IN RE, EQUITAS FINANCE LIMITED Vs. STATE

JUDGEMENT

(1.) These are three petitions, filed, to seek sanction of a Scheme of Amalgamation (in short the Scheme), placed before this court by the petitioners herein. CP No. 119/2016 has been filed by Equitas Micro Finance Limited (hereafter referred to as transferor no.1 company), while CP No. 120/2016 has been filed by Equitas Housing Finance Ltd. (hereafter referred to as transferor no.2 company). CP No. 121/2016 has been filed by Equitas Finance Ltd. (hereafter referred to as the transferee company). For the sake of convenience, transferor company no. 1 and 2, and transferee company will be collectively referred to as petitioner companies.

(2.) In the context of the above, before I deal with the concerns and the objections of the Regional Director (in short the RD), I would like to note the following broad facts:

(3.) A perusal of the three petitions would show that the transferor company no.1 is, inter alia, engaged in the business of micro finance lending and, in extending finance to weaker sections of the society, as also, in financing developmental activities. It is averred that transferor company no.1 has been classified by the RBI as a Non-Banking Financial Company Micro Finance Institution (NBFC-MFI). It is further averred that transferor company No. 1 is a systemically important Non-Deposit taking NBFC.