IN RE: UNITED SPIRITS LIMITED Vs. STATE

JUDGEMENT

(1.) THIS petition is filed seeking for sanction of the scheme of arrangement vide Annexure -A to the petition. The petitioner is the transferor company which was incorporated on 31st March, 1999 under the name and style "McDowell Spirits Limited". The name of the Company was subsequently changed as "McDowell & Company Ltd. vide Fresh Certificate of Incorporation dated 12th April, 2001 and to the present name vide Fresh Certificate of Incorporation dated 17th October, 2006. The main objects of the petitioner Company is to manufacture alcohol, rectified spirit, potable and industrial alcohol., to manufacture brew, distill blend, compound, prepare, process, render potable or marketable all sorts of liquors, wines spirits and beers, to carry on all or any of the business of malt factors, general and wine spirits merchants, either as exporters or importers and distilleries, commission agents etc. The particulars of the issued subscribed and paid up share capital of the petitioner Company as on 31st March, 2013 is as follows;

(2.) THE main objects of the Company is to manufacture all kinds of beverages, oil seeds to carry on business of bottlers, canners etc. The Transferee Company had filed Company petition No. 2/2014 before the High Court of Madras. By the order dated 31.7.2014 the scheme was sanctioned.

(3.) THE Registrar of Companies has filed an affidavit on 9th December, 2014. Various objections have been raised therein. It is stated that in terms of the notice dated 28 -8 -2014 issued to the Income -Tax Department no objections were received. That the designated Stock Exchange namely, the Bombay Stock Exchange has accorded no objection to the draft scheme vide letter dated 2nd January, 2014. The Company was also listed before the National Stock Exchange and the Bangalore Stock Exchange who have both accorded no objection by the letter dated 25th March, 2014 and 12th December, 2013 respectively. That no objection was furnished by SEBI. Approval was also furnished by the Competition Commission of India.