IN RE Vs. ABHASHREE ADVISORY PVT LTD

JUDGEMENT

(1.) This is an application filed jointly by the applicants for sanctioning of the Scheme for Amalgamation of M/s. Abhashree Advisory Pvt. Ltd. (hereinafter referred to as the Transferor Company) with Yaana Apparels Private Limited (hereinafter referred to as the Transferee Company) , the Applicant No.2 under the provisions of the Companies Act, 2013, whereby and where under all the undertakings of the Transferor Company together with all the assets and liabilities relating thereto as going concern is proposed to be transferred to and vested in the Transferee Company on the terms and conditions fully stated in the Scheme of Amalgamation with effect from the Transfer Date or Appointed Date being Ist April, 2016, a copy of which has been annexed with the Application as "Annexure A-11".

(2.) The applicant companies have submitted the duly audited balance sheet as on 31st March, 2016 along with the related statement of profit and loss accounts and the auditor's report thereon which have been annexed with the application marked as "Annexure A-12" and "Annexure A-14". The Supplementary Accounting Statement of both the Applicant Companies, as on 28-02-2017 have also been annexed and marked as "Annexure A-13" and "Annexure A-15" to the Application.

(3.) The Applicant companies have also declared that subsequent to the date of the aforesaid balance sheet, there has been no substantial change in the financial position of both the applicant Companies, except those arising or resulting from the normal course of business. The applicants submitted that the proposed re-alignment will create enhanced value for all stakeholders of the companies as it would facilitate focused strategy, direction and business planning to optimize operational, managerial, financial, technical and marketing capabilities of each business. It will help in optimization of the resources and reduction of the operational costs.