IN RE Vs. NUCLEUS STOCKS BROKER PRIVATE LIMITED

JUDGEMENT

(1.) Heard the learned counsel for the Petitioner Companies. No objector has come before the court to oppose the Petition and nor any party has controverted any averments made in the Petitions.

(2.) The sanction of this Tribunal is sought under Sections 230 to 232 of the Companies Act. 2013, to the Scheme of Arrangement and Amalgamation for demerger of Stock Broking Undertaking of Creative Globa. Stock Broking Private Limited and vesting of the same into Nucleus Stocks Broker Private Limned and merger Creative Globa. Stock Broking Pnvate Limited ('the Transferor Company 1 or the Demerged Company') and Creative Computer and Marketing Private Limited ('the Transferor Company 2) and CG Leasing (Bombay) Private Limited ('the Transferor Company 3') and Creative Polytex Private Limited ('the Transferor Company 4') and Dream Wisdom Construction Company Private Limited ('the Transferor Company 5') and Harmony Landmarks and Real Estate Private Limited ('the Transferor Company 6') and Creative Home Furnishing International Private Limited ("the Transferor Company 7') (hereinafter collectively referred to as "Transferor Companies") with Creative Estates Private Limited (hereinafter referred as "Transferee Company") (hereinafter all the Transferor Companies, Resulting Company and Transferee Company collectively referred to as "Petitioner Companies ") and their Respective Shareholders under Section 230 to 232 read with Section 52 of the Companies Act, 2013.

(3.) The Counsel for the Petitioner Companies submits that the Resulting Company and Transferor Company No. 1 /Demerged Company are formed to engage in the business of stock broking, under-writing, acting as transfer agent, custodian in relation to securities, as a member of recognized stock exchanges as permitted under applicable laws and regulations, the Transferor Company 2 is formed to engage in the business of consultancy in the nature of general administrative, commercial, financial, legal and for this purpose to buy, sell and deal in all types of computers, softwares and its peripheral equipments, the Transferor Company 3 is formed to engage in the business of hire purchase and leasing of all kinds of plant, machinery and equipments, the Transferor Company 4 is formed to engaged in the business of cottoners and doublers, flex, hemp and jute and wool combers, bleaching and dyeing materials on chemicals and deal in linen cloth and fabrics, the Transferor Company 5 is formed to engage in the business to dealing in real estate properties and to engage in the business of contractors, developers and builders, the Transferor Company 6 is formed to engage in the business deal in real estate properties and to carry on the business of contractors, developers and builders, the Transferor Company 7 is formed to engage in the business to dealing in man-made handloom, cotton, silk, wool, jute, artificial silk and any other type of yarn and fabrics., and the Transferee Company is engaged in the business of real estate, construction and related activities.