IN RE Vs. SUPERSTATES VANIJYA LIMITED

JUDGEMENT

(1.) The object of this application is to ultimately obtain sanction of this Tribunal to the proposed Scheme of Amalgamation whereby SUPERSTATES VANIJYA LIMITED,VRIHAD VANIJYA LIMITED , PRISTINE VINTRADE PRIVATE LIMITED would be amalgamated with MAYANSHI RETAILS PRIVAE LIMITED whereby the entire business, all the properties, rights and claims whatsoever of SUPERSTATES VANIJYA LIMITED,VRIHAD VANIJYA LIMITED , PRISTINE VINTRADE PRIVATE LIMITED and their entire undertakings together with all rights and obligations relating thereto is proposed to be transferred to and vested in MAYANSHI RETAILS PRIVAE LIMITED on the terms and conditions fully stated in the said Scheme of Amalgamation, a copy whereof is annexed with the application and marked "I".

(2.) It is stated in the petition that SUPERSTATES VANIJYA LIMITED,VRIHAD VANIJYA LIMITED are wholly owned subsidiaries of M/s. MAYANSHI RETAILS PRIVAE LIMITED and entire shareholding of M/s. PRISTINE VINTRADE PRIVATE LIMITED is being held by M/s. SUPERSTATES VAZNIJYA LIMITED,VRIHAD VANIJYA LIMITED. In effect, the SUPERSTATES VANIJYA LIMITED,VRIHAD VANIJYA LIMITED and PRISTINE VINTRADE PRIVATE LIMITED become the wholly owned subsidiaries of M/s. MAYANSHI RETAILS PRIVAE LIMITED.

(3.) All the companies belong to the common group. They have common directors. M/s. SUPERSTATES VANIJYA LIMITED,VRIHAD VANIJYA LIMITED and PRISTINE VINTRADE PRIVATE LIMITED need to economies on overhead expenses and multiplicity of paper work. It has been thought desirable and advisable that M/s. SUPERSTATES VANIJYA LIMITED,VRIHAD VANIJYA LIMITED, PRISTINE VINTRADE PRIVATE LIMITED and M/s. MAYANSHI RETAILS PRIVATE LIMITED amalgamate affording them an opportunity to reorganize their resources and economies on their expenses to be better able to withstand the competitive market position.