IN RE Vs. BISWANATH HOSIERY MILLS LIMITED

JUDGEMENT

(1.) The instant application has been filed jointly by the Applicants, namely, Biswanath Hosiery Mills Limited Applicant No.l abovenamed ("BHML") and Damask Textiles Private Limited Applicant No.2 abovenamed ("DTPL") under Sections 230(1) and 232(1) of the Companies Act, 2013 read with the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, in connection with a Scheme of Arrangement proposed to be made between BHML and DTPL and their respective shareholders whereby and whereunder it is intended to reorganize and reconstruct the said companies by demerging the trading business (Demerged Undertaking) of BHML to DTPL on the terms and conditions thoroughly stated in the said Scheme of Arrangement.

(2.) Mr. Ratnanko Banerji, Senior Advocate, appearing for the applicants, took us to the averments made in the application and the supplementary affidavit as well as the documents annexed to it.

(3.) Applicant Companies have also provided Board Resolution approving the scheme of Arrangement which is marked and annexed as 'Annexure-R'