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IN THE NATIONAL COMPANY LAW TRIBUNAL
MUMBAI BENCH-IV
CA (CAA)/250/MB-IV/2021
In the matter of the Companies Act, 2013 ;
AND
In the matter of
Sections 230 to Section 232 of the
Companies Act, 2013 and other applicable
provisions of the Companies Act, 2013
read with Companies (Compromises,
Arrangements and Amalgamation) Rules,
2016;
AND
In the matter of
The Scheme of Amalgamation
of
Rajkiran Textiles Private Limited
(“First Applicant Company/
Transferor Company 1”)
And
Aakash Equities Private Limited
(“Second Applicant Company/
Transferor Company 2”)
And
Aakash Media and
Entertainment Private Limited
(“Third Applicant Company/
Transferor Company 3”)
And
IN THE NATIONAL COMPANY LAW TRIBUNAL
MUMBAI BENCH-IV
CA (CAA)/250/MB-IV/2021
Jas Jog Consolidated Trading
Private Limited
(“Fourth Applicant Company/
Transferor Company 4”)
With
Aakash Universal Limited
(“Fifth Applicant Company/
Transferee Company”)
their respective shareholders. (‘Scheme’
or ‘the Scheme’)
Rajkiran Textiles Private Limited
[CIN: U17100MH1989PTC052424] … First Applicant Company/
Transferor Company 1
Aakash Equities Private Limited
[CIN: U65900MH1995PTC086630] … Second Applicant Company/
Transferor Company 2
Aakash Media and
Entertainment Private Limited
[CIN: U74900MH2006PTC163532] … Third Applicant Company/
Transferor Company 3
Jas Jog Consolidated Trading
Private Limited
[CIN: U99999MH1996PTC098422] … Fourth Applicant Company/
Transferor Company 4
Aakash Universal Limited
[CIN: U14100MH1995PLC093895]
... Fifth Applicant Company/
Transferee Company
Order delivered on: 21.10.2022
IN THE NATIONAL COMPANY LAW TRIBUNAL
MUMBAI BENCH-IV
CA (CAA)/250/MB-IV/2021
Coram:
Mr. Manoj Kumar Dubey
Mr. Kishore Vemulapalli
Hon’ble Member (Technical)
Hon’ble Member (Judicial)
Appearances (through video conferencing) :
For the Applicant(s)
:
Dr. S K Jain & Co. i/b M/s S.K.
Jain & Co.
ORDER
Per: Kishore Vemulapalli, Member (Judicial)
1.
This Bench is convened via Video Conferencing.
2.
The Authorised Representative for the Applicant Companies states
that the present Scheme is of Amalgamation Rajkiran Textiles
Private Limited (“Transferor Company No.1”) Aakash Equities
Private Limited (“Transferor Company No.2”), Aakash Media and
Entertainment Private Limited (“Transferor Company No.3”), Jas
Jog Consolidated Trading Private Limited (“Transferor Company
No.4”) with Aakash Universal Limited, (“Transferee Company”).
The Authorised Representative for the Applicant Companies states
that the Board of Directors of the Transferor Companies and
Transferee Company in their respective Board Meetings conducted
on 18.01.2021 have approved the Scheme. The Appointed Date fixed
under the Scheme is 1st April, 2020.
3.
The Authorised Representative for the Applicant Companies submit
that the proposed Amalgamation would accomplish the following
benefits:
i.
The amalgamation would provide synergistic linkages besides
economies in costs by combining the total business functions,
IN THE NATIONAL COMPANY LAW TRIBUNAL
MUMBAI BENCH-IV
CA (CAA)/250/MB-IV/2021
skills and the related activities and operations and thus,
contribute to the profitability of the Amalgamated Company.
ii.
The proposed Scheme will contribute in furthering and fulfilling
the object of the companies concerned and enabling the optimum
growth and development of their combined business.
iii.
All the Companies have positive net worth in its books and the
amalgamated Transferee Company will continue to have a
positive net worth. The Amalgamation will lead to formation of
a larger and stronger entity having greater capa
