LAWS(NCLT)-2017-12-126

IN RE Vs. SUPERKING ELECTRICALS PRIVATE LIMITED

Decided On December 07, 2017
IN RE Appellant
V/S
SUPERKING ELECTRICALS PRIVATE LIMITED Respondents

JUDGEMENT

(1.) The object of this petition is to obtain sanction of this Tribunal to a Scheme of Amalgamation of the Payal Credit Private Limited, being the Petitioner No.2 and Ricco Holdings Private Limited, being the Petitioner No.3 with Superking Electricals Private Limited, being the Petitioner No.1 whereby and whereunder the entire undertakings of the Petitioner Nos.2 and 3 together with all its assets, liabilities and all rights and claims whatsoever relating thereto is proposed to be transferred to and vested in the Petitioner No.1 on the terms and conditions fully stated in the Scheme of Amalgamation, a copy whereof is annexed with the petition and marked "A".

(2.) The object of the Superking Electricals Private Limited is to carry on the business as importers, exportes, manufacturers of and dealers in all kinds of household appliance including gysers, refrigerators, dryers, heaters, presses, pressure cookers, ovens, cooking ranges, hot plates, other cooking utensils of all types, containers, buckets, toasters, misers, washing machines and other electric appliances including radios, televisions, transformers and electric motors of every kind and descriptions and to carry on the business as importers, exporters, manufacturers of and dealers in all kinds of electronic components, devices, equipments and appliances, equipments, such as television and wireless appratus including radio receivers and transmitters, tape recorders, broadcast relay and reception equipments, phonographs and other equipments used in and/or for audio and visual communications, apparatus and equipments including those using electromagnetic waves intended for radio telegraphic or radio telephonic communication, photocopiers electronic lighting controls, continuous fan/motor speed controls, continuous flashers and fire alarm systems, digital and other electronic clock, time relays, punch card machines electromechanical pneumatic controls, computers and automatic calculators, X-ray machine and tubes, surgical medical and other appliances intended for electro and other therapy treatment and in all types of tapes, magnetic and otherwise, photographic films, projectors and cameras and capacitors, resistance condensers semi conductors, transistors, rectifiers, integrated and hybrid circuits relays, potentio meters, connectors, printed circuits, coils, chokes, transformers, switches, volume controls, plugs, cockets, aerial gears, diodes and allied items intended for and use in electronic devises, and in air conditions, refrigerators, washing machines, heaters, and cooking ranges and other type of domestic appliances and any type of equipment used in the generation, transmission and receiving of sound, light and electrical impulses and component parts thereof and other materials used in or in connection with electronic and electrical industries.

(3.) It is stated in the petition that the registered Office of the applicant companies are situated in the same premises. There are common shareholders and common directors in the applicant companies. The proposed scheme has been formulated to inegrate the fieds of activities and for overall businesss efficiency, to combine their managerial and marketing strengrth, to streamline administration, to build a wider capital and financial base and to promote and secure the overall interest, growth and economics of the companies concerned. The Scheme of Amalgamation will be complementary to the companies for their mutual benefits and interests.