Skylark Industries Private Limited vs Their Respective Shareholders And Creditors

Bhaskara Pantula Mohan, Member (Judicial)

This is joint  application filed  by the  applicant  companies herein,   Skylark  Industries  Private  Limited ("brevity  Transferor Company  No. 1"),  with  D  Pal  Buildcon  Private  Limited("brevity 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.

It is represented that the registered office of all the applicant companies is  situated  in  New  Delhi  and  therefore  the  subject matter of this joint application falls within the Jurisdiction of this Bench.

The Transferor Company No.1 is a private limited company incorporated on 7thFebruary, 2011 under the name and style of "Skylark Industries Private  Limited." under the provisions of Companies Act, 1956 bearing CIN U17223DL2011PTC213441with  registrar  of Companies,  NCT of Delhi   and  Haryana,   having  its  registered  office  at 12/5,   Pal Mohan Apartments, Punjabi Bagh, West New-Delhi-110041. The Authorized   Share   Capital   of  the   Transferor   Company  is   Rs. 100,00,000/-  divided into  10,00,000  equity shares  of Rs. 10/- each,  while  its  issued,  subscribed  and  paid-up  capital  is  Rs. 1,00,000/- divided into 10,000 equity shares of Rs. 10/- each3lst March, 2020.

The   Transferee   Company   is   a   private   limited   company incorporated under the  provisions  of Companies  Act, 1956  on 20th September  2007,  vide  CIN  U45400DL2007PTC168493with Registrar of Companies, NCT of Delhi &Haryana in the name and style   of  "D   Pal   Buildcon   Private   Limited"   and   having   its  registered office at  12/5, Pal Mohan Apartments, Punjabi Bagh, West  New-Delhi- 110041.The  Authorized  Share  Capital  of Transferee  Companyis  of  Rs. 1,50,00,000/-  divided  into 15,00,000   equity   shares   of  Rs. 10/-   each,   while  its  issued, subscribed, and   paid-up   share   capital   of  Rs. 1,05,41,000/- divided into 10,54,100 equity shares of Rs. 10/-  eachup as on 31.03.2020.

The Transferor Companies as well as the Transferee Company have filed their respective Memoranda and Articles of Associations, inter alia delineating their object clauses, as well as their  latest  Audited  Annual  Accounts  for  the  financial  Years 2018-19  The  provisional  balance  sheets  of all  applicant companies, as on 31.03.2019is also annexed herewith.

All   the   Applicant   companies,   vide   meeting   of  Board   of Directors held on  10.03.2021  have unanimously,  approved the proposed   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 No.1  it is stated as under:

a) The  company has  2  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 holding 100% of voting share.

b) The  Company has  (01)  Secured  Creditor,  Certificate  from  Chartered Accountants certifying list of Secured Creditor is annexed.  Hence,  the  issue  of obtaining  consent  does  not arise.

c) The company has (01) Unsecured Creditor, Certificate from  Chartered Accountants certifying list of Unsecured Creditors is annexed. Hence, the issue of obtaining consent does not arise.

In relation to the equity shareholders, secured and unsecured Creditors,  it seeks dispensing with holding/convening of the meetings as 100% consent affidavits are placed on record.

With  regards  to  the  Transferee  Company  it  is  stated  as under:

a) The company has (04) 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 holding 100% of total value.

b) The  Company has  (05)  Secured  Creditor;  Certificate  from  Chartered Accountants certifying list of Secured Creditors is annexed and all the creditors has given consent by way of affidavit holding 100% of total value.

c) The company has (08) Unsecured Creditors, Certificate from Chartered Accountants certifying list of Unsecured Creditors is annexed and all the creditors has given consent by way of affidavit holding 100% of total value.

In relation to the equity shareholders,  secured creditors and unsecured creditors it seeks dispensing with holding! convening of the meetings as their consent affidavits are placed on record.

The appointed date as specified in the Scheme is  18t April 2020 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 No.1:

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

b. With respect to  Secured Creditor:  In view of consent  affidavits,  submitted  from  one  secured  creditor  having 100% value been filed, convening the meeting of secured creditors/members is hereby dispensed with.

c. With respect to Unsecured Creditors: In   view   of consent  affidavits,  submitted  from  one  unsecured creditor  having 100%  value  been  filed,   convening  the meeting  of   unsecured  creditors/members  is hereby dispensed with.

B. In relation to the Transferee Company:

a. With  respect  to  Equity  and shareholders:  In view of  consent affidavits, from all   the equity shareholders having  100%  voting  shares  have  been  filed,  and convening the meeting of   shareholders/members is dispensed with.

b. With respect to Secured Creditors: In view of consent  affidavits,   submitted  from  one  secured  creditor  having 100% value been filed, convening the meeting of secured creditors/members is hereby dispensed with.

c. With respect to Unsecured Creditors: In   view   of   consent  affidavits,  submitted  from  one  unsecured  creditor  having  100%  value  been  filed,   convening  the meeting of   unsecured creditors/members  is hereby dispensed with.

The applicants are directed to serve the notice of the  proposed  Scheme  on  the  Regional  Director,  Ministry  of Corporate Affairs, B-2, Wing. 2nd Floor, Paryavaran Bhawan, CGO Complex, New Delhi - 110003, Registrar of Companies at 4th Floor, IFCI Tower, 61 Nehru Place, New Delhi -110019, The Official Liquidator, Lok Nayak  Bhawan, 8th Floor, Khan Market, New Delhi - 110001, the  Office of the Income Tax Department, Income Tax Officer, Ward - 7  (4),  Central Revenue  Building,  IP Estate,  New Delhi -110002 and   the Office   of   the Income   Tax, Additional Commissioner of Income Tax, Special Range-4, Central Revenue Building, IP Estate, New Delhi - 110002. The notice   to Income   Tax   Authorities shall   disclose sufficient details like PAN Card numbers, ward numbers and assessing officers so that the proper reply may be filed.

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.

The application stands allowed on the aforesaid terms and disposed of.