INTERNATIONAL INFORMATICS SOLUTIONS (P.) LTD. Vs. XYZ

JUDGEMENT

(1.) International Informatics Solutions (P.) Ltd. has moved this petition for sanction of the scheme of amalgamation annexed to the petition as Exhibit C of International Informatics Solutions (P.) Ltd. ('transferor company') with ISCT Information Technology Ltd. ('transferee company').

(2.) CA 1023 of 1994 was moved by the transferor company for approval of the scheme of its amalgamation with the transferee company and it was inter alia claimed that the scheme of amalgamation was approved by the board of directors of both the transferor and transferee company and it would be for the benefit of all that these companies are amalgamated. Meeting of shareholders was ordered to be held on 3-12-1994. In pursuance of this order, the scheme of amalgamation was approved by the share-holders of the transferor company.

(3.) CA No. 1024 of 1994 was moved by the transferee company with a prayer to fix the meeting of the shareholders to consider and approve the scheme of amalgamation of the transferee-company and transferor-company. It was also claimed that the scheme of amalgamation was approved by the board of directors of both the companies and accordingly, the meeting was fixed for 3-12-1994.