IN RE Vs. MAN TRUCKS INDIA PRIVATE LIMITED

JUDGEMENT

(1.) Perused the Company Scheme Application, along with the Affidavit dated 12th October, 2017 of Mr. Lionel Jordan, Authorized Signatory of the Applicant Company, in support of the Company Scheme Application, and heard Mr. Tapan Deshpande, Advocate for the Applicant Company.

(2.) The proposed Scheme of Amalgamation amongst MAN Truck & Bus India Private Limited (hereinafter referred to as the "Transferor Company") and MAN Trucks India Private Limited (hereinafter referred to as the "Applicant Company") and their respective shareholders and creditors (hereinafter referred to as the ""Scheme" or the "Scheme of Amalgamation") provides for:

(3.) The rationale and benefits of the Scheme are that the Applicant Company and the Transferor Company are part of the MAN group of companies. The MAN group is one of Europe's leading manufacturers of commercial vehicle and mechanical engineering groups and is based in Munich, Germany. The proposed Amalgamation will allow the MAN group to streamline its holding in India, simplify shareholding structure by eliminating cross-holdings. Further, the Scheme shall enable simplification of management structure, leading to better administration and a reduction in costs from more focused operational efforts, rationalization, standardisation and simplification of business processes, and the elimination of duplication, and rationalization of administrative expenses. The Scheme would be in the best interests of the shareholders, creditors, employees and other stakeholders of both the companies, as it would result in enhancement of shareholder value, operational efficiencies and greater focus.