IN RE Vs. ESKAY TECHNICAL SERVICES PRIVATE LIMITED

JUDGEMENT

(1.) The object of this Application is to ultimately obtain sanction of this Tribunal to the proposed Scheme of Amalgamation of the Transferor Company, namely, Eskay Technical Services Private Limited with the Transferee Company, namely, Dhanoolall & Sons Enterprises Private Limited whereby all the properties, assets, rights and claims whatsoever of the Transferor Company and their entire undertakings together with all their rights and obligations relating thereto are proposed to be transferred to and vest in Dhanoolall & Sons Enterprises Private Limited, the Transferee Company on the terms and conditions fully stated in the Scheme of Amalgamation, annexed with the Application at pages 19-40.

(2.) It is submitted in the Application that both the Transferor Company and the Transferee Company are closely held companies, being the entire share capital of both the companies are owned and controlled by the same promoters. Both the Applicant Companies are under the same management with he Board of D'rectors of the Applicant Companies managed by four common directors.

(3.) The said scheme has been proposed, inter alia, to specific group structure and provide for overall business efficiency to combine their strengths, to streamline administration, to build a wider capital and financial base and to promote and secure the overall interest growth and economies of all the companies concerned.