Hinduja Estates Private Limited Vs

Clause

No.","Regional Director Report / Observations dated January 02, 2023","Response from the Petitioner Companies filed

vide Rejoinder Affidavit

dated January 02, 2023",,,

2 (a),"In  compliance  of  AS-14  (IND  AS-103),  the PetitionerÂ

Companies shall pass such accounting entries which are necessary in

connection with the scheme to comply with other applicable Accounting Standards

such as AS-5 (IND AS-8) etc.","As  regards  the  observations

made at paragraph 2 (a), the

Petitioner Companies hereby undertakeÂ

that in compliance of AS-14 (IND AS-

103), the Petitioner   Companies  Â

shall pass such accounting entries

which    are    necessary   Â

in connection with the Scheme to comply Â

with  all  applicable Accounting Standards

such as AS-5 (IND AS-8) etc. to the

extent applicable.",,,

2 (b),"As per Definition of the Scheme,

“Appointed Dateâ€​ means April 01, 2021 or such other dateÂ

as may be directed or approved by the National  Company Â

Law  Tribunal  or  any  other appropriate authority; and

“Effective Dateâ€​ means the date on which certified copies of the order passed

by the National Company Law Tribunal [NCLT] is filed with the Registrar of

Companies, Maharashtra at Mumbai.

Any reference in this scheme to “upon the Scheme becoming  Â

effectiveâ€​   or   “effectiveness   of   the Schemeâ€​Â

or “date of coming into effect of this Schemeâ€​ shall also mean

the effective date.

In this regard, it is submitted that Section 232 (6) of the Companies Act,Â

2013 states that the Scheme under this Section shall clearly indicate an

appointed date from which it shall be effective and the Scheme shall be deemed to

be effective from such date and not at a date subsequent to theÂ

appointed date. However, this aspect may be decided by the Hon’ble Tribunal

taking into account its inherent powers.

The Petitioners may be asked to comply with the requirements as clarifiedÂ

vide circular no. F. No.7/12/2019/CL-1 dated 21.08.2019 issued by the

Ministry of Corporate Affairs.","As  regards  the  observations

made at paragraph 2 (b), the Petitioner

Companies confirm that the AppointedÂ

Date i.e. April 01, 2021 as mentioned in theÂ

Scheme is in compliance with Â

Section  232(6)  of  the Companies

Act, 2013 and the Scheme shall take effect from

such Appointed Date. Further, the   Â

Petitioner    Companies undertakes to

comply with the requirements  Â

clarified   vide

circular     No.7/12/2019/CL-I

dated 21.08.2019 issued by the Ministry of

Corporate Affairs. The   Â

Petitioner    Companies submit  Â

that   the   Company Scheme

Application was filed on March 17, 2022Â

whereas the Appointed Date mentioned in theÂ

Scheme is April  01, 2021. TheÂ

Appointed date as fixed in theÂ

Scheme precedes the  date  of Â

filing  of  the Application and therefore,

the Appointed  Date  is  not  ante

dated beyond a year and hence,

present     Scheme    Â

is     in compliance     Â

  with        the requirementsÂ

of Circular No. F.No.7/12/2019/CL-

IÂ Â Â Â Â dated 21.08.2019Â Â Â

issued   by   the Ministry of Corporate

Affairs.",,,

2 (c),"The   Hon'ble   Tribunal   may   kindly   seek  Â

the undertaking that this Scheme  is approved by the requisite

majority of members and creditors as per Section 230(6) of the Act in meetings duly

held in terms of Section 230(1) read with 7 subsection (3) to (5) of Section 230 of the

Act and the Minutes thereof are duly placed before the Tribunal.","As  regards  the  observations

made at paragraph 2 (c), the

Petitioner Companies submit that thereÂ

are no secured and unsecured creditors in

both the Petitioner   Companies.   The

Petitioner    Companies    also

submit that the Scheme has been Â

duly  approved  by  the members Â

of  the  respective Companies atÂ

their respective",,,

,,"meetings held on August 16, 2022 inÂ

accordance with the Order pronounced on

July 15, 2022   passed   in  Â

Company Scheme Application No. 107

of 2022.",,,

2 (d),"The Petitioner Company states that the Transferee Company shall be

in compliance with provisions of Section 2(1B) of the Income Tax Act, 1961. In this

regards,   the   petitioner   company   shall   ensure

compliance of all the provisions of Income Tax Act and Rules thereunder.","As  regards  the  observations

made at paragraph 2 (d), the

Transferee              Â

Company undertakes to comply with all

applicable  provisions  under theÂ

Income Tax Act, 1961 to the extent

applicable.",,,

2 (e),"Petitioner company may be directed to submit an undertaking

stating the name of Sectorial regulator of the petitioner company andÂ

also undertake that prior notice has been served to sectorialÂ

regulator and all requirements of the concern regulator, if any has been complied

with.","As  regards  the  observations

made at paragraph 2 (e), the

Petitioner             Â

Companies undertake  to comply with the

directions  of  the  concerned

sectoral       Â

regulator,        if

applicable.",,,

Date of

Allotm

ent","Number

of

Allottees","No. of

shares

allotted","No min

al valu

e per

share

(in Rs.)","Premium

per share

(in Rs.)","Total

premium

collected (in

Rs.)

19/03/

2013","Rabna

Holdings

Limited","2,50,000",10.,1200,"30,00,00,000

TOTAL,,"2,50,000",,,"30,00,00,000