9911796707
TMI Blog2023 (3) TMI 1541X X X X Extracts X X X X X X X X Extracts X X X X ..... of Hamburg Sud India Private Limited with Maersk Line India Private Limited and their respective Shareholders ("the Scheme"). 3. The Board of Directors of the Applicant Companies in their respective meetings held on 24th November 2022 have approved the proposed Scheme. The Appointed Date of the Scheme is 1st April 2023. 4. That the respective Applicant Companies are engaged in the business of providing shipping agency services in India to their principal. 5. The proposed Scheme will be beneficial to the Applicant Companies, their respective Shareholders, Creditors, Employees and other Stakeholders. The rationale for the Scheme is as follow: The following benefits will accrue pursuant to the Scheme: i. Consolidation of businesses of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs 10/- each 91,00,000/- 9. The financial details/ summary of the First Applicant Company/ Transferor Company as on 31st October, 2022 is as under: Year Revenue Profit/(Loss) before Tax 2021-22 23,51,12,000/- 1,90,03,000/- 2022-23 upto 31.10.2022 12,53,49,913/- 1,17,80,786/- 10. The financial details/ summary of the Second Applicant Company/ Transferee Company as on 31st October, 2022 is as under: Year Revenue Profit/(Loss) before Tax 2021-22 1,71,47,00,000/- 15,34,00,000/- 2022-23 upto 31.10.2021 1,23,23,23,437/- 10,98,66,097/- 11. That there are 2 (Two) Equity Shareholders in the First Applicant Company and Second Applicant Company and that they have obtained the Consent Affidavits from all the Equ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nctioning the Scheme will be sufficient to pay off all the Creditors in the ordinary course of business. Further, the Applicant Companies undertakes to issue individual notices to all its Unsecured Creditors, with the direction that they may submit their representation, if any, to the Tribunal within 30 days of receipt of notice. The said notices to be sent either by the Registered Post-AD/ Speed Post/ Hand Delivery and by E-mails (whose mails are available with the respective Applicant Companies). In view of above and the fact that the Applicant Companies have undertaken to serve individual notices to its concerned Unsecured Creditors of the respective Applicant Companies as mentioned above, the meeting of the Unsecured Creditors of respec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ments and Amalgamations) Rules, 2016. 17. The Notice shall be served through by Registered Post-AD/ Speed Post/ Hand Delivery and email along with copy of scheme and state that "If no response is received by the Tribunal from the concerned Authorities within 30 days of the date of receipt of the notice it will be presumed that the concerned Authorities has no objection to the proposed Scheme". It is clarified that notice service through courier shall be taken on record only in cases where it is supported with Proof of Delivery having acknowledgement of the noticee. 18. The Applicant Companies will submit - a. Details of Corporate Guarantee, Performance Guarantee and Other Contingent Liabilities, if any. b. List of pending IBC cases, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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