IN RE Vs. NK TELE SYSTEMS LIMITED

JUDGEMENT

(1.) Under consideration is a Joint Company Petition No.l89/CAA/2017 filed by the above mentioned Petitioner Companies under Section 230 of the Companies Act, 2013 r/w the Companies (Compromises, Arrangements & Amalgamations) Rules, 2016. The purpose of the Company Petition is to obtain sanction of the Scheme of Amalgamation (in short "Scheme") by virtue of which M/s. NK Tele Systems Limited (hereinafter referred to as "First Transferor Company") and NSM Holdings Private Limited (hereinafter referred to as "Second Transferor Company") are proposed to be merged, amalgamated and vested in T.V.Sundram Iyengar & Sons Private Limited (hereinafter referred to as "Transferee Company") as a going concern.

(2.) The details of Share Capital, Shareholders, Secured & Unsecured Creditors of the Companies are as under: Particulars Authorised capital Issued, S & P Capital No. of Equity Share holders No. of Secured Creditors Unsecured creditors NK Tele Systems Limited Rs. 10,00,000 Rs. 5,00,000 7 Nil 1 NSM Holdings Private Limited Rs. 2,00,00,000 Rs. 2,00,00,000 7 Nil 2 T.V.Sundram Iyengar & Sons Private Limited Rs. 25,00,00,000 Rs. 11,44,00,000 61 8 218

(3.) The First Transferor Company is a Public Limited Company, having its registered office at C/o. TVS Interconnect Systems Limited, Melur Road, Vellaripatti, Madurai - 625 122, Tamil Nadu and its engaged in the business of manufacturing of machinery & various varieties and kinds of Telecommunication equipments etc. The Second Transferor Company is Private Limited Company, having its registered office at 7B, West Veli Street, Madurai - 625 001, Tamil Nadu and its engaged in the business as an investment company. The Transferee Company is a Private Limited Company, having its registered office at "TVS Building", 7B, West Veli Street, Madurai - 625 001, Tamil Nadu and its engaged in the business of owning and trading of motor cars and other connected lines etc. The Board of Directors of the Petitioner Companies vide their respective resolutions dated 04.02.2017 approved the said Scheme of Amalgamation.