IN RE: CHEEMA PAPERS LTD. Vs. STATE

JUDGEMENT

(1.) HEARD Sri Deepak Diwan, learned Counsel for the applicants -petitioners.

(2.) THIS is a petition under Sections 391 and 394 of the Companies Act, 1956, seeking sanction to the Scheme of Arrangement between Cheema Papers Limited (Transferor -Company) and Cheema Paper Mills Private Limited (Transferee -Company).

(3.) ACCORDING to the applicants, the transferor -company was incorporated on 26 -5 -1988 and the authorized share capital of the transferor -company is Rs. 10,50,00,000 divided into 1,05,00,000 (one crore five lakhs) Equity Shares of Rs. 10 each. The issued, subscribed, called and paid -up capital of the company is Rs. 10,21,06,250.