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TMI Blog2019 (10) TMI 1406X X X X Extracts X X X X X X X X Extracts X X X X ..... if payable, as per the relevant provisions of law or from any applicable permissions that may have to be obtained or, even compliances that may have to be made as per the mandate of law - Companies to the said Scheme or other person interested shall be at liberty to apply to this Bench for any direction that may be necessary with regard to the working of the said Scheme. The scheme is sanctioned. - CAA-144/ND/2018 in CA (CAA) 103 (ND)/2018 - - - Dated:- 22-10-2019 - Ch. Mohd Sharief Tariq, Member (Judicial) And K.K. Vohra, Member (Technical) For the Petitioner : Mr. Arjun Krishnan (Advocate). For the Regional Director : Mr. B, Mishra. For the Income Tax : Ms. Lakshmi Gurung. ORDER Per : Ch. Mohd Sharief Tar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ransferee Company, Some of the benefits are as follows- a. The Transferor Company and the Transferee Company are engaged in similar and complementary lines of businesses and thus the amalgamation of the both companies will result in administrative and operational rationalisation, and in economies of scale, reduction in overheads and other expenses and optimum utilization of resources. b, The Transferor Company and the Transferee Company can be amalgamated for mutual benefit as this would reduce the costs and compliances requirements for the Transferee Company and for Axis Bank as a group, Cost savings will result from focused operational efforts, integration and optimisation of various support functions, resources and the assets, 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntal to finalization of this Scheme and to put it into operation and any other expenses or charges attributable to the implementation of this Scheme shall be charged to Profit and Loss in the books of the Transferee Company. 9. In paragraph 5.8 of part-II of the Scheme, it was mentioned that upon the coming into effect of this Scheme, all employees or the Transferor Company shall become the employees of the Transferee Company and subject to the provisions hereof, on terms and conditions not less favourable than those on which they are engaged by the Transferor Company in relation to the undertaking and without any interruption of or break in service as a result of the transfer of undertaking. 10. In paragraph 6.1 of the Scheme it is m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have to be obtained or, even compliances that may have to be made as per the mandate of law. 15. The Companies to the said Scheme or other person interested shall be at liberty to apply to this Bench for any direction that may be necessary with regard to the working of the said Scheme. 16. A certified copy of this Order shall be filed with the concerned Registrar Of Companies within 30 days Of the receipt of this Order. 17. The Transferor Company shall be dissolved without winding up from the date of the filing of the certified copy of this Order with the concerned Registrar of Companies. 18. Upon receiving the certified copy Of this Order, the ROC concerned is directed to place all documents relating to the Transferor Company w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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