A B Medicos Private Limited Vs

Bhashara Pantula Mohan, Member (Judicial)

Under   consideration   is   Company   Petition   CAA  27(PB)/ 2018 filed under Sections 230 to 232 of the Companies Act, 2013   ("The  Act")  read  with  the  Companies  (Compromises, Arrangements 86 Amalgamations) Rules, 2016. The purpose of the Company Petition is to obtain sanction of the Scheme of Amalgamation  (for  brevity  "The  Scheme")  of M/s.  A  B Medicos  Private  Limited  And  M/s  Aditya  Medicos Private Limited  And  M/s  Aesthetica Enterprises Private  Limited And M/s Akhil Meditech    Private    Limited And M/s Ashwin Pharmaceuticals  Private  Limited   And   M/s   Avee   Medi Surgicals  Private  Limited   And   M/s   Glory   Lifesciences Private   Limited And M/s Gracia Healthcare For You   Private Limited And M/s Himanshu   Medicare   Private   Limited And M/s Hitesh Construction Private Limited And M/s Kunal Medicare  Private  Limited And    M/s Mona Infotech Private Limited And M/s Paradise Realtech    Private Limited And M/s Prabhat Healthcare   Services   Private   Limited And M/s Purnendu  Traders Private  Limited  And  M/s  Radhika Surgical Private  Limited  And  M/s  Regal  Builders  And Promotes Private  Limited   And    M/s    Rockland  Hospitals Noida  Private  Limited  And  M/s  Rockland  Laboratories Private Limited And  M/s  Rockland Oil  86  Gas  Private Limited And M/s  Sukumar Enterprises  Private Limited And M/s Sunskriti  Tradex  Private   Limited And M/s Umesh Pharmaceuticals Private Limited And M/s Vaibhav    India Surgicals Private Limited (hereinafter   referred   to    as Petitioner Company/ Transferor Company) and M/s Rock Land Private    Limited (hereinafter referred to as Petitioner Company/ Transferee Company) (Transferor Company and Transferee together referred to as "Petitioner Companies,.

M/s A B MEDICOS PRIVATE    LIMITED  (hereinafter referred to  as  "Transferor  No.1  Company")  having CIN: U51101DL2013PTC262271  is  a company incorporated on 16/12/2013  under  the  Companies  Act, 1956 having  its Registered Office at    C-30, Panchsheel Enclave, New Delhi- 110017. The Transferor No.1 Company is primarily engaged in business of manufacturing, trading, marketing of Allopathic, Ayurvedic, Homeopathic  medicines  and formulations thereof of all types and description and research development of pharmaceuticals formulations in all lines of medicines & surgery.

M/s   ADITYA   MEDICOS   PRIVATE  LIMITED   (hereinafter referred to  as "Transferor No.2  Company")  having CIN: U24232DL2004PTC129207 is  a company incorporated on 17/09/2004   under   the   Companies  Act, 1956   having  its Registered  Office  at C-30,  Pan.chsheel Enclave,  New Delhi- 110017. The Transferor No.2 Company is primarily engaged in business of manufacturing and trading of all kind of Drugs &Medicines (allopathic and ayurvedic).

M/s   AESTHETICA   ENTERPRISES  PRIVATE   LIMITED (hereinafter  referred  to  as  "Transferor  No.3  Company") having    CIN:    U51909DL2008PTC175465    is    a   company incorporated  on 17/03/2008  under  the  Companies  Act, 1956   having   its    Registered    Office    at    C-30,    Panchsheel Enclave, New Delhi-110017.    The Transferor No.3 Company is primarily engaged in business of trading, buying, selling, importing and exporting of vehicles and machinery.

M/s  AKHIL  MEDITECH  PRIVATE LIMITED  (hereinafter referred    to    as   "Transferor  No.4   Company")    having CIN:U24100DL2008PTC180309 is a company incorporated on 01/07/2008 under the Companies Act,  1956   having its Registered  Office  at C-30,  Panchsheel Enclave,  New Delhi- 110017.   The Transferor No.4 Company is primarily engaged in business of manufacturing and trading of pharmaceuticals drugs and chemicals.

