SANGHI INDUSTRIES LTD Vs. SANGHI INDUSTRIES LTD

JUDGEMENT

(1.) This is a petition to sanction the scheme of arrangement for amalgamation of Goldy Projects Limited with the petitioner-company i.e., Sanghi Industries Limited under Section 394 read with sub-section (2) of Section 391 of the Companies Act, 1956 (hereinafter referred to as 'the Act')

(2.) The registered office of the petitioner-company is situated at Sanghi Nagar in the Ranga Reddy district of the State of Andhra Pradesh.

(3.) Earlier, the petitioner filed Company Application No.95 of 1993 under Section 391 of the Act for convening a meeting of the equity share-holders of the company for considering the proposed scheme of arrangement for amalgamation of Goldy Projects Limited (hereinafter referred to as 'the transferor company') with the petitioner-company and this Court by order dated 12-4-1993 allowed the same appointing Ms. M. Vidyavati, Advocate as Chair person to convene, preside over and conduct a meeting of the equity shareholders of the petitioner- company on 29-5-1993 after complying with the conditions imposed therein and in accordance with the Act and the Companies (Court) Rules, 1959 (hereinafter referred to as 'the Rules'). The notice of the said meeting was required to be advertised in the Hyderabad editions of the English daily 'News Time' and the Telugu daily 'Andhra Bhoomi'. Accordingly, the meeting was conducted on 29-5-1993 at the registered office of the petitioner-company by Ms. M. Vidyavati and she filed a report in this Court on 10-6-1993 enclosing therewith a copy of the scheme of arrangement for amalgamation of the transferor company with the petitioner authenticated by her which was approved at the said meeting by the following resolution passed unanimously: