IN RE Vs. SUN PHARMA MEDISALES PRIVATE LIMITED

JUDGEMENT

(1.) This joint Application is filed by Sun Pharma Medisales Private Limited (Transferor Company No. 1); Ranbaxy Drugs Limited (Transferor Company No. 2); Gufic Pharma Limited (Transferor Company No. 3); Vidyut Investments Limited (Transferor Company No. 4); and Sun Pharmaceutical Industries Limited (Transferee Company) under Sections 230 to 232 of the Companies Act, 2013 [hereinafter referred to as 'the Act'] seeking directions.

(2.) All the Applicant Transferor Companies No. 1 to 4 are directly or indirectly wholly owned subsidiaries of the Applicant Transferee Company. The Applicant Transferee Company is the Holding Company of the Transferor Companies.

(3.) The Transferor Companies No. 1 to 4, in their Board Meeting held on 9th November, 2016 approved the proposed Scheme of Arrangement in nature of amalgamation vide Annexures 'L-1 to L-3'. The Board of Directors of the Transferee Company by its Resolution dated 10th November, 2016 approved the proposed scheme of arrangement in the nature of amalgamation vide Annexure 'L-4'. The Transferor Companies No. 1 to 4 filed certified Audited Financial Statements as on 31st March, 2016.