ITW SIGNODGE INDIA LIMITED Vs. STATE

JUDGEMENT

(1.) This Company Petition has been filed by M/s. ITW Signode India Limited (Transferee Company) under Sections 391 to 394 of the Companies Act, 1956 (for short 'the Companies Act') seeking approval of the Scheme of Arrangement between it and M/s. ITW Belfast Private Limited (Transferor Company).

(2.) The Transferee Company was incorporated on 30-11-1979 under the provisions of the Companies Act as a Private Limited Company in the name and style of M/s. Nagarjuna Strapping Systems Private Limited and on 21-4-1981 the name was changed as M/s. Nagarjuna Signode Private Limited. On 10-7-1981 the company was converted into Public Limited Company in the name and style of M/s. Nagarjuna Signode Limited and subsequently, with effect from 30-1-1992 the name was changed to the present one.

(3.) The Transferee Company, as is reflected by its Memorandum of Association, was incorporated with the main objects of establishing, owning or acquiring ferrous and non-ferrous metal melting furnaces and rolling mills; to carry on business as traders, manufacturers and fabricators of ferrous and non-ferrous ingots, blocks, billets, slabs, sheets, hot rolled and cold rolled steel strips, strips with edges, coated strips, steel strappings of various ranges of tensile strength, seals of various types, non- metallic strapping systems; designing of industrial and construction adhesives, preventive and protective coating products, non-destructive testing equipment, all kinds of engineered components, all kinds of wire and wire products, all kinds of value added products, materials for detection, all devices and equipment for various cooling types, all kinds of professional grade switches, all kinds of machine tools; manufacturing of industrial systems and related consumables, epoxies polyurethanes, all kinds of polyurethane cast parts, machining fluids, corrosion control products; and producing, generating, storing, distributing and dealing in any form of energy and power or sources of energy and undertaking power projects, etc.