IN RE Vs. ASL VYAPAAR PRIVATE LIMITED

JUDGEMENT

(1.) This Application has been filed jointly by the petitioners, namely, ASL Vyapaar Private Ltd., ASL Builders Private Ltd. and ASL Prefab Structures Private Limited (hereinafter referred to as the "Transferor Companies") and ASL Enterprises Limited (hereinafter referred to as the "Transferee Company") for obtaining sanction of this Tribunal regarding Scheme of Amalgamation of the transferor companies with the transferee company.

(2.) The object of this Application is to obtain sanction of the Tribunal to a Scheme of Amalgamation of ASL Vyapaar Private Ltd., ASL Builders Private Ltd. and ASL Prefab Structures Private Limited with ASL Enterprises Limited, where all the assets, properties, rights and claims whatsoever of the Transferor Companies and their entire undertakings together with all rights and obligations relating thereto are proposed to be transferred to and vested in the Transferee Company on the terms and conditions fully stated in the Scheme of Amalgamation. A copy whereof has been annexed and marked with letter "A" to this petition. All the Applicants have filed their Memorandum and Articles of Association along with their Application for amalgamation.

(3.) The audited financial statement along with the Auditor's report as on 31st March, 2017 of the Applicant Companies have been filed with the Tribunal by way of Affidavit of Directors. List of creditors of Applicant Companies, list of Directors of Applicant Companies and list of Shareholders of the Applicant Companies have also been filed along with the Application for Amalgamation.