FLEX INDUSTRIES LTD. Vs. UNKNOWN

JUDGEMENT

(1.) The present petition has been filed by M/s. Flex Industries Limited, under sections 391(2) of the Companies Act, 1956, (hereinafter called the Act), thereby seeking sanction of this Court to the scheme of arrangement/amalgamation, so as to be binding on all the shareholders, secured creditors and unsecured creditors of the transferee company as well as the transferor companies.

(2.) Petitioner filed an application, being CA No. 2743 of 1988, under sections 391 and 394 of the Act, for convening the meetings for considering the proposal, and if thought fit, with or without modification, approving the scheme of amalgamation of the companies, namely, M/s Flex Laminators Ltd., and M/s Flex Papers Ltd., with petitioner.

(3.) M/s Flex Laminators Ltd., and M/s Flex Papers Ltd., also moved the similar applications, being CA No. 2744 of 1988 and CA No. 2745 of 1988, for convening the meetings of their creditors and shareholders, to consider and, if thought fit, to approve, with or without modification the scheme of amalgamation with the present petitioner.