IN RE Vs. PRATIRUP ADVISORY SERVICES PRIVATE LIMITED

JUDGEMENT

(1.) Heard learned counsel for parties. The Counsel for the Petitioners submit that State Bank of India had filed representation dated 2nd August 2017 through their Advocates Prakash Punjabi & Co. in this Tribunal requesting 6 weeks time to carry out proper analysis of the Scheme. The Counsel for the Petitioners submit that State Bank of India by their subsequent letter dated 28th November 2017 has granted their approval for the Scheme. No other objector has come forward to oppose the scheme.

(2.) The present Scheme of Amalgamation pertains to amalgamation of "Pratirup Advisory Services Private Limited ("the Transferor Company 1") and Unity Advisory Services Private Limited ("the Transferor Company 2') with JSW Projects Limited ('the Transferee Company") and their respective Shareholders with effect from the Appointed Date in terms of the Scheme. The Transferee Company is mainly involved in undertaking turnkey project and other similar construction activities and the Transferor Companies are into the business of providing advisory services. Amalgamation of the Transferor Companies will result in

(3.) The Petitioner Companies have approved the said Scheme of Amalgamation by passing the Board Resolutions which are annexed to the Company Scheme Petitions.