Air Works Livery Services Pvt Ltd Vs Mahindra and Mahindra Limited

Para

IV",RD Observations,"Affidavit in Rejoinder dated 08.11.21 of the

Petitioner Companies

(a),"In addition to compliance of AS-14 (IND AS-103), the

Petitioner Companies shall pass  suchÂ

accounting entries which are necessary inÂ

connection with the scheme to complyÂ

with other applicable Accounting Standards

such as AS-5 (IND AS-8) etc.","With regard to the compliance of AS-14 or Ind

AS-103, Transferee Co will give effect of the

amalgamation in its books of Â

  accounts    in   Â

accordance    with accountingÂ

prescribed under “pooling of interestâ€​

method in accordance with the principles laid

down in Appendix C of  Indian Â

Accounting  Standard  (Ind AS) Â

103â€"Business  Combinations  as

notified  under  Section  133 Â

of  the

Companies Act, 2013 (the Act),Â

read

with       the      Â

Companies       (Indian

Accounting  Standard)  Rules,  Â

2015. Petitioners  undertake  to Â

pass  such accounting entries to comply

with such accounting  standards Â

notified  under Sec 133 of the Act as may

be applicable to the Petitioners suchÂ

as AS-5 or Ind

AS-8.

(b),"The Petitioners under provisions of section 230(5) of

the Companies Act, 2013 have to serveÂ

notices to concerned authorities which are likely to","Petitioners  confirm  that  in Â

terms  of provisions of section 230(5) of

the Act,

be affected by Amalgamation. Further, the approval of and in compliance with ordersÂ",,

the scheme by this Tribunal may not deter such dated,,

authorities to deal with any of the issues arising after,,

14.10.2020, dated 02.03.21 and dated",,

giving effect to the scheme. The decision of such,,

24.08.21,    passed   Â",,

Authorities is binding on the  Petitioner Co(s).,,

in    1st    Motion,,

Application,    2nd   Â",,

and   3rd    Motion,,

Petitions respectively, formal notices of",,

1st Motion Application and 2nd Motion,,

Petition have been sent to the following,,

Statutory Authorities, along with the",,

complete Paper Books:,,

i.  RD, on 02.06.21   throughÂ",,

Speed,,

Post   (ED405227807IN)  and  Â,,

on,,

02.09.2021   through  Â,,

Speed   Post,,

(ED646719673IN);,,

ii.  The ROC, on  Â",,

02.06.21Â Â Â through,,

Speed Post (ED404885285IN) and,,

on 02.09.2021 through Speed Post,,

(ED646719537IN);,,

iii.  The OL, on 02.06.21 through Speed",,

Post   (ED404885294IN)  and  Â,,

on,,

02.09.21    through   Â,,

Speed    Post,,

(ED646719545IN);,,

M/s    PRASS    &   Â,,

Associates,    CA",,

appointed by the Tribunal to assist the,,

OL has also been served with the copies,,

of the 1st motion ApplicationÂ,,

and 2nd,,

motion Petition on 03.06.21 through,,

Speed Post (ED405221061IN) and on,,

02.09.21      through     Â,,

Speed      Post,,

(ED646719568IN).,,

iv.  DG Civil Aviation, TechÂ",,

Centre,",,

Opp   Safdarjung   Airport,  Â",,

New,,

Delhiâ€"110 003 on 03.06.21 through SpeedÂ,,

Post (ED045220945IN) and on Â,,

02.09.21  through  Speed  Post,,

(ED646719554IN);,,

v.  Income Tax (IT) Department,Â",,

in the respective Ward of the IT Office where,,

the Applicant Companies are assessed  Â,,

quoting   the   respective,,

Permanent     Â,,

Account      Number (PAN) of each,,

Co, as under:",,

Air Works Livery Services Pvt Ltd,,

PAN: AAI CA 4187 D,,

IT Officer, Ward 2(1), C.R. Building,",,

I.P. Estate, New Delhi-110 095",,

Date of submission: 21st   June,Â",,

2021 through Speed Post (ED211289875IN),,

2nd  September,  2021 Â",,

through  Speed Post (ED755104874IN),,

Air Works India (Engineering) Pvt Ltd,,

PAN: AAB CA 1069 P,,

Asstt Commr of IT, Circle 1(1)(1) Room 533,",,

Aayakar Bhawan, Mumbaiâ€"400 020",,

Date of submission,,

03.06.21      through     Â,,

Speed      Post (ED405221075IN),,

02.09.21      through     Â,,

Speed      Post (ED646719642IN),,

Further submitted that the approval of theÂ,,

present Scheme will not deter any,,

statutory authority to deal withÂ,,

any issue  that  may  arise Â,,

pursuant  the present Scheme becoming,,

effective.,,

Petitioners do hereby undertake that the,,

Transferee Co. will comply with all the,,

(c),"The Hon’ble NCLT may kindly direct the

Petitioners to file an Affidavit to theÂ

extent that the Scheme enclosed to the Co

Application and the scheme enclosed to the CoÂ

Petition are one & same and there isÂ

no discrepancy or deviation.","With regard to the confirmation that the

Scheme enclosed to the CA and CP are one

and same, we do hereby clarify and confirm

that the Scheme enclosed to the CA and CP are

one and the same and that   there  Â

is   no   discrepancy   or

deviation.

