NICHOLAS PIRAMAL INDIA LTD Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) PETITIONER herein is Nicholas Piramal India Limited, a Company having its registered Office at 100, Centre Point, Dr. Ambedkar Road, Parel, Mumbai (for short NPIL and/or transferee company) has filed the Present Company Petition to obtain sanction of the Court to the arrangement embodied in the Scheme of Amalgamation (for short Scheme) with Canere Actives and Fine Chemicals Private Limited (for short Canere and/or transferor company) and whereby the undertaking of Canere shall, with effect from 1st October, 2003, the appointed date in terms of the Scheme of Arrangement, stand transferred to and be vested in the NPIL as going concern without any further act, deed, pursuant to Sec. 394 of the Companies Act, 1956 (for short Companies Act ).

(2.) THE petitioner-company is a public Limited Company, having its authorized, issued, subscribed and paid-up share capital as under:<FRM>JUDGEMENT_463_TLMHH0_2004Html1.htm</FRM> The latest audited accounts and balance sheet for the year ended 31st March, 2003, as well as, unaudited financial results for the quarter ended 30th September, 2003, and for the third quarter ended 31st December, 2003, subject to review by the petitioners statutory orders is also part of the record.

(3.) THE Equity shares of the petitioner Company are listed on the Stock Exchange at Mumbai and Ahmedabad and also the National Stock Exchange. The preference shares of the petitioner-company are not listed on any of the Stock Exchanges. As per Clause 5. 1 of the Scheme, NPIL will have to take steps for listing of preference shares.