IN RE Vs. BALAJI AMINES LIMITED

JUDGEMENT

(1.) Heard the Counsel for the Petitioner Companies. Neither any objector has come before this Tribunal to oppose the Scheme nor did any party controvert any of the averments made in the Petition.

(2.) The Sanction of this Tribunal is sought under sections 230 to 232 of the Companies Act, 2013 to the Scheme of Amalgamation between Balaji Amines Limited (Transferee Company) and Bhagyanagar Chemicals Limited (First Transferor Company) and Balaji Greentech Products Limited (Second Transferor Company) and their respective Shareholders and Creditors.

(3.) The Learned Counsel for the Petitioner Companies states that the Transferee Company is the holding Company of the Fist Transferor Company holding 100% of the total paid up equity share capital of the Fist Transferor Company. The Transferee Company is also the holding Company of the Second Transferor Company holding 66% of the total paid up equity share capital and 100% of the total paid up preference share capital of the Second Transferor Company. He further states that the First Transferor Company and the Transferee Company are engaged in the business akin to that of the Transferee Company as also the business of the Second Transferor Company can be combined keeping in view the synergic advantages resulting out of the amalgamation.