9911796707
TMI Blog2023 (2) TMI 1383X X X X Extracts X X X X X X X X Extracts X X X X ..... oning the proposed scheme of amalgamation between the Petitioner Companies. The present Company Scheme Application being devoid of merits stands dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... combined ability to integrate, innovate, customize, and bundle the offerings and services of the Transferee Company/ Applicant No.2 and the Transferor Company/ Applicant No. 1 under a single platform and creation of a synergized go to market strategy which shall result in building a sustainable business; b. Consolidation of the Transferor Company/ Applicant No. 2 with the Transferee Company/ Applicant No. 1 would also result in simplification of the holding structure; c. Reduction in management overlaps and elimination of legal and regulatory compliances & associated costs due to operation of multiple listed and unlisted entities; d. Optimization of the allocated capital & availability of funds which can be deployed more efficientl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all be deemed to be effective. 6. A perusal of the petition discloses that the first motion application bearing CA (CAA)/112/ND/2021 was filed by the Petitioner Company. Based on the averments made in the said application the Tribunal vide order dated 22.12.2021 read with order dated 03.02.2022 allowed the first motion application and directed Applicant Companies along with Digi content Limited to convene a meeting of Equity Shareholders. This Hon'ble Tribunal further directed the Transferee Company to convene meeting of Unsecured Creditors and Secured Creditors as per the provisions of Section 230-232 of the Companies Act, 2013. 7. The Petitioner Companies submits that the Petitioner Companies had complied with the First Motion order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... illed by 3 Applicant Companies i.e., M/s. Digi content Limited, M/s. HT Mobile Solutions Limited and M/s. HT Media Limited. However, since the shareholders of one of the Applicant Company i.e., M/s. Digi content Limited had not approved the Scheme, the remaining Petitioner Companies i.e., M/s. HT Mobile Solutions Limited and M/s. HT Media Limited had jointly filed the Company Scheme Petition before this Tribunal seeking the approval of the proposed scheme of Amalgamation. However, the proposed detailed 'Scheme of Amalgamation' between the present petitioner companies for which sanction of this Tribunal is sought (annexed as Annexure-1 at pg. 52-93 of the Company Scheme Petition) relates to amalgamation between M/s. Digi content Limited (Tra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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