INH Broadcasting Private Limited Vs

Hemant Kumar Sarangi, Member (Judicial)

This is joint application filed by the Applicant companies herein,  M/s. INH Broadcasting   Private   Limited (Applicant   Company  No.1/Transferor Company) with   M/ s. Alvision   Metal   Private Limited  (Applicant Company No.2  /Transferee Company), under the provisions of Sections 230-232 of Companies Act, 2013, and other applicable provisions of the Companies Act, 2013 read with Companies   (Compromises,   Arrangements   and  Amalgamations) Rules, 2016 in relation to the Scheme of Arrangement by way of Amalgamation (hereinafter  referred  to  as  the  "SCHEME") proposed between the applicants.

Affidavits in support of the above application has been sworn by Mr. Mohit Garg   and/or   Mr. Nandan Garg for   Applicant Company No.1/Transferor Company and   Applicant Company No.2/Transferee Company, being   the   respective   Authorized Signatory,  all  authorized  vide  Board  Resolution  dated 21.08.2021. It is also represented that the registered office of all the   applicant  companies  is  under  the   domain  of  Registrar  of Companies, NCT   of   New   Delhi 86   Haryana   and   within the territorial jurisdiction of this Tribunal.

The  Transferor  Company  is  a  Private  Limited  Company   incorporated  under  the  provisions  of Companies  Act,  2013  on 18.11.2016 under the name and style of "M/s INH Broadcasting Private  Limited" under the provisions of Companies Act,  2013 bearing   CIN   no.   U74999DL2016PTC307995   with   registrar   of Companies,   NCT  of  Delhi  and  Haryana,  having  its  registered office   Flat   bearing  No. 208,   Second   Floor,   Sethi   Bhavan, 7, Rajendra Place, New Delhi-110008.The Authorized Share Capital of the  Transferor  Company  is  Rs. 2,00,00,000/-  divided  into 20,00,000   equity   shares   of  Rs. 10/-   each   while   its   issued, subscribed and paid-up capital is Rs.  1,53,50,000/- divided into 15,35,000 equity shares of Rs.  10/- each.

The  Transferee  Company  is  a Private  Limited  Company  incorporated  under  the  provisions  of Companies  Act,  2013  on 16.06.2018,  vide  GIN  no.  U51909DL2018PTC335407  with Registrar  of Companies,  NCT  of Delhi  &  Haryana in  the  nal ie and style of "M/s. Alvision Metal Private Limited" and having its registered office at Flat bearing No.  208,  Second Floor,  Sethi Bhavan,  7,  Rajendra Place,  New Delhi-110008.  The  Authorized Share   Capital   is   of  Rs. 10,00,000/-   divided   into 10,00,000 equity shares of Rs.   10/- each while its issued, subscribed, and paid-up   equity   share   capital   of  Rs. 5,82,250/-   divided   into 58,225 equity shares of Rs.  10/- each.

The Transferor  Companies  as  well  as  the  Transferee  Company have  filed  their  respective  Memorandum  and  Articles  of Associations, inter alia delineating their object clauses.

The unaudited Financial Statements of Transferor Company for the period ended as on 31.03.2021 along with audited financial statements for the financial year 2019-2020 are placed on record.

The unaudited financial statements  of the Transferee  Company  for   the   period   ended   as   on 31.03.2021   along   with   audited financial for the financial year 2019-2020 are placed on record.

All the Applicant companies, vide meeting of Board of Directors heir]   nn  20_og_2021   have unanimously annroyecl  the  nronnseri Scheme   of  Amalgamation   as   contemplated   above. Copies   of respective resolutions passed   in the said respective board meetings have been placed on record.

With regards the Transferor Company it is stated as under:

a) The  company has Three  (03)  Equity Shareholders,  certificate  from  Chartered Accountants certifying list of shareholders is annexed and all of them have given their respective consent by way of affidavits are placed on record.

b) The   Company   has  (Nil) Secured   Creditor,   certificate   from Chartered  Accountants  certifying  list  of Secured  Creditor  is annexed, as the issue of obtaining consent does not arise.

c) The  company  has  (Nil)  Unsecured  Creditor,  Certificate  from   Chartered Accountants certifying list of Unsecured Creditors is placed on record.

