NIULAB EQUIPMENT CO PVT LTD Vs. STATE

JUDGEMENT

(1.) The petitioners seek the sanction of this Court to a scheme of amalgamation. The petitioner in Company Petition No. 382 of 2008, Niulab Equipment Company Pvt. Ltd., is the transferor-company and the petitioner in Company Petition No. 383 of 2008, Ashok Industries Ltd., is the transferee-company.

(2.) The provisions of the scheme as such have not been challenged or even questioned. It is not necessary, therefore, to deal with it in any detail. Suffice it to state, that under the scheme, the entire undertaking of the transferor-company is to stand transferred to and vested in the transferee-company as a going concern, subject to the same being sanctioned by this Court. Under the scheme, two equity shares of Rs. 10 each credited as fully paid up capital of the transferee-company are to be issued and allotted to all the equity shareholders of the transferor-company for every one equity share of the face value of Re. 1 each, held by them of the transferor-company.

(3.) The petitioners are under the same management. This was so stated in the Company Application as well as in the Company Petition.