ARVIND BRANDS LIMITED Vs. STATE

JUDGEMENT

(1.) These are the petitions filed by three companies viz. Arvind Brands Limited, Asman Investments Limited and Arvind Brands and Retail Limited, for the purpose of obtaining the sanction of this court to a Scheme of Amalgamation of two Transferor Companies viz. Arvind Brands Limited and Asman Investments Limited with Arvind Brands and Retail Limited, proposed under Sections 391 to 394 of the Companies Act, 1956.

(2.) It has been submitted that all these Companies belong to the same group of management and are engaged in commercial activities which are similar in nature and complimentary to each other. The Board of Directors of these Companies thought it appropriate to amalgamate them for synergic benefits. It is envisaged that consolidation of their activities shall be beneficial for rapid growth of operations of the Transferee Company. The petitions provide the details of the benefits envisaged out of the proposed Scheme.

(3.) It has been submitted that vide orders dated 18.3.2016 passed in Company Applications no. 95, 96 and 97 of 2016, the meetings of the Equity Shareholders and Unsecured Creditors of all the three Companies were dispensed with in view of the written consent letters from all of them, approving the proposed scheme, being placed on record. There are no Secured Creditors of these Companies.