9911796707
TMI Blog2021 (1) TMI 116X X X X Extracts X X X X X X X X Extracts X X X X ..... ry Auditors/ 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 meetings of the Shareholders and Sole Secured Creditors of Transferor Company and Shareholders of the Transferee Company , to convene and holding the meeting of the Unsecured Cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndustrial Area, Bengaluru - 560 099. Its Authorised Share Capital is ₹ 50,00,000/- (Rupees Fifty Lakhs only) divided into 20,000 equity shares of INR 100/- each and 30,000 Preference Share of INR 100/- each and the Issued, Subscribed and Paid-up Share Capital is ₹ 20,00,000/- (Rupees Twenty Lakhs only) divided into 20,000 equity shares of INR 100/- each and 30,000 Preference Shares of ₹ 100/- each. The main objects of Transferor Company is inter-alia to carry on the business of Mechanical Engineers, Manufacturers of Machinery and Machinery accessories, Machine Tools and accessories, Magnetic, pneumatic, hydraulic, Electric, Electro Hydraulic, Electro Magnetic, Electro pneumatic Elements and equipment used in machine tools ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Corporation Limited (HSBC) has filed an Affidavit dated 10.11.2019, by inter alia stating that he is a Secured Creditor of the Transferor Company, and the Company owes the Creditor a total sum of ₹ 10,61,48,352/- as on 30.9.2019, and has given consent for the said Scheme. (4) Ramesh Rao Co. LLP, Chartered Accountants, have issued a Certificate dated 30th June, 2020, by certifying that there are 4 (Four) Unsecured Creditors amounting to ₹ 7,54,12,620/- as on 30.06.2020, viz., Ms. Sangita Navada, due amount of ₹ 21,961,922/-; Mr. Shiva Prasad Navada, due amount of ₹ 5,596,533/- Mr. Suresh Rao U.M, due amount of ₹ 42,991,433/-; and Ms. Usha S Rao, due amount of ₹ 4,862,732/- and Trade payables ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Suresh Rao, holding 310 Equity Shares of ₹ 100/- each, Sangita Navada, holding 650 Equity Shares of ₹ 100/- each, and Suparna Sharma, holding 40 Equity Shares of ₹ 100/- each. Accordingly, Mr. U. M. Suresh Rao, has filed an Affidavit dated 30.06.2020, by inter alia stating that he is holding 310 Equity Shares of ₹ 100/- each, and has accorded unconditional consent to the proposed Scheme. Similarly, other two Shareholders have filed their respective Affidavit dated 30.06.2020, with similar declaration, for approval of the proposed Scheme. (7) Ramesh Rao Co LLP, Chartered Accountants, have issued a Certificate dated 30.06.2020, by certifying that there are no Secured, Unsecured Creditors and Trades payable in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rough Video Conference. We have carefully of perused the pleadings of the party and extant provisions of the Companies Act, 2013, and the Rules made thereunder, and the Law on the issue. 4. Shri Raghuram Cadambi, learned Counsel for the Applicant Companies, while pointing out various averments made in the Company Application, has further submitted that the Scheme in question is made in the best interests of the Applicant Companies, and their respective Shareholders. He has pointed out that the Chartered Accountant, after verifying the records of the Companies, have duly certified the existing Shareholders and Creditors of the Companies. He, therefore, urged the Tribunal to allow the Application as prayed for. 5. As stated s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be convened and held on 3rd February, 2021 at 11:00 AM, through Video Conference for the purpose of considering and, if thought fit, approving with or without modification(s) the proposed Scheme, of Demerger. Mr. Avdhesh Bairwa, Advocate ,MSCL, #204, Second Floor, MB Centre, 134, Infantry Road, Bengaluru 560 001 Ph. No. 9988723233; email id [email protected] is hereby appointed as Chairperson and Ruchira J Associates , having address at No. C-402, Cauvery Serenity, # 10/1-1, Tumkur Road , Yeswanthpur, Bangalore-560 023 Contact No. 8369210464 E-mail ID : [email protected], is appointed as Scrutinizer for the said meeting. The remuneration for Chairperson shall be. ₹ 75,000/and for Scrutiniser shall be ₹ 40,000/-. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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