(d),"As per definitions of the Scheme, “Appointed

Dateâ€​ for the purpose of this Scheme means

commencement of business on 1st April, 2020, or such

other date as the Hon’ble NCLT or any other

competent authority may approve. “Effective

Dateâ€​ means last of the dates on which the certified

copies of the Order(s) passed by the Hon’ble

NCLT, sanctioning the Scheme, are filed with theÂ

concerned Registrar of Companies, MCA.Â

Any references in this Scheme to “uponÂ

this Scheme becoming effectiveâ€​ or

“effectiveness of this Schemeâ€​ shall be a reference

to the Effective Date.

Further, the Petitioners may be asked to comply with

the requirements vide circular F.  7/12/2019/CL-1

dated 21.08.19 issued by MCA.","We confirm that the SchemeÂ

contains definition   of   the Â

term  “Appointed Dateâ€​ being 1st

April, 2020 as a specific calendar dateÂ

which is in compliance with  Â

the   requirements   of  Â

General Circular No. 9/2019 issuedÂ

by MCA. Further, the Transferee Co.

undertakes to    comply   Â

with    all    the    other

requirements laid under said circular to theÂ

extent applicable. The Petitioners

confirm that the Scheme will take effect from

the Appointed Date as per Section 232(6) of

the Act.

(e),"Petitioner Co have to undertake to comply with

section 232(3)(i) of Companies Act, 2013, where the

transferor Co are dissolved, the fee, if any, paid by the

transferor Co on its authorized capital shall be set-off

against any fees payable by the transfereeÂ

Co on its authorized capital subsequent to the

amalgamation and therefore, petitioners to affirm that

they comply the provisions of the section.","Para 10.c of the Scheme provides that in Â

t/o  section  232(3)(i)  and Â

other applicable   provisions,  Â

if   any,   the authorized   Â

share    capital    of   Â

the Transferor Co shall be addedÂ

to and shall form part of the authorized share

capital     of    Â

the     Transferee     Co.

Accordingly,   the  Â

authorized   share capital of the

Transferee Co. shall stand increased to the

extent of the authorized share capital of the

Transferor Co. as on the  Â

effective   date.   However,  Â

it   is pertinent to note thatÂ

Para 10.c of the Scheme  Â

clearly   provides   that   the

Transferee Co. will pay the balance fee

and  other  charges,  if Â

any,  on  the aforesaid Â

increase  in  the  authorized

share   capital   after  Â

deducting   the aggregate fees and other

charges, if any, paid by theÂ

Transferor Co on the pre-

merger authorized share capital.

The Petitioners once again confirm that the

Transferee Co will comply with the

provisions of section 232(3)(i) ofÂ

the Act, and other applicable provisions, if

any, with regard to the paymentÂ

of balance fee on increase ofÂ

authorized capital subsequent to the sanction

of the Scheme.

(g),"ROC, Mumbai Report dated 27.07.2021 has inter alia

mentioned that there is no prosecution, no technical

scrutiny, no inspection, no inquiry and no Complaint

pending against the petitioner Companies.

Further mention that:

1.  As per the Clause 9, it is statedÂ

that since the Transferor Co is a whollyÂ

owned subsidiary of the Transferee Co, noÂ

new share will be issued by the Transferee

Co pursuant to this Scheme.

2.  The applicant Companies have notÂ

filed e-form GNL-1 with the scheme on MCA portal

as required under the provision of the Companies Act

2013.","1.  The contents of para g.Â

1. are a matter of record and need no

reply.

2.  Requisite e-form Form GNL-1 were duly

filed by both the Petitioners as per the

following detail:

e-Form GNL-1 for filing ofÂ

Notice of Application/Scheme  of Â

Arrangement along   with  Â

Form   CAA.3   by   the

Petitioner  Transferor  Co. Â

vide  SRN T32207201 dated 23.07.21.

e-Form GNL-1 for filing ofÂ

Notice of Application/Scheme  of Â

Arrangement along   with  Â

Form   CAA.3   by   the

Petitioner  Transferee  Co. Â

vide  SRN

T32207086 dated 23.07.2021