IN RE Vs. WELLA INDIA HAIRCOSMETICS PRIVATE LIMITED

JUDGEMENT

(1.) Heard Advocate for the Petitioner Companies. No one appears hefore this Tribunal to oppose the present Company Scheme Petitions seeking sanction to the Scheme of Amalgamation between Wella India Haircosmetics Private Limited ("Transferor Company No. 1") and Gillette Products Private Limited ("Transferor Company No. 2") and Nexus Mercantile Private Limited ("Transferor Company No. 3") and Mining Consultants (India) Private Limited ("Transferor Company No. 4") and Gillette Diversified Operations Private Limited ("Transferee Company") (Transferor Company Nos. 1 to 4, and the Transferee Company collectively referred to as "Petitioner Companies") AND their respective shareholders and creditors ("Scheme") , nor has any party controverted the averments made in the Petitions.

(2.) The Advocate appearing for the Petitioner Companies states that the Company Scheme Petitions have been filed to seek sanction to the Scheme, pursuant to the provisions of Sections 230 - 232 and other relevant provisions of the Companies Act, 2013.

(3.) The Transferor Company No.l was engaged, inter alia, in the business of manufacturing and trading in hair cosmetics. Transferor Company No. 2 was incorporated to engage, inter alia, in the business of manufacturing and trading of writing instruments, household, kitchen appliances and other manufacturing equipment. Transferor Company No. 3 was incorporated to engage, inter alia, in the business of carrying on industrial activity. Transferor Company No. 4 was incorporated to engage, inter alia, in the business of carrying on industrial activity. The Transferee Company is primarily engaged in the business of manufacturing and trading of oral care products. The equity shares of the Transferor Companies and the Transferee Company are not listed on any stock exchange. The Learned Advocate for the Petitioner Companies says that the rationale and significant benefits of the Scheme are as under: