ASTRIX LABORATORIES LIMITED Vs. MYLAN LABORATORIES LIMITED

JUDGEMENT

(1.) COMPANY Petition No. 245 of 2014 is filed by M/s. Astrix Laboratories Limited, Hyderabad (for short the transferor company) and Company Petition No. 246 of 2014 is filed by M/s. Mylan Laboratories Limited, Hyderabad (for short the transferee company) for sanctioning the proposed scheme of arrangement between them.

(2.) THE transferor company has pleaded that it was incorporated as a public limited company under the name and style of M/s. Astrix Laboratories Limited in the State of Andhra Pradesh on 21.09.2005; that its registered office is situated at Plot No. 564/A/22, Road No. 92, Jubilee Hills, Hyderabad; that its authorized capital is Rs. 5 crores, which includes Rs. 4,99,99,000/ - divided into 49,99,000 equity shares of Rs. 10/ - each and Rs. 10,000/ - divided into 1,000 Class -B equity shares of Rs. 10/ - each; that its issued, subscribed and paid up capital is Rs. 4,52,60,000/ -, which includes Rs. 4,52,50,000/ - divided into 45,25,000 equity shares of Rs. 10/ - each fully paid up and Rs. 10,000/ - divided into 1,000 Class -B equity shares of Rs. 10/ - each; and that its main objects, inter alia, are to manufacture, import, export, buy, sell, distribute, and deal in bulk drugs, finished drugs and pharmaceuticals, fine pharmaceuticals, chemicals, fine chemicals, enzmes, anti tuberculosis agents ayurvedic, unani and cosmetics, etc.

(3.) THAT under the proposed scheme of arrangement, the transferor company will be amalgamated into the transferee company and that this arrangement is to derive the following benefits: