CAIRN INDIA LIMITED Vs. STATE

JUDGEMENT

(1.) The Petitioner seeks an order sanctioning a scheme of arrangement between itself and four transferor companies Cairn Energy India Pvt. Ltd. ("CEIPL"), Cairn Energy India West B.V., ("CE India West"), Cairn Energy Cambay B.V. ("CE Cambay") and Cairn Energy Gujarat B.V. ("CE Gujarat"). The first transferor company is incorporated in Australia and the others are incorporated in Netherlands. Under the scheme, the entire business relating to the Indian undertakings of the transferor companies are to stand transferred to and vested in the Petitioner with effect from the appointed date without any further act or deed pursuant to the provisions of 391 and 394 of the Companies Act, 1956.

(2.) The Petitioner is listed on the Bombay Stock Exchange and the National Stock Exchange of India limit. The issued, subscribed and paid up capital of the Petitioner prior to 31.3.2009 was Rs. 18,966,678,160 comprising of 189,66,67,816 equity shares of Rs. 10/- each. After 31.3.2009 the same increased to Rs. 18,967,892,270/- on account of ESO Ps.

(3.) The Petitioner is primarily engaged in the business of surveying, prospecting, drilling, exploring and dealing in minerals, natural oils, petroleum, gas and related products. The transferor companies are the Petitioner's subsidiaries. The transferor companies also carry on business activities in India through their project offices. Each of the transferor companies is a participant in various oil and gas blocks granted by the Government of India through production sharing contracts entered into with the Government of India and other joint venture parties.