With regards the Transferee Company it is stated as under:

a) The company has Seven (07)  Equity Shareholders;  certificate  from  Chartered Accountants certifying list of shareholders is annexed and all of them have given their respective consent and no objection by way of affidavits are placed on record.

b) The   Company   has   (Nil)   Secured   Creditors;   certificate   from Chartered Accountants certifying the list of Secured Creditors is annexed, c) The company has Seven (07) Unsecured Creditors;  certificate  from Chartered   Accountants certifying list of   Unsecured Creditors is annexed and all of   them have given their respective consents and no objection by way of affidavits are placed on record.

The appointed date as specified in the Scheme is 1st April 2021 subject to the directions of this Tribunal.

Taking   into consideration the submissions and the documents placed on record, we issue the following directions with   respect   to   convening/holding   or   dispensing  with   the meetings of the Equity Shareholders, Secured and Unsecured Creditors as follows:

A. In relation to the Transferor Company:

a. With respect to Equity shareholders:  In view of consent  affidavits from all equity shareholders having  100% voting share  been  filed.  Therefore,  the  requirement  of convening/holding the  meeting of shareholders,  is  hereby dispensed with.

b. With respect to Secured Creditor: In view of 'Nil' secured creditor. Therefore, the necessity of convening/holding the meeting does not arise and is hereby dispensed with.

c. With   respect   to   Unsecured   Creditors:   In   view  of  `Nil' secured creditor. Therefore, the necessity of convening/holding the meeting does not arise and is hereby dispensed with.

B. In relation to the Transferee Company:

a. With respect to Equity Shareholders:  In view of consent  affidavits,  from  all  the  equity  shareholders  having 100% voting share   been   filed.   Therefore, the   requirement   of convening/holding the  meeting of shareholders,  is  hereby dispensed with.

d. With respect to Secured Creditors: In view of `Nil' secured  creditor. Therefore, the necessity of convening/holding the meeting does not arise and is hereby dispensed with.

b. With respect to Unsecured Creditors:  In view of consent  affidavits,  from  all the  Unsecured  Creditors  having 100% voting share   been   filed. Therefore, the requirement   of convening/holding the  meeting of shareholders,  is  hereby dispensed with.

In addition to the public notice, the Applicant Companies shall  serve  notice  of the Application  on  the  following authorities,   as   applicable:  (i)  Central   Government   through Regional Director (Northern Region at B-2 Wing, 2nd Floor, Pt. Deendayal Antyodaya Bhawan  (earlier known  as  Paryawaran Bhawan), C.G.O. Complex, New Delhi-110003; (ii) Registrar of Companies,   N.C.T.   of  Delhi  &  Haryana  at  4th  Floor,   IFCI Tower,  61,  Nehru  Place,  New Delhi-110019;  (iii)  Income Tax Department  through  its  nodal  office  at  Lawyer's  Chamber, Block  1,  Room Nos.  428 86 429 Delhi High Court, New Delhi and   the   jurisdictional   assessment   office   of  the   Petitioner Companies; (vi)   Official   Liquidator (v)   Any   other   statutory authorities as applicable through email or through registered post or speed post or courier services, as reasonably available (during   the   present   circumstances due to the CoVID-19 pandemic)  along with  copy  of required  documents  and  and disclosures required under the provisions of Companies Act, 2013 read   with   Companies (Compromises, Arrangements, Amalgamations) Rules, 2016.

All   the   aforesaid   directions   are   to   be   complied   with strictly in accordance with the applicable law including forms and formats contained   in   the Companies (Compromises, Arrangements,  Amalgamations)  Rules,   2016  as  well  as  the provisions of the Companies Act, 2013 by the Applicants.

Therefore, the CA(CAA)119/(PB)/ 2021 is hereby allowed on the aforesaid terms and disposed of.

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