M/s   ASHWIN   PHARMACEUTICALS   PRIVATE  LIMITED (hereinafter  referred to  as  "Transferor  No.5  Company") having    CIN:    U51101DL2013PTC259819    is    a   company incorporated  on 01/11/2013  under  the  Companies  Act, 1956   having   its   Registered   Office    at   C-30,    Panchsheel Enclave, New Delhi-110017. The Transferor No.5 Company is primarily  engaged  in  business  of  manufacturing,  trading, marketing, of Allopathic, Ayurvedic, Homeopathic medicines and  formulations  there  of  all  types   and  description  and research development of pharmaceuticals formulations in all  lines of medicines and surgery.

M/s  AVEE  MEDI  SURGICALS  PRIVATE  LIMITED (hereinafter  referred  to  as  "Transferor  No.6  Company") having    CIN:    U24233DL2007PTC157296    is    a   company incorporated  on  03/01/2007  under  the  Companies  Act, 1956    having   its    Registered    Office    at   C-30,    Panchsheel Enclave, New Delhi-110017.    The Transferor No.6 Company is primarily engaged in business of manufacturing 85 trading of all kind of drugs and chemicals.

M/s  GLORY LIFESCIENCES PRIVATE LIMITED (hereinafter  referred  to  as  "Transferor  No.7  Company") having    CIN:    U24100DL2008PTC174992    is    a   company incorporated  on  05/03/2008  under  the   Companies  Act, 1956   having   its   Registered   Office   at  C-30,   Panchsheel Enclave,    New   Delhi-110017.    The    Company   is   primarily engaged    in    business    of   manufacturing    and    trading    of pharmaceuticals drugs and allied products.

M/s GRACIA HEALTHCARE  FOR    YOU  PRIVATE LIMITED   (hereinafter   referred   to   as   "Transferor   No.8 Company")  having CIN: U85100DL2013PTC260688    is a company incorporated  on 23/11/2013 under the Companies Act, 1956 having its Registered Office at    B-207, C.R. Park, Near Bus Stop New Delhi-110019.  The Company is primarily engaged in business of purchase, lease, or otherwise acquire, establish,  maintain,  operate,  run,  manage,  or  administrate hospitals, medicate, daycare and healthcare centers, nursing homes, clinic for in-door, out-door patients at id facilities for reception  and  treatment of persons  suffering from  injuries and illness, disabilities and deficiencies of any kind or nature whatsoever and treatment of persons during convalescence or  of persons  requiring medical  attention or rehabilitation, geriatric    care    centre,    assisted   living,    in    the    generality, specialty and/or super specialty departments.

M/s HIMANSHU MEDICARE PRIVATE LIMITED (hereinafter  referred to  as  "Transferor  No.9  Company") having    CIN:    U51397DL2008PTC180537    is    a   company incorporated  on  07/07/2008  under  the  Companies  Act, 1956  having  its  Registered  Office  at  C-30,  Panchsheel Enclave,   New  Delhi-110017.  The   Company  is  primarily engaged    in    business    of   manufacturing    and    trading    of pharmaceuticals drugs 86 chemicals.

M/s  HITESH CONSTRUCTION  PRIVATE LIMITED (hereinafter referred to as "Transferor No.10 Company") having    CIN:    U45200DL2007PTC158159    is    a   company incorporated  on 19/01/2007  under  the  Companies  Act, 1956    having   its    Registered   Office    at   C-30,    Panchsheel Enclave,   New   Delhi-110017.  The   Company  is   primarily engaged in business of Infrastructure Development.

M/s KUNAL MEDICARE PRIVATE LIMITED   (hereinafter  referred    to    as    "Transferor    No.11    Company")    having CIN:U24100DL2008PTC174950 is a company incorporated on 05/03/2008   under the Companies Act,  1956 having its Registered Office at    C-30, Panchsheel Enclave, New Delhi-110017.  The Company is primarily engaged in business of manufacturing and trading of all kind of drugs and chemicals

M/s  MONA  INFOTECH  PRIVATE  LIMITED  (hereinafter  referred    to    as    "Transferor    No.12    Company")    having CIN:U72300DL2004PTC129710 is a company incorporated on 06/10/2004 under the Companies Act,  1956 having its Registered Office at    C-30, Panchsheel Enclave, New Delhi110017. The Company is primarily engaged in business of Information Technology.

M/ s  PARADISE  REALTECH PRIVATE LIMITED (hereinafter referred to as "Transferor No.13 Company") having CIN:U74120DL2008PTC175348 is a company incorporated on 14/03/2008 under the Companies Act, 1956   having   its   Registered   Office   at  C-30,   Panchsheel Enclave,   New  Delhi-110017.  The   Company  is   primarily engaged in the business of builders, colonizer, and civil and Constructional Contractors.

M/ s    PRABHAT   HEALTHCARE  SERVICES  PRIVATE  LIMITED (hereinafter  referred to  as  "Transferor No.14 Company")   having   CIN:U24220DL2004PTC128050   is   a company incorporated  on 03/08/2004 under the Companies Act,  1956 having its Registered Office at    C-30, Panchsheel Enclave,   New  Delhi-110017.  The   Company  is   primarily engaged in business of owing and running hospitals, clinic and dispensaries.

M/s PURNENDU TRADERS PRIVATE LIMITED (hereinafter  referred    to    as    "Transferor    No.15    Company")    having CIN:U51909DL2012PTC230869 is a company incorporated on 01/02/2012 under the Companies Act, 1956 having its Registered Office at C-30, Pan.chsheel Enclave, New Delhi110017.   The Company is primarily engaged in the business of trading and dealing in any manner whatsoever in all type of goods.

M/s RADHIKA SURGICAL PRIVATE  LIMITED (hereinafter referred to as "Transferor No.16 Company") having CIN:U85110DL2007PTC158071 is a company incorporated on 17/01/2007 under the Companies Act, 1956   having   its   Registered   Office   at  C-30,   Panchsheel Enclave,   New   Delhi-110017.  The   Company  is   primarily engaged    in    business    of   manufacturing    and    trading    of medicines and accessories.

M/s REGAL BUILDERS AND PROMOTES PRIVATE  LIMITED (hereinafter  referred to  as  "Transferor  No.17 Company")   having   CIN:U70101DL2004PTC128055   is   a company incorporated on 03/08/2004 under the Companies Act,  1956 having its Registered Office at    C-30, Panchsheel  Enclave,   New  Delhi-110017.  The  Company  is primarily  engaged in  the  business  of construction, infrastructural and development work.

M/s ROCKLAND HOSPITALS   NOIDA   PRIVATE   LIMITED  (hereinafter referred to as "Transferor No.18 Company") having CIN:U85100DL2013PTC259809 is a company incorporated  on  01/11/2013  under  the  Companies  Act, 1956 having its Registered Office at   B-207, C.R. Park, Near Bus   Stop  New  Delhi-110019.  The  Company  is  primarily engaged in business of purchase,   lease or otherwise acquire, establish,  maintain,  operate,  run,  manage,  or  administrate hospitals, medicate, daycare and healthcare centers, nursing homes, clinic for in-door, out-door patients at id facilities for  reception  and treatment  of persons  suffering from  injuries and illness, disabilities and deficiencies of any kind or nature whatsoever and treatment of persons during convalescence or  of persons requiring medical  attention  or rehabilitation, geriatric    care   centre,    assisted   living,    in    the    generality, specialty and/or super specialty departments.

M/s ROCKLAND   LABORATORIES   PRIVATE  LIMITED  (hereinafter referred to as "Transferor No.19 Company")  having    CIN:    U85110DL2007PTC158985    is    a   company incorporated  on   08/02/2007  under  the  Companies  Act, 1956 having its Registered Office at   B-207, C.R. Park, Near  Bus    Stop   New  Delhi-110019.   The   Company   is   primarily engaged in business of hospitals, clinic and dispensaries. The company earlier knows as Rockland Hospitals  (Qutab)  Ltd.  and  on  06.06.2013  it  was  converted  in  to  private  limited company and name had been changed to Rockland Hospitals (Qutab) Pvt. Ltd. Thereafter on 23.07.2013 the name of the company changed to Rockland Laboratories Pvt. Ltd.

M/s    ROCKLAND    OIL   85   GAS  PRIVATE  LIMITED (hereinafter referred to as "Transferor No.20 Company") having CIN:U11100DL2013PTC253150 is a company incorporated  on   30/05/2013  under  the  Companies  Act, 1956 having its Registered Office at B-207, C.R. Park, Near Bus Stop, New Delhi-110019. The Company deals in all sorts of crude and refined petroleum oils, natural gases, oleaginous and saponaceous substances, their products, by products,  residues,  ingredients,  formulation,  blends, mixtures, goods and materials.

M/s  SUKUMAR  ENTERPRISES  PRIVATE  LIMITED  (hereinafter referred to as "Transferor No.21  Company") having    CIN:    U51900DL2012PTC229673    is    a   company incorporated  on  05/01/2012  under  the  Companies  Act, 1956   having   its   Registered   Office   at  C-30,   Panchsheel Enclave,   New  Delhi-110017.  The   Company  is   primarily engaged in business of trading and dealing in any manner whatsoever in all type of goods

M/s  SUNSKRITI  TRADEX PRIVATE LIMITED (hereinafter referred to as "Transferor No.22 Company") having CIN:U51909DL2010PTC199890 is a company incorporated  on 10/03/2010  under  the   Companies  Act, 1956   having   its    Registered   Office    at    C-30,    Panchsheel Enclave,   New  Delhi-110017.  The   Company  is   primarily engaged in business of trading vehicles, machinery, handicraft and garments.

M/s  UMESH   PHARMACEUTICALS  PRIVATE  LIMITED  (hereinafter referred to as "Transferor No.23 Company") having    CIN:    U24232DL2004PTC128051    is    a   company incorporated  on  03/08/2004  under  the  Companies  Act, 1956    having   its    Registered   Office    at   C-30,    Panchsheel Enclave,   New   Delhi-110017.  The   Company  is   primarily engaged in business of manufacturing and trading of all kind of Drugs 85 Medicines (allopathic and ayurvedic).

M/s  VAIBHAV INDIA SURGICALS PRIVATE LIMITED  (hereinafter referred to as "Transferor No.24 Company") having    CIN:    U33110DL2010PTC199885    is    a   company incorporated on   10/03/2010 under  the  Companies  Act, 1956   having   its    Registered    Office   at    C-30,    Panchsheel Enclave,   New   Delhi-110017.  The   Company  is   primarily engaged in business of manufacturing and trading of all kind of drugs and chemicals.

M/s   ROCK   LAND  PRIVATE  LIMITED  (hereinafter referred  to  as  the  "Transferee  Company")   having  CIN: U45200DL2008PTC174937  is  a  company incorporated on 05/03/2008  under  the  Companies  Act, 1956  having  its Registered  Office  at  B-208,  Chitranjan  Park,  New  Delhi-110019. The Company is primarily engaged in business of infrastructural development, construction and sale/purchase of immovable property and estates. The company was earlier known as Rock Land Limited and converted to private limited w.e.f. 17.12.2012.

The Board of Directors of the Petitioner Companies, in their  Board Resolutions, M/s A B Medicos Private Limited dated 26th  December 2016, M/s Aditya Medicos Private Limited dated  26th  December  2016,   M/s  Aesthetica  Enterprises Private   Limited   dated 27th   December 2016,    M/s   Akhil Meditech    Private    Limited dated 15th December 2016, M/s Ashwin    Pharmaceuticals  Private Limited    dated 26th December 2016, M/s Avee Medi Surgicals    Private    Limited dated 27th December 2016, M/s Glory Lifesciences    Private Limited dated 27th December 2016, M/s Gracia Healthcare For You Private    Limited dated  13th December 2016, M/s Himanshu  Medicare   Private  Limited And Hitesh dated 27th December 2016, M/s Hitesh Construction    Private    Limited dated  27th  December  2016,  M/s  Kunal  Medicare Private Limited   dated  27th   December  2016,   M/s   Mona  Infotech Private Limited dated 27th December 2016,  M/s Paradise Realtech    Private    Limited dated 27th December 2016, M/s Prabhat Healthcare Services Private Limited dated 27th December 2016,  M/s Purnendu Traders  Private Limited dated 26th December 2016, M/s Radhika   Surgical Private Limited dated 14th December 2016, M/s Regal Builders And Promotes    Private Limited 27th    December 2016,    M/sRockland   Hospitals  Noida  Private  Limited  dated 16th January  2017,  M/s  Rockland  Laboratories  Private  Limited dated 19th December 2016, M/s Rockland  Oil 86 Gas Private Limited dated 17th December 2016,  M/s  Sukumar Enterprises  Private Limited dated 26th December 2016, M/s Sunskriti  Tradex  Private  Limited dated 26th December 2016, M/s Umesh    Pharmaceuticals    Private    Limited dated 15th December 2016, M/s Vaibhav   India   Surgicals   Private Limited 26th December 2016 i.e. the Transferor Companies and M/s Rock   Land Private    Limited dated 30th November 2016 i.e. the Transferee  Company had approved the Scheme.

The rationale for the proposed Scheme as stated therein as:

"Merger   of  the   Transferor   Companies   into   and   with   the Transferee Company shall result in:

I  The   merger  will  enable  the  Companies   to  pool  their  financial, commercial and other    resources    as the magnitude of the investments contemplated will be better met by the Companies merged together and considerable synergy of operations would be achieved;

II.  With   the   enhanced   capabilities   and   resources  at  its disposal, the   Merged    Companies    will    have   greater flexibility and strength and will be able to compete more effectively as a multi-dimensional entity;

III.  The  Merged  Companies  will  have  better financial  and business prospects.  The Scheme would be beneficial to and in the best interest of the Shareholders and Creditors, if any, of the Transferor Companies and the Transferee Company.   The   Scheme  shall   not   in   any   manner  be prejudicial   to   the   interests   of  concerned   members / Creditors   or  general  public  at large. The Scheme shall provide   strength  to   the   Transferor   Companies   on  its  merger with the Transferee Company;

IV.  It would be advantageous to combine the activities of the  Transferor Companies and the Transferee Company into a single Company. The Scheme would provide beneficial synergy of operation from business and administrative point of view.

That the Office of the Official Liquidator has provided its NOC  in regard to the scheme, the same was recorded vide Order dated 12.10.2018 passed by this Bench.

That the Income Tax Department has filed a Status Report on 11.09.2018  and merely raised a standard objection,  to the effect that  dues  against the  companies  if any,  will persist even subsequent to sanction of the scheme. A reply to the said status report has been filed by the petitioner in October 2018, as recorded in the order dated 20.11.2018. It has been stated in the  Reply filed by the  Petitioner Companies that they will all remain bound by any pending/ demand, if any, as per the provision of the Income Tax Act, 1961.

The Office of the Regional Director had also filed its objection  to   the   Merger   stating  that  the   investigation   of  one   M/s Rockland Hospitals Ltd and the transferee companies is also been undertaken as  Share Capital has been invested from the   Transferor/   Transferee   Companies'  to   M/s   Rockland Hospitals Ltd, therefore, at that stage, the merger was likely to hamper the investigation.

That in reply the Petitioner filed an Additional Affidavit dated 23.06.2020 in response to the Objection raised by the R.D. stating that:

'Vide Order dated 31.05.2018, the Ministry of Corporate Affairs marked the Report of the R.O.0 u/ s 208 of the Companies Act, 2013 to SFIO    for investigation.

Investigation   has   been   concluded   and   a   Complaint dated 30.01.2020 u/ s 212 (15) of the Companies' Act, 2013  of the  Companies',  2013 Act  has  already  been filed before the Ld. Special Court, Companies' Act, 2013.

Hence the investigation is complete.

Further  the  Hon'ble  Delhi  High  Court   vide  its  Order dated 08.04.2020 has recorded the Statement of the La concerned  namely  Sh.  Arun  Prasad  that  the Investigation Stands Completed.

It  may  kindly  be noted  that  none of the  Transferor/ Transferee    Companies'    have    been    arrayed    as    an accused in the final Complaint dated 30.01.2020 filed before the Ld. Special Court."

That pursuant to filing of Additional Affidavit on behalf of the  Petitioner dated 23.06.2020, the Income Tax Department had again given its No-Objection to the said merger which stood recorded in Order dated 25.02.2021 passed by this Tribunal.

