RAMCO SUPER LEATHERS LTD Vs. INDUSTRIAL

JUDGEMENT

(1.) C.A.No.32 of 2022 was filed by Ramco Super Leathers Limited for permission to sell the immovable assets described in the schedule to the Judge's summons. C.A.Nos.139 and 140 of 2021 were filed by the Asset Reconstruction Company of India Limited (ARCIL). By these applications, ARCIL seeks disclosure of the assets previously alienated by respondents 1 to 5 and to restrain the said respondents from alienating the assets described in the schedule to the Judge's summons.

(2.) On 27/8/1976, a company under the name and style of Ramco Super Leathers Limited (the Original Ramco Super Leathers) was incorporated. On or about 17/2/1995, the Original Ramco Super Leathers and George Bird Textiles Limited were amalgamated. The name of the resulting entity was changed to RSL Industries Limited (RSL Industries) on 21/3/1995. M/s.Vijayalakshmi Mills was merged with RSL Industries on 7/10/1997. On or about 19/6/1998, Ramco Super Leathers Private Limited was promoted and incorporated by the promoters of RSL Industries. The name of Ramco Super Leathers Private Limited was changed to Ramco Super Leathers Limited (the New Ramco Super Leathers) on or about 13/8/2001.

(3.) The Board of Directors of RSL Industries and RSL Textiles (India) Limited (RSL Textiles) approved of a scheme of arrangement (the Demerger Scheme) by which the textile division of RSL Industries would be demerged and merged with RSL Textiles. In order to obtain sanction for the Demerger Scheme, C.P.Nos.239 and 240 of 2001 were filed by the above mentioned entities. The said scheme of arrangement specified 1/10/2000 as the appointed date.