IN RE Vs. CHEMINOVA INDIA LIMITED

JUDGEMENT

(1.) Heard Learned Counsel for the parties. No objector has come before the Tribunal to oppose the Scheme and nor any party has controverted any averments made in the Petitions.

(2.) The sanction of the Tribunal is sought to a Scheme of Arrangement between Cheminova India Limited (hereinafter referred to as "Petitioner Company" or "Transferor Company" or "Cheminova") and FMC India Private Limited (hereinafter referred to as "Transferee Company" or "FMC") and their respective Shareholders and Creditors where under the Commercial Division (as defined in the Scheme) of the Transferor Company shall stand transferred to and vested in the Transferee Company with effect from the Appointed Date in terms of the Scheme without any further act or need pursuant to the provisions of Sections 230 to 232 of the Companies Act, 2013 ("Act").

(3.) The Learned Counsel for the Petitioners states that the Transferee Company is carrying on the business as manufacturers, importers, exporters and dealers of chemical products of any nature and kind whatsoever and as manufacturers of basic chemicals, agrochemicals, fine chemicals, chemical auxiliaries, alkalies, pharmaceutical, veterinary products, photographical and medicinal chemicals, industrial and other preparations, compounds, drugs, dyestuff organic or mineral intermediaries as well as manures and fertilizers of all nature and kind. The Transferor Company has been carrying on the business of manufacturing, buying, selling, acquiring, marketing, processing, distributing, supplying, importing, exporting or otherwise dealing in all kinds of agro-chemicals, fertilizers, guano's, manures, mixtures, phosphorus, rocks, phosphate deposits and derivatives thereof The Transferor Company is also in the business of manufacturing and dealing in fertilisers, manures, pesticides, rodenticides, insecticides, fungicides, weedicides, and any and all such products and preparation by whatever name called for agriculture and allied purposes and for preservation of food, grain etc.