SHUBHLAXMI DYETEX P. LTD. Vs. STATE

JUDGEMENT

(1.) THIS group of petitions are for sanctioning the scheme of amalgamation of Shubhlaxmi Syntex Pvt. Ltd. and Shubhlaxmi Industries Ltd. (transferor companies) with Shubhlaxmi Polyesters Ltd. (transferee company). The scheme also propose to demerge industrial undertaking of Shubhlaxmi Dyetex Pvt. Ltd. into Shubhlaxmi Polyesters Ltd.

(2.) SHUBHLAXMI Syntex Pvt. Ltd. has filed Company Petition No. 179 of 2007, in the High Court of Judicature at Bombay since the registered office of the said company is situated at Bombay seeking sanction of the present scheme of amalgamation and the Bombay High Court, vide order dated May 4, 2007, has sanctioned the scheme of amalgamation. Shubhlaxmi Polyesters Ltd. (transferee company) filed Company Application No. 44 of 2007, for dispensing with the meeting of equity shareholders, which came to be granted vide order dated February 2, 2007, passed by this Court in the said Company Application No. 44 of 2007. Shubhlaxmi Industries Ltd. (transferor company) also filed Company Application No. 43 of 2007, seeking dispensation with the meeting of equity shareholders, unsecured creditors and secured creditors and this Court vide order dated February 2, 2007, in the said company application passed the order dispensing with such meeting.

(3.) ALL the present company petitions came to be admitted vide order dated February 13, 2007 and it was directed to give the advertisements in the newspaper as stated in the order and also notice to the Central Government through the Regional Director and the publication in the Government Gazette was dispensed with.