consideration in these Writ Petitions are as
follows:
a) Whether the scheme of amalgamation approved by the
National Company Law Tribunal under Section ... prescribed period. Further, the appointed date under the
scheme is 01.01.2015, which means the scheme of amalgamation
approved by the National Company Law Tribunal
Department from examining the scheme from the Income Tax Angle.
10. A few points about the Scheme Of Amalgamation and the context would help ... these companies.
iii. No need for amalgamation : There was no need of amalgamation in this
case. Earlier, before amalgamation M/s Slocum was holding
scheme approved by the Hon'ble High Court are totally
different to the extent that the scheme of amalgamation which was
earlier sanctioned, both ... deals with accounting
for amalgamation. It deals with various situations of
amalgamation etc. In the present case the Scheme has complied
with the legal requirements
losses of amalgamating
companies for all purposes shall get carried forward and get vested with the
amalgamated company and that such scheme of amalgamation ... interest of revenue in the very scheme. As a matter of public
policy, once a scheme of amalgamation is approved by Hon'ble High
order approving
the scheme is also placed on record of the petition. Thus, under
the scheme of amalgamation all assets, properties and liabilities of
original ... effect from the date the amalgamation is
made effective. "
18. Thus, by virtue of the approval of amalgamation scheme, the
original Company with
appellants
no. 3 company (i.e. Transferee Company), the Scheme for Amalgamation was
approved by the requisite majority of the Unsecured Creditors and Chairperson ... Scheme as payment to certain Secured Creditors has now been
made. It would, thus, require presentation of a new Scheme and
the present Scheme
business, though their respective rights or liabilities are
determined under the scheme of amalgamation. We note that the assessee/appellant company had
taken over ... sick company M/s.MSL through the scheme of amalgamation sanctioned on
04.09.2012 with effect from 01.04.2009 (i.e. from AY 2010-11 onwards
amalgamation, firstly do not manifest any
intention to create any new right in favour of the
amalgamated company. Secondly, clauses in scheme of
amalgamation, albeit ... amalgamating company comprising the
Civil Appeal No. 18 of 2018 Page 27 of 42
amalgamating undertaking shall, pursuant to the sanction of the
scheme
attached as Annexure 1).
Further, the AO was informed about the scheme of
amalgamation vide letter dated January 24, 2011 (Copy
attached as Annexure ... amalgamating company M/s Powertrain India Ltd.
amalgamated with M/s Maruti Suzuki India Ltd. w.e.f.
01.04.2012, as a of scheme of amalgamation
exist. That is the plain and simple effect in law. The scheme of amalgamation
itself provided for this consequence, inasmuch as simultaneous with the sanctioning ... provisions of the Companies Act . It is trite law that on amalgamation, the amalgamating
company ceases to exist in the eyes of law. This position
