9911796707
TMI Blog2021 (8) TMI 62X X X X Extracts X X X X X X X X Extracts X X X X ..... Auditors of the Transferor Company have examined the Scheme in terms of provisions of Sec. 232 of Companies Act, 2013 and the rules made thereunder and certified that the Accounting Standards are in compliance with Section 133 of the Companies Act, 2013. The scheme is approved subject to directions issued - application allowed. - CA (CAA)/11/CHE/2021 - - - Dated:- 15-7-2021 - Sucharitha R., Member (J) And Anil Kumar B., Member (T) For the Appellant : Pawan Jhabakh, Advocate ORDER Anil Kumar B., Member (T) 1. This is a joint application filed by the Applicant Company, namely M/s. Electralloy Special Steel Castings Private Limited (for brevity Transferor Company ) and M/s. Amsteel Castings Private Limited under sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed at page 159 to 160 of the typed set filed along with the Application that the Transferor Company has 14 Equity Shareholders and all the 14 Equity Shareholders have given their respective consents by way of affidavits, which are placed at pages 161 to 194 of the typed set filed with the application and sought for dispensation with holding of meeting. It is further represented by the Counsel for Applicant that the Transferor Company has NIL Secured Creditors and the certificate issued by the Chartered Accountants to this effect is placed at page 233 of the typed set filed with the application. It is also represented that the Transferor Company is having 2 Unsecured Creditors and the Certificate issued by the Chartered Accountants to this e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the typed set filed along with the Application and this being in excess of 90% as prescribed under Section 230 of the Companies Act, 2013 has sought for dispensation with holding of their meeting. 6. We have perused the application and the connected documents/papers filed therewith including the Scheme contemplated between the Applicant companies. 7. From the certificate of incorporation filed, it is evident that Transferor Company is a Private limited company incorporated under the provisions of Companies Act, 1956 on 05.12.1979, with Registrar of Companies, Tamil Nadu. The Authorized Share Capital of the Transferor Company is ₹ 17,00,000/- (Rupees Seventeen Lakh Only) consisting of 15,000 Equity Shares of ₹ 100/- eac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12. The Statutory Auditors of the Transferor Company have examined the Scheme in terms of provisions of Sec. 232 of Companies Act, 2013 and the rules made thereunder and certified that the Accounting Standards are in compliance with Section 133 of the Companies Act, 2013. The Certificate of the Statutory Auditors issued in this regard is placed at pages 244 to 300 of the typed set filed along with the Application. 13. Taking into consideration the application filed by the Applicant Company and the documents filed therewith as well as the position of law, this Tribunal propose to issue the following directions as follows:- A) IN RELATION TO THE TRANSFEROR COMPANY: (i) With respect to Equity shareholders: It is represented b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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