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TMI Blog2021 (1) TMI 150X X X X Extracts X X X X X X X X Extracts X X X X ..... unal, with the concerned Superintendent of Stamps, for the purpose of adjudication of stamp duty payable within 60 days from the date of receipt of the Order, if any - The Petitioner Companies to pay costs of ₹ 25,000/- each to the Regional Director, Western Region, Mumbai and the Transferor Company in the Consolidated Company Petition No. 921 of 2020 to pay costs of ₹ 25,000/- to the Official Liquidator, High Court, Bombay. The cost to be paid within four weeks from the date of receipt of the Order. The Appointed Date is 14st August, 2019. - CP (CAA)/921/MB-IV/2020 CA (CAA)/113/MB-IV/2020 - - - Dated:- 4-1-2021 - Mr. Rajesh Sharma Hon ble Member (Technical) And Mrs. Suchitra Kanuparthi Hon ble Member (Judicial) For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Petitioner Companies states that the First Petitioner Company presently carrying on business aggregating and distributing the retail financial products such as home loan, personal loan, business loan, etc. First Applicant Company is operating as a direct sales agency and earns commission income by way of loan processing fees and is associated with various financial institutions which provides the loans to the customers and that the Second Petitioner Company presently is carrying on business of Financial Inclusion Training Services which comprises of imparting financial education among households for their better understanding in the realm of financial sector and inculcating the habit of savings to provide comprehensive financial lite ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll enhance the management focus thereby leading to higher operational efficiency; and d. Post the amalgamation of Transferor Company, the Transferor Company will be dissolved. Consequently, there would be lesser regulatory and legal compliance obligations including accounting, reporting requirements, statutory and internal audit requirements, tax filings, company law requirements, etc. and therefore reduction in administrative costs. 9. The Regional Director has filed his Report dated 24th day of June, 2020 stating therein that save and except the observations as stated in paragraph IV (a) and (b) of the report, it appears that the Scheme is not prejudicial to the interest of shareholders and public. In paragraph IV of the said R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... S-5(IND AS-8, if applicable) etc. 11. So far as the observation in paragraph IV (b) of the Report of the Regional Director is concerned, the Petitioner Companies submits that the Appointed Date is 14st August, 2019. The Petitioner undertakes to comply with the requirements and clarified vide circular no. F. No.7/12/2019/CL-1 dated 21.08.2019 issued by the Ministry of Corporate Affairs. 12. The observations made by the Regional Director have been explained by the Petitioner Companies in Para 10 and 11 above. The clarifications and undertakings given by the Petitioner Companies are accepted by the Tribunal. 13. The Official Liquidator has filed his report on 4th December, 2020 in the Consolidated Company Scheme Petition No. 921 of 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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