IN RE Vs. SITAMAN INDUSTRIES PRIVATE LIMITED

JUDGEMENT

(1.) The Counsel for the Applicant Company submits that the present Scheme is a Scheme for Amalgamation of Sitaman Industries Private Limited (Transferor Company') with Peass Industrial Engineers Private Limited (-Transferee Company') and their respective shareholders under sections 230 to 232 of the Companies Act, 2013 and the relevant rules framed thereunder. This Scheme provides for merger of Sitaman Industries Private Limited with Peass Industrial Engineers Private Limited.

(2.) The Counsel for the Applicant Company further submits that to maintain a simple corporate structure and eliminate duplicate corporate procedures, it is desirable to merge and amalgamate all the undertakings of the Transferor Company into the Transferee Company. The merger and amalgamation of all undertakings of the Transferor Company into the Transferee Company shall facilitate consolidation of all the undertakings in order to enable effective management and unified control of operations. Further, the merger and amalgamation would create economies in administrative and managerial costs by consolidating operations and would substantially reduce duplication of administrative responsibilities and multiplicity of records and legal and regulatory compliances.

(3.) The meeting of the Equity Shareholders of the Applicant Company be convened and held at 59-C. Maker Arcade. Cuffe Parade, Mumbai 400 005 on January 15. 2018 at 11:00 a.m. for the purpose of considering and, if thought fit, approving with or without modification's) the proposed Scheme of Amalgamation of Sitaman Industries Private Limited with Peass Industrial Engineers Private Limited and their respective shareholders.