TAAL Enterprises Ltd

TAAL Enterprises Ltd

TAAL Enterprises Limited (TEL) was earlier a wholly owned subsidiary of Taneja Aerospace and Aviation Limited (TAAL). The Company was incorporated on 01 July 2014. The Company is holding Non Scheduled Operators Permit (NSOP) and is engaged in Aircraft Charter Service business. The Company presently operates one Cessna Citation CJ2+ type of aircraft with a seating capacity of seven passengers. The aircraft is based at Pune airport and the Company has a loyal set of Charter customers centered around Maharashtra. The aircraft is maintained at the MRO facility of TAAL at Hosur in Tamil Nadu.In terms of the Scheme of Arrangement under Section 391 to 394 of the Companies Act 1956 between Taneja Aerospace and Aviation Limited (TAAL) and TAAL Enterprises Limited (the Company) TAAL has demerged its Air Charter Business including investment in First Airways Inc. USA and Engineering Design Services Business conducted through TAAL Tech India Private Limited into the Company. Pursuant to the Scheme as sanctioned by the Hon'ble High Court of Madras vide Order dated June 22 2015 received on July 23 2015 the Air Charter Business of TAAL including investment in First Airways Inc. USA and Engineering Design Services Business conducted through TAAL Tech India Private Limited has been demerged into the Company on a going concern basis with effect from October 1 2014 being the Appointed Date. The Certified Copy of the said Order of the Hon'ble High Court of Madras has been filed with the Registrar of Companies Chennai on August 21 2015 and as such the Scheme has become effective from that date. As per Clause 9.2 of the Scheme of Arrangement as approved / sanctioned by the Hon'ble Madras High Court Taneja Aerospace and Aviation Limited (TAAL) will carry on the business and activities relating to the demerged charter business for and on account of and in trust for TAAL Enterprises Limited (TEL) until the time TEL obtains the requisite statutory licences required for carrying on the demerged charter business. The said licences are yet to be obtained and accordingly the demerged charter business has continued to be operated by TAAL in trust for and on behalf of TEL including banking transactions statutory compliances and all other commercial activities. Accordingly the accounting entries pertaining to the demerged charter business are accounted in the books of account of TEL.