Tips Films Limited is a Company limited by shares, incorporated, and domiciled in India. The Company was incorporated on June 5, 2009 under Chapter IX of the Companies Act, 1956. The Company is engaged in the business of Production and Distribution of motion Pictures.
The Scheme of Arrangement under sections read with section 230 to 232 Companies Act, 2013 (the Scheme) between the Company and Tips Industries Limited (the Demerged Company) and their respective shareholders and the creditors of the two companies for demerger of Film Production and Distribution Undertaking as a going concern into the Tips Films Limited on the Appointed Date at the opening of business hours on April 1, 2021, has been sanctioned by the National Company Law Tribunal, vide its Order dated March 3, 2022.
Pursuant to the Scheme, the excess of Rs 6070.84 lakh of the assets over liabilities of Film Production and Distribution Division of Tips Industries Limited has been transferred and vested into the Company at the values appearing in the books of the Demerged Company, Tips Industries Limited as on opening of business hours on April 1, 2021.
Pursuant to the Scheme, the surplus of the assets over liabilities, after adjusting for issuance of new share capital and cancellation of existing share capital has to be credited to the Capital Reserves of The Company.
Demerged Company is deemed to have been carrying on all business activities relating to the demerged undertaking with effect from opening of business hours on April 1, 2021 and on account of and in trust of the Company. All profits or losses, income and expenses accruing or arising or incurred after opening of business hours on April 1, 2021 relating to the said undertaking shall get vested to the Company.
Business area of the company
The company is engaged in the business of Production and Distribution of films, web series and related content on various platforms.