SCHEME OF AMALGAMATION Vs. N A

JUDGEMENT

(1.) ZEE Inter Active Media Limited (hereinafter referred to as "the transferor company), who is the petitioner in Company Petition No. 1096/01 is proposed to be amalgamated with Siti Cable Network Limited (hereinafter referred to as the transferee company) under a scheme of arrangement proposed under sections 391 to 394 of the Companies Act. In Company Petition No. 1096/01, the transferor company seeks approval and sanction of the scheme.

(2.) IN Comp. P. No. 1097 of 2001, the transferee company seeks approval of the scheme of the merger and amalgamation of the transferor company into it.

(3.) THE transferor company has a paid up capital of only Rs. 700/- and it is a wholly owned subsidiary of the transferee company. The transferor company was incorporated on 5-5-2000 and certificate of commencement of business was granted to it on 7-6-2000. The transferor company however had not commenced commercial operations till the end of the accounting year 2000-2001, ending 31-3-2001. A statement has been made in the Directors Report dated 14-8-2001 of the transferor company that the company had not commenced operations during that year.