DUPHAR INTERFRAN LIMITED IN RE Vs. N R

JUDGEMENT

(1.) THE petitioners herein Duphar-Interfran Limited have filed this petition seeking sanction to the scheme of arrangement for demerger between Duphar-Interfran Limited and Duphar Pharma India Limited. This sanction is sought as the pharmaceutical division of the petitioner-Duphar Intefran Limited is sought to be demerged to Duphar Pharma India Limited.

(2.) NOTICE of this petition has been punished in the newspapers. Notice of the same has also been sent to the Regional Director. Shri Joy, who has appeared on behalf of the Regional Director, has stated that the Regional Director has no objection to the sanction of the arrangement embodied in the scheme of arrangement.

(3.) HOWEVER, an application is made on behalf of the shareholder Renuka Datla seeking to oppose the sanction of the scheme. It is the case of the shareholders that the scheme is designed to benefit a group of shareholders, namely, Vasant Kumar and his family and the foreign collaborators group consisting of Solvay BV.