CHATURANAN INDUSTRIES LIMITED Vs. KAMDHENU ENTERPRISES LIMITED

JUDGEMENT

(1.) This first motion under Sections 391 and 394 of the Companies Act, 1956 (Act, for short) for sanction of the scheme of arrangement enclosed as Annexure A-6 has been filed by Chaturanan Industries Limited and Neon Properties Private Limited (the transferor company Nos. 1 and 2 respectively) and Kamdhenu Enterprises Limited (the transferee company).

(2.) Along with the application, the three companies have enclosed copy of the Resolutions passed by the Board of Directors approving the scheme of arrangement as propounded in Annexure A-6. Along with the application, the two transferor companies and the transferee company have filed their audit report and profit and loss accounts for the year ending 31st March, 2010. The application is duly supported by affidavits in support of the averments made therein.

(3.) The transferor company No. 1 and the transferee company are public limited listed companies and meeting of their shareholders are required to be held. The transferor company No. 1 and the transferee company have 203 and 778 shareholders respectively as per the list enclosed at pages 81 to 84 and 230 to 223 respectively of the present application.