IN RE Vs. VISA REALTY LIMITED AND ORS

JUDGEMENT

(1.) This application has been moved by Visa Realty Ltd. and Visa Power Trading Company Ltd. for sanctioning the scheme of arrangement.

(2.) The object of the instant petition is to obtain sanction to the proposed Scheme of Arrangement proposed to be entered into by and between both the Petitioner Companies, namely, Visa Realty Limited (VRL) and Visa Power Trading Company Limited (VPTCL) and their respective shareholders, wherein as per Chapter B of the Scheme, Visa Realty Limited (VRL) would demerge its Contract Division into Visa Power Trading Company Limited (VPTCL). A copy of the Scheme of Arrangement has been annexed and marked with letter "A" to the Petition.

(3.) The authorized share capital of Visa Realty Limited, is Rs.16,00,00,000/- divided into 1,60,00,000 equity shares of Rs.10/- each and the issued, subscribed and paid up share capital is Rs.11,80,00,000/-divided into 1,18,00,000 equity shares of Rs.10/- each all fully paid up having its registered office at 8/10, Alipore Road, Kolkata, West Bengal-700 027.