SABOO LEASING PRIVATE LTD Vs. STATE

JUDGEMENT

(1.) ALL the three petitions can be disposed of together conveniently. The petitioner in C. P. No. 150 of 2002 is the transferee company. The petitioners in C. P. Nos. 151 and 152 of 2002 are transferor companies. The above petitions are filed seeking sanction of the scheme of amalgamation under Section 394 of the Companies Act, 1956.

(2.) THE transferee company was incorporated on September 3, 1985, with its registered office at Somajiguda, Hyderabad. The authorised capital of the company is Rs. 1,47,50,000 divided into 1,47,500 equity shares of Rs. 100 each. The issued, subscribed and paid up capital of the company is Rs. 1,35,00,000 divided into 1,35,000 equity shares of Rs. 100 each. The main object of incorporating the company, as set out in the memorandum of association annexed to the petition is to carry on the business of purchase and sale of mopeds, scooters, three wheelers, motor-cycles, lorries, bicycles and generally all kinds of vehicles of transport.

(3.) THE petitioner in C. P. No. 151 of 2002 namely, the transferor company was incorporated on January 19, 1994, as a private limited company with its registered office at Ramkote, Hyderabad. The authorised capital of the company is Rs. 50,00,000 divided into 50,000 equity shares of Rs. 100 each. The issued, subscribed and paid up share capital of the company is Rs. 40,00,000 divided into 40,000 equity shares of Rs. 100 each. The main object of incorporating the said company as set out in the memorandum of association annexed to the petition is to carry on business of leasing and hire-purchase to acquire, provide on lease or to provide on hire-purchase basis all types of industrial and office furniture, plant, equipment, machinery, vehicles, buildings and the real estate.