TAMBOLI CAPITAL LIMITED Vs. STATE

JUDGEMENT

(1.) THE object of these two petitions is to obtain sanction of this Court to the proposed scheme of arrangement and demerger between Investment & Precision Castings Ltd., (hereinafter referred to as the 'petitioner Company' or 'transferor company' or 'IPCL') and Tamboli Capital Ltd., ( hereinafter referred to as the 'transferee Company' or 'TCLP') whereby the Investment Division of IPCL i.e. transferor Company is sought to be demerged and transferred as a going concern to Tamboli Capital Ltd.

(2.) THE transferor Company was incorporated on 3.4.1975 under the Companies Act, 1956 and its registered office is situated at Nari Road, Bhavnagar - 364 006.

(3.) THE transferor company is carrying on business of manufacture, exporter, importer and dealers in ferrous and non -ferrous castings of all kinds, grades and quality and in particular investment and precision castings, continuous castings, chilled and malleable castings, special alloy castings, steel castings, gun metal, copper, brass and aluminum castings and foundary work of all kinds and refining of all kinds metals and alloys and to obtain technical know how for the above purposes and procure foreign collaboration or technical assistance for any of the above objects.