BHARAT SYNTHETICS LTD Vs. BANK OF INDIA

JUDGEMENT

(1.) THE petitioners herein (hereinafter referred to as the "transferee company") has filed this petition for sanction to the scheme of amalgamation whereby the Ahmedabad Polyarns Company private Limited, Ahmedabad (hereinafter referred to as "the transferor company"), is to be merged with the petitioner-transferee, under the provisions of sections 391 to 394 of the companies Act, 1956 (hereinafter referred to as "the said Act" ). The scheme has been annexed as exhibit "b" to the petition. Such merger is opposed by the Bank of India and Dena Bank, respectively, applicants Nos. 1 and 2 herein, who are the secured creditors, the first being of the transferee-company and the second applicant being of the transferor-company. The particulars of dues of the applicants are as under :