IN RE Vs. SAIPAM DRILLING COMPANY PRIVATE LIMITED

JUDGEMENT

(1.) Under consideration are two Company Petitions no's: CP/42/CAA/2017 and CP/43/CAA/2017. The Petitions have been filed under section 230 of the companies Act, 2013 r/w the companies (Compromises, Arrangements and Amalgamations) Rules, 2016. The purpose of the company petitions is to obtain sanction of the scheme of Amalgamation (in Short, 'Scheme') by virtue of which M/s. Saipam Drilling Company Private Limited (hereafter referred to as 'Transferor Company') will get merged with M/s. Saipam India Projects Private Limited (hereafter referred to as 'Transferee Company') as a going concern.

(2.) The Details of Share Capital, Shareholders, Secured & Unsecured Creditors of the Companies are as under:

(3.) The Transferor/Transferee Companies are Private Limited Company having its registered office at Yarlagadda Towers, No.4, Fourth Lane, Off Nugambakkam High Road, Chennai-600034. The Transferor Company is engaged in business of providing and operating machineries, equipments, and personal required for on-shore drilling, oil field services such as mud engineering, mud logging, cementing, wireline logging and handling of oil and gas for oil and natural gas industry, in India or in any part of the world individually or as joint venture with India or international collaboration. The Transferee Company is engaged in business to carry on in India or in any part of the world, business relating to Technology including Engineering Technology and in particular to carry on business of manufacturing, storing, packing, distributing, transporting, converting and maintaining all kinds of engineering products etc. The Board of directors of petitioner companies vide its resolution dated 04th Day of August, 2016 approved the said scheme of Amalgamation.