IN RE Vs. VAID OVERSEAS PRIVATE LIMITED

JUDGEMENT

(1.) Heard the learned Advocate for the Petitioner Companies. The Tribunal has not received any Objection to oppose the Petition and none of the Petitioner Companies have contravened any averments made in the Petitions.

(2.) The Sanction of the Tribunal, is sought under Section 230 to 232 of the Companies Act, 2013 to a Scheme of Amalgamation and Arrangement between Vaid Overseas Private Limited (First Transferor Company) and Vaid Finance Private Limited (Second Transferor Company) and Vijay Elastomer Processors Private Limited (Third Transferor Company) (Demerged Company) with Vaid Elastomer Processors Private Limited (Transferee Resulting Company) and Their Respective Shareholders And Creditors.

(3.) Learned Advocate for the Petitioner Companies states that Vaid Overseas Private Limited is engaged in the business of all types and grads of Natural. Synthetic Rubber, and all types of Rubber Goods. Rubber Compounds and Molding, Rubber Extrusions and all types of Polymer and its Chemicals, Plastics and Plastic Goods including Plastic Liners. Vaid Finance Pvt. Limited company is engaged in business as negotiate loans, to draw, accept, endorse, discount, buy. sell, and deal in bills of exchange, promissory notes, bonds, debentures, hundies, coupons, and other negotiable instruments and securities, to issue on commission, subscribe for purchase, take, acquire and hold. sell, exchange and deal in shares, stock, bonds, debentures, obligations or securities of any government, local authority or other interest in any other company. Vijay Elastomer Processors Private Limited is engaged in the business of Manufacture, Process, refine, buy, sell. Import, export and deal in all types & grades of Natural Rubbers, Synthetic rubber, rubber substances, rubber substitutes and any other rubber products and rubber chemicals and all types of polymer and its chemicals. Vaid Elastomer Processors Private Limited is engaged in the business of Manufacture, process, refine, buy, sell, import, export, and generally to deal in all types and grades of Natural Rubbers, Synthetic Rubbers, Rubber Substances, Rubber Substitutes & any other Rubber and Rubber Chemicals and all Types of Polymer and its Chemicals.