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TMI Blog2021 (4) TMI 942X X X X Extracts X X X X X X X X Extracts X X X X ..... appear to have been complied with - Petition allowed. - (CAA) - 181 (PB)/2018 and CA (CAA)-129 (PB)/2018 - - - Dated:- 1-4-2021 - B.S.V. Prakash Kumar, Actg. President And Hemant Kumar Sarangi, Member (T) For Appearing Parties : Rakesh Agarwal, CA, Sandeep Kumar, CS, Shankari Mishra, Deepak Anand and Vipul Agrawal, Advocates ORDER Hemant Kumar Sarangi, Member (T) 1. Under consideration is Company Petition (CAA)-181(PB)/2018 filed under Sections 230 to 232 of the Companies Act, 2013 ( The Act ) read with the Companies (Compromises, Arrangements Amalgamations) Rules, 2016. The purpose of the Company Petition is to obtain sanction of the Composite Scheme of Arrangement (in short, The Scheme ) of M/s. MJI Tech Private Li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of; manufacture, assemble, import, export, buy, sell, distribute, let on hire or rent or otherwise deal in solid state components, led lamps, led displays, televisions, picture tubes for all types of televisions and other Electronic and Electric gadgets and their components and to manufacture, purchase, sale, import, export and deal in all types of Electronic process Controller, Electronic Computers, Calculators, Electronic Tele Communication Link, Electronic Peripherals, Educational Electronic goods, Power Electronic Goods, materials, accessories and components required in their manufacturing . 4. M/s. Goodre Private Limited (hereinafter referred to as the Transferee Company ) is a company having CIN: 74899DL1995PTC073239 incorporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies. Improvement of organisational functioning and capabilities, through pooling and sharing of financial, managerial, technical and human resources. Avoiding multiplicity and duplication of processes, operations and associated costs of administration, finance, trade, business operations and asset mobilisation. Maximisation as well as protection of shareholder and stakeholder value and creditor interests (if any), ease of regulatory compliance, achievement of the highest level of transparency in business operations and corporate dealings through unified, consolidated and simplified corporate structure . 7. This Tribunal, vide its order dated 22.10.2018 in CA(CAA)-129(PB)/2018, dispensed with the requirement of holding the meeting of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that all tax assessment proceedings and appeals of whatsoever nature, by or against the Transferor Company, pending or arising as on the Effective Date, shall be continued and/or enforced by or against the Transferee Company in the same manner and to the same extent as would or might have been continued and enforced by or against the Transferor Company. 9. Thus, it is humbly submitted that the proposal of the scheme of arrangement may be accepted only after protecting the rights of the Revenue to examine the tax implication of all the companies with regard to the scheme of amalgamation, at the time of their respective assessment/re-assessment proceedings. 12. Further, the Petitioner Companies have also stated in their Joint Aff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cheme annexed with the Petition is hereby sanctioned. 15. While approving the Scheme as above, we further clarify that this order should not be construed as an order in any way granting exemption from payment of stamp duty, taxes or any other charges, if any, and payment in accordance with law or in respect to any permission/compliance with any other requirement which may be specifically required under any law. Further, the Petitioner Companies shall be bound to comply with the statutory requirements in accordance with law. 16. The Petitioner Companies shall be at liberty to apply to this Tribunal for any directions that may be necessary in the above matter. Accordingly, the Scheme stands sanctioned and (CAA)-65(PB)/2019 stands dis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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