PATELS AIRTEMP (INDIA) LTD. Vs. STATE

JUDGEMENT

(1.) HEARD the learned counsel for the petitioners and Ms. P.J. Davawala, Addl. Standing Counsel for Central Government. Ms. Davawala has tendered today the letter dated 3 -7 -2003 received by her from the Registrar of Companies, Gujarat State, Ahmedabad along with the letter dated 27 -6 -2003 received by her from the Regional Director, Government of India, Ministry of Finance and Company Affairs. These letters are taken on record.

(2.) THESE are the petitions filed by two petitioner companies for sanction of a scheme of arrangement in the nature of de -merger and transfer of Vatva Division of Patels Airtemp (India) Limited (the De -merged/ Transferor Company) to Patels Airflow Limited (the Resulting/Transferee Company) under Section 391 read with Section 394 of the Companies Act, 1956.

(3.) THE meetings of the shareholders of and creditors of the De -merged/ Transferor company were duly convened and the resolutions approving the said scheme of arrangement were carried unanimously at all the three meetings.