PARAMOUNT CENTRISPUN CASTINGS P. LTD. Vs. STATE

JUDGEMENT

(1.) THESE are the petitions filed by the three petitioner -companies for sanction of the scheme of arrangement embodied in the scheme of amalgamation of Reclamation Welding Ltd., and Paramount Centrispun Castings P. Ltd., with AIA Engineering Ltd.

(2.) THE petitioner of Company Petition No. 23 of 2009 is Paramount Centrispun Castings P. Ltd. It was incorporated on April 27, 1983, in the name of Paramount Centrispun Castings Ltd., in the State of Maharashtra and its name was changed to Paramount Centrispun Castings P. Ltd., with effect from April 26, 2001. The registered office of this company was shifted from the State of Maharashtra to the State of Gujarat with effect from September 15, 2008. This company is a wholly owned subsidiary of AIA Engineering Ltd. It is doing the job work of manufacturing of semi finished castings for AIA Engineering Ltd.

(3.) THE petitioner of Company Petition No. 25 of 2009 is AIA Engineering Ltd. It was incorporated on March 11, 1991, in the name of Magotteaux (India) P. Ltd., and its name was changed to AIA Engineering P. Ltd., with effect from May 11, 1992 and became a deemed public company with effect from November 30, 1992. The name was changed to AIA Engineering Ltd., with effect from May 2, 2000 and therefore the word private was added under Section 43A(2A) of the Act with effect from March 1, 2001. The name was further changed to AIA Engineering Ltd., with effect from March 30, 2005. This company is presently engaged in the business of manufacturing of alloy, steel casting which are used by cement, thermal and mining industries.