IN RE Vs. ASHADEEP COMODIFIES PRIVATE LIMITED

JUDGEMENT

(1.) The object of this Petition is to obtain sanction of this Tribunal to a Scheme of Amalgamation of the Petitioner Company Nos. 1 and 2 with the Petitioner Company No.3, whereby the entire Petitioner Company Nos.1 and 2 together with all the assets and liabilities relating thereto, is proposed to be transferred to and vested in the Petitioner Company No.3, on the terms and conditions and in the manner fully stated in the Scheme of Amalgamation.

(2.) A copy of the Scheme of Amalgamation is annexed with the Petition and marked with "A" It is submitted in the Petition that the Amalgamation will result in improving overall business efficiency, to streamline admfinancial base and strength, credit worthiness and in overall interest oinistration, to have under capital and financial base and strength, creditworthiness and in overall interest of future growth, diversification and economies of operations.

(3.) The Amalgamation will enable the companies to establish and consolidate their business and exercise better control and it will enable the companies to successfully withstand competition from other concerns involved in similar business.