JAINCO (INDIA) EXPORTS PVT.LTD Vs. STATE

JUDGEMENT

(1.) The Petitioner Companies have presented a Scheme of Arrangement in the nature of amalgamation between Jainco (India) Exports Private Limited with Gallops Motors Private Limited and their respective Shareholders and Creditors under Sections 391 and 394 of the Companies Act, 1956 and seek sanction thereof.

(2.) The Petitioner of Company Petition No. 362 of 2015 i.e. Jainco (India) Exports Private Limited is the Transferor Company whereas the Petitioner of Company Petition No. 363 of 2015 i.e. Gallops Motors Private Limited is the Transferee Company. Jainco (India) Exports Private Limited shall hereinafter be referred to as the Transferor Company and Gallops Motors Private Limited shall hereinafter be referred to as the Transferee Company.

(3.) Since the two petitions are in relation to a common Scheme, they were heard together and are disposed of by this common judgment.