JAIPRAKASH INDUSTRIES LIMITED Vs. STATE

JUDGEMENT

(1.) COMPANY Petition No. 26 of 2003 has been filed jointly by the transferee company, namely, Jaypee Cement Ltd. (hereinafter referred to as JPC for short) and the transferor company, namely, Jaiprakash Industries Ltd. (hereinafter referred to as JPI for short) seeking sanction of the Court to a scheme of arrangement for amalgamation of the two companies by which JPI is to merge into JPC.

(2.) JPC is a wholly owned subsidiary of JPI, that is to say, that 100% paid up shares of JPC are held by JPI. Thus, the holding company is proposed to be merged into the subsidiary company. JPI has a paid up share capital of Rs. 176,21,69,810 consisting of 17,62,16,981 fully paid up equity shares of Ks. TO each. JPC has a paid up share capital of Rs. 418,00,00,000 comprising 41,80,00,000 fully paid up equity shares of Rs. 10 each.

(3.) HOWEVER , because the occasion to consider the prayer in Company Petition No. 25 of 2003 can arise only after the Company Petition No. 26 of 2003 is disposed of, therefore, the Company Petition No. 26 is being considered first. Company Petition No. 26 of 2003