WELSPUN CORP LTD Vs. STATE

JUDGEMENT

(1.) HEARD Mr. Saurabh Soparkar, learned Senior Advocate with Mr. Nirag Pathak and Ms. Shachi Punani, learned advocates for Amarchand & Mangaldas & Suresh A. Shroff & Co. on behalf of the petitioner Company.

(2.) BY way of the present petition under Sections 391 to 394 read with Sections 100 to 104 and other relevant provisions of the Companies Act, 1956 , the petitioner is seeking sanction to the proposed Scheme of Arrangement between Welspun Corp Limited (Demerged Company or Petitioner Company) and Welspun Enterprises Limited (Resulting Company) and their respective shareholders and creditors and approval to the reduction of capital by reducing from the share premium account, capital reserve, general reserve and finally from the profit and loss account, of the of the Petitioner Company (the Scheme).

(3.) IT is submitted on behalf of the Petitioner Company that the Scheme inter alia provides that the transfer by way of a Demerger of the Demerged Undertaking (defined in the Scheme) of the Demerged Company to the Resulting Company pursuant to Sections 391 to 394 of the Companies Act, 1956 and for reduction of capital of the Petitioner Company under Sections 78, 100 to 103 and other relevant provisions of the Companies Act, 1956 .