BRINDAVAN COTTON MILLS PRIVATE LIMITED REP BY R CHINNASAMY CHAIRMAN AND MANAGING DIRECTOR; ADHILAKSHMI SPINNING MILLS PRIVATE LIMITED REP BY S K SUBRAMANIAM DIRECTOR Vs. STATE

JUDGEMENT

(1.) These Company Petitions are preferred under Sections 391 to 394 of the Companies Act, 1956 for sanctioning the scheme of arrangement (demerger) (in short Scheme) between the Demerged company with the Resulting company with effect from 01.10.2015. The Scheme is appended as Annexure '5' to C.P.No.147 of 2016 and Annexsure '4' to C.P.No.148 of 2016.

(2.) M/S.Brindavan Cotton Mills Private Limited, the petitioner in C.P.No.147 of 2016 is the Demerged company and M/s.Adhilakshmi Spinning Mills Private Limited, the petitioner in C.P.No.148 of 2016 is the Resulting Company.

(3.) A perusal of the records shows that the respective petitioner company have complied with the formalities as prescribed under the Companies Act and the Rules framed therein. A Certificate of the Chartered Accountant has been filed which, inter alia, holds out that the Demerged Company has only one secured creditor, which is appended as Annexure '6' to C.P.No.147 of 2016.