IN RE: CLARO INDIA LIMITED Vs. STATE

JUDGEMENT

(1.) The company petition under Sections 391 to 394 of the Companies Act, 1956, has been filed by the Petitioner, i.e., Transferor Company, to sanction the scheme of amalgamation between the Petitioner Company and Kothari Photochemical and Industries Limited (Transferee Company). The Petitioner/transferor Company was incorporated on 8 May, 1985, under the provisions of the Companies Act, 1956, under the name and style of Claro India Limited in the State of Jammu and Kashmir. Thereafter, it shifted its registered office to the State of Tamil Nadu. The registered office of the Petitioner company is at B-7, SIPCOT Industrial Complex, Gummidipoondi 601 201, Tamil Nadu.

(2.) The authorized share capital of the transferor company is Rs. 10,00,00,000 (Rupees ten crores only) divided into 75,00,000 equity shares of Rs. 10 each and 25,00,000 preference share of Rs. 10 each. Whereas issued, subscribed and paid-up capital of transferor company is Rs. 4,50,00,000 (Rupees four crores fifty lakhs only) divided into 45,00,000 equity shares of Rs. 10 each.

(3.) The main objects of the Petitioner Company are set out in the memorandum and articles of association, which is annexed as annexure-1 of the company petition.