ESSAR POWER AND MINERALS LIMITED Vs. STATE

JUDGEMENT

(1.) These are the petitions filed for the purpose of obtaining the sanction of this court to a Composite Scheme of Arrangement involving

(2.) At the outset, Leave to amend is sought with regard to Company Petition No. 234 of 2016 for adding a paragraph providing Minute Under Sec. 103 (1) of the Companies Act, and adding specific prayers with regard to sanction of the Restructure of Share Capital in form of the Utilisation of Securities Premium Account as well as Reduction of Capital and approval of the aforesaid minute. Considering the facts and circumstances, the leave is hereby granted. The said amendments shall be carried out during the course of the day.

(3.) It has been submitted that all these companies belong to the same group of management viz. Essar Group. The petitioner companies are engaged in different activities, viz. business of storage and dispatch of crude oil and petroleum products, developing and operating ports and terminals and providing services for liquid, dry bulk, break bulk and general cargo, owning port and terminal facilities to handle the receipt, storage and dispatch of crude oil and petroleum products and also serves the oil refineries and traders, business of dealing in all minerals including coal, coke and other chemicals etc.