It is pertinent to mention that since the filing of the Affidavit  on  behalf  of the  Petitioner,  the  R.D.  has  been  repeatedly given opportunities vide Orders dated 26.06.2020, 21.07.20, 25.02.2021 and  15.04.2021 to    Status    Report,    if   any, reflecting as to any further objection against the scheme but no    such   Report   has   been   filed   by   the   RD.   Rather,   on 02.09.2021, when the present matter was reserved for Orders, the   Ld.   Counsel  for  R.D.   submitted  that  the  Investigation Stands  Completed and  none  of the Transferor/  Transferee Companies' have  been  arrayed  as  an  accused  in  the final Complaint   dated   30.01.2020   filed   before   the   Ld.   Special Court under the Companies' Act, 2013.

The Petitioner Companies, further, undertake to comply with  all   statutory  requirements,   if  any,   as  required  under  the Companies   Act, 2013    and   the    Rules   made   thereunder whichever is applicable. The clarifications and undertakings given by the Petitioners are accepted.

The  Certificates of the respective  Statutory Auditors of the  Petitioner Companies have been placed on record to the effect that the accounting treatment provided for in the Scheme is in conformity with applicable accounting standards notified under Section 133 of the Act.

In view of the foregoing, there appears to be no impediment  in  sanctioning the  Scheme,  which  appears  to  be  fair  and reasonable and not contrary to public policy or violative of any   provisions   of  law.   All  the   statutory  requirements   of Sections 230-232 of the Act appear to have been complied with. Taking into consideration the above facts, the Company Petition is allowed and the Scheme annexed with the Petition is hereby sanctioned, with the Appointed date fixed as April 1, 2019. The Petitioner Company-1  /  Transferor Company be dissolved without winding up.

While approving the Scheme as above, we further clarify that  this order should not be construed as an order in any way granting exemption from payment  of stamp  duty,  taxes or  any other charges, if any, and payment in accordance with law or in respect to any permission/  compliance with  any other requirement which may be specifically required under any law. Further, the Petitioner Companies shall be bound to comply with the statutory requirements in accordance with law.

This Tribunal do further Order:

(i)   That all the property, rights and powers of the Transferor  Company and all other property, rights and powers of the Transferor Company be transferred without further act or deed to the Transferee Company and accordingly the same   shall   pursuant   to   section 232   of  the   Act,   be transferred to and vested in the Transferee Company for all the  estate  and  interest  of the Transferor  Company therein   but   subject   nevertheless   to   all   charges   now affecting the same; and

(ii)  That   all   the   liabilities   and   duties   of  the   Transferor  Company be transferred without further act or deed to the Transferee Company and accordingly the same shall pursuant to section 232 of the Act, be transferred to and become    the   liabilities    and   duties    of   the   Transferee Company; and

(iii) That   all   proceedings   now  pending  by  or  against  the  Transferor   Company  be   continued  by   or   against  the Transferee Company; and

(iv)  That the    Transferee Company do without    further  application   allot   to   such   members   of  the   Transferor Company as have not given  such notice  of dissent,  in accordance with Clause 4.2 of the  Scheme of Amalgamation, the shares in the Transferee Company to which   they   are   entitled   under   the    said   Scheme   of Amalgamation; and

(v)    That  all  the  employees  of the  Transferor  Company  in  service on date immediately preceding the date on which the Scheme finally take effect shall become employees of the  Transferee  Company without  any  break or interruption in their service;

(vi)  That the Transferor Company shall within thirty days of  the date of the receipt of this order cause a certified copy of   this    order    to    be    delivered    to    the    Registrar    of Companies for  registration  and  on  such  certified  copy being   so   delivered   the  Transferor   Company  shall  be dissolved and the Registrar of Companies shall place all documents   relating   to   the   Transferor   Company   and registered with him on the file kept by him in relation to the Transferee Company and the files relating to the said two companies shall be consolidated accordingly; and.

The Petitioner Companies shall be at liberty to apply to this  Tribunal  for  any  directions  that  may  be  necessary  in  the above matter.

All   concerned  authorities   are  at  liberty  to  approach  this  Tribunal for any further clarification after sanctioning of the Scheme of Amalgamation.

Accordingly,  the  Scheme  stands sanctioned and (CAA)-44(PB)/ 2021 in CA(CAA)-111(PB)/2020 stands disposed off

Let a copy of the order be served to the parties.