CETEX PETROCHEMICALS LIMITED Vs. STATE

JUDGEMENT

(1.) THIS company petition has been filed by Cetex Petrochemicals Limited, having its registered office at No. 12, Bishop Wallers Avenue (East), Mylapore, Madras -4, under sections 391 and 394 of the Companies Act, 1956, for sanction of the scheme of amalgamation approved by the shareholders of the said company at the meeting held on March 18, 1991, and for other reliefs.

(2.) THE object of this petition is to obtain the sanction of the court to a compromise or arrangement between Cetex Petrochemicals Limited (transferor), petitioner in Company Petition No. 62 of 1991 and KEC International Limited (transferee) whereby, on and from June 1, 1990, the entire business and undertaking of CETEX as also its debts, liabilities, contracts, duties, engagements and obligations will vest in, be transferred to and taken over by KEC without any further act or deed.

(3.) THE petitioner -company is engaged in the manufacture of methyl ethyl ketone which is used in the manufacture of lube oil, dewaxing magnetic tapes, adhesives, printing inks, etc.