IN RE Vs. INFINITY FINANCE LIMITED

JUDGEMENT

(1.) The object of this petition is to obtain sanction of this Tribunal to the Scheme of Amalgmation made between the Infinity Finance Limited; Infinity Townships Private Limited ; Infinity Jaipur Knowledge City Private Limited, the Transferor Companies, and the Infinity Infotech Parks Limited, the Transferee Company, whereby and where under it is proposed to merge Infinity Finance Limited; Infinity Townships Private Limited and Infinity Jaipur Knowledge City Private Limited, the Transferor Companies, into the Infinity Infotech Parks Limited, Transferee Company, on the terms and conditions fully stated in the Scheme of Amalgamation, a copy whereof is annexed with the application and marked "A".

(2.) In the petition it is stated that the Transferor companies are wholly owned subsidiaries of the Transferee Company. For the better and more efficient management, control and running of the businesses of the Undertakings of the companies concerned, it is considered desirable and expedient to amalgamate the Transferor companies with the Transferee company in the manner and on the terms and conditions contained in the said Scheme of Amalgamation.

(3.) The proposed scheme will result in administrative and operational rationalization, organizational efficiencies, reduction in overheads and other expenses and optimal utilization of various resources of the companies concerned and formation of a larger and stronger company having greater capacity for conducting its operations and business more effectively and efficiently.