IN RE Vs. SNOWDROP HOLDINGS PVT LTD

JUDGEMENT

(1.) This is a petition filed jointly by the petitioners, namely (1) SNODROP HOLDINGS PRIVATE LIMITED, the Petitioner No.l above named ("SHPL") ("The Transferor Company No. 1") , (2) EXCEL INVESTMART PRIVATE LIMITED, the Petitioner No.2 above named ("EIPLPL") ("The Transferor Company No. 2") , (2) ANCHOR VINIMAY PRIVATE LIMITED, the Petitioner No.3 above named ("AVPL") ("The Transferor Company No. 3") , and (4) MAJENTA HOLDINGS PRIVATE LIMITED, the Petitioner No.4 above named ("MHPL") ("The Transferee Company") for sanctioning the Scheme of Amalgamation, a copy of which has been annexed and marked as Annexure "A" to this petition.

(2.) The object of this petition is to obtain sanction of this Tribunal to a Scheme of Amalgamation proposed to be made between the Transferee Company, MAJENTA HOLDINGS PRIVATE LIMITED and the Transferor Companies, SNOWDROP HOLDINGS PRIVATE LIMITED, EXCEL INVESTMART PRIVATE LIMITED AND ANCHOR VINIMAY PVT. LTD. and their respective shareholders whereby and where under the entire undertaking of the Transferor Companies as a going concern together with all its assets and liabilities will stand transferred to and vested in the Transferee Company with effect from 1st April, 2016 in terms of the Scheme of Amalgamation, duly approved by the Shareholders and the unsecured Creditors of the Transferor Companies and the Transferee Company.

(3.) The Board of Directors of the Petitioner Companies vide separate meetings held on 06-01-2017 have unanimously approved the Scheme of Amalgamation.