IN RE Vs. CADENSWORTH (INDIA) LIMITED AND ORS

JUDGEMENT

(1.) Under consideration are two Company Petitions filed under the provisions of erstwhile the Companies Act, 1956 which have been transferred from the Hon'ble High Court of Madras to this Tribunal pursuant to the Companies (Transfer of Pending Proceedings) Rules, 2016 and renumbered as TP (HC)/41 & 42/CAA/2017. The purpose of the Company Petitions is to obtain sanction of the Scheme of Amalgamation (in short, 'Scheme') by virtue of which Cadensworth (India) Limited (hereinafter referred to as 'Transferor Company') is proposed to be merged, amalgamated and vested in Redington (India) Limited (hereinafter referred to as 'Transferee Company') as a going concern.

(2.) The details of Share Capital and shareholders, Secured and Unsecured creditors of the Companies are as under:

(3.) At the outset, it is necessary to know the details of the scheme which needs determination. The Transferor Company is the wholly-owned subsidiary of the Transferee Company and the Transferee Company is a Public Listed Company having its registered office at Guindy House, 95, Mount Road, Guindy, Chennai-600032 and the Board of Directors of both the companies vide its resolution dated 24th May, 2016 approved the said scheme of Amalgamation.