies are hereby directed to serve notices along with copy of Scheme upon the concerned Income Tax Authority within whose jurisdiction the Applicant Companies assessments are made, with a direction that they may submit their representations, if any, within a period of thirty days from the date of receipt of such notice to the Tribunal and copy of such representations shall simultaneously be served upon the Applicant Companies, failing which, it shall be presumed that the authorities have no representations to make on the proposals as per rule 8 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016. The Applicant Companies are d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... countants having their office at No.1, Shreyas, Jain Main Road, Daulat Nagar, Borivli (East), Mumbai 400066 [Mobile:9820031432,9833279994; Email:[email protected]], with remuneration of ₹15,000/- (Rupees fifteen thousand only) for the First Applicant Company and ₹31,000/- (Rupees thirty-one thousand only) for the Second Applicant Company respectively for their services to assist the Official Liquidator to scrutinise the books of the Transferor Companies for the last five years and file the Report. If no response is received within thirty days it may be presumed that Official Liquidator, High Court, Bombay has no objection to the proposed Scheme. (f) The Applicant Companies to file affidavit of service within fifteen days fro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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