IN RE Vs. SHIVA TEXYARN LIMITED AND ORS

JUDGEMENT

(1.) Under consideration are two Company Petitions filed before the Hon'ble Madras High Court under the provisions of erstwhile Companies Act, 1956 which stood transferred to this tribunal pursuant to the Companies (Transfer of Pending Proceedings) Rules, 2016 and renumbered as TCP/22 & 23/CAA/2017. The purpose of the Company Petitions is to obtain sanction of the Scheme of Arrangement of Demerger (in short, 'Scheme') by virtue of which the 'Dindigul operations along with related windmills' (in short, 'Demerged Undertaking') of M/s. Shiva Texyarn Limited (hereinafter referred to as 'Demerged Company') is proposed to be demerged, transferred and vested in M/s. STYL Textile Ventures Limited (hereinafter referred to as 'Resulting Company') as a going concern.

(2.) The details of Share Capital, shareholders, Secured & Unsecured creditors of the Companies are as under:

(3.) Both the companies are Public Limited Companies and engaged in the business of ginners, spinners and weavers of all cotton, jute, silk and other fibrous material having registered office at 252, Mettupalayan Road, Coimbatore, Chennai-641043. The Board of Directors of petitioner companies vide resolutions dated 30.11.2015 approved the said scheme of Arrangement of Demerger.