ZEE INTERACTIVE MULTIMEDIA LTD Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) ZEE Inter Active Media Limited (hereinafter referred to as "the transferor-company"), who is the petitioner in Company Petition No. 1096 of 2001 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, 1956. In Company Petition No. 1096 of 2001, the transferor-company seeks approval and sanction of the scheme.

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

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