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TMI Blog2015 (11) TMI 1868X X X X Extracts X X X X X X X X Extracts X X X X ..... these two companies. Learned Counsel appearing on behalf of the petitioners submits that after the issue of the letter dated 6th February 2015, an assessment order has been passed by the Income Tax Department in respect of both the petitioner nos.5 and 7 on 20th March 2015 and copies of such orders have been annexed to the affidavit in reply filed by the petitioners. In the circumstances, there is no embargo on the scheme being sanctioned. It is observed from the Balance Sheets as at 31st March, 2013 of the transferor companies that the share application money was pending for allotment - HELD THAT:- A revised share valuation report was also prepared by the valuer after taking into consideration the allotment of shares made during 2013 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etitioners are agreeable to modify the clause by adding the words subject to compliance of the requirements of the provisions of Sections 13, 14, 61 and 117 of the Companies Act, 2013 at the end of paragraph 7 of Part II of the said scheme as desired by the Central Government. The second objection of the Central government is that the Income Tax department, by its letter dated 6th February 2015 had informed them that scrutiny proceedings under Section 143(2) of the Income Tax Act, 1961 were pending in respect of the assessment of the petitioner nos.5 and 7. The Income Tax Department had raised an objection against any scheme of amalgamation of these two companies. Learned Counsel appearing on behalf of the petitioners submits that after t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ident from the valuation report dated 13th April 2015 that there is no difference in the share exchange ratio. Further paragraph 12.8 of Part III of the scheme takes into consideration and makes provision in respect of the shares allotted by the transferor companies between the appointed date and the effective date. Learned Counsel appearing on behalf of the petitioners further submits that as part of the restructuring process, the petitioners had submitted Merger-cum-Restructuring proposal before the Consortium of Banks/Financial Institutions for its consideration through the Corporate Debt Restructuring Mechanism. The prescribed procedures were then duly followed and after completion of the Techno Economic Viability Study and other f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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