IN RE Vs. BIHANI EDUCARE PRIVATE LIMITED

JUDGEMENT

(1.) The Scheme envisages Merger of Arham Packaging Goods Private Limited, Arrowspace Nirman Private Limited and Subhrekha Projects Private Limited, the "Transferor Companies" with Bihani Educare Private Limited, the "Transferee Company" under the provisions of Sections 230 to 232 of the Companies Act, 2013 read with the relevant rules made thereunder. The object of this petition is to ultimately obtain the sanction of this Tribunal to a Scheme of Amalgamation proposed to be made between the Transferee Company, Transferor Companies and their respective shareholders whereby and where under the entire undertaking of the Transferor Companies with all assets and liabilities relating thereto as a going concern is proposed to be transferred and vested in the Transferee Company.

(2.) The Scheme of Amalgamation is annexed with the petition and marked Annexure "A".

(3.) It is stated in the affidavit filed on 28th July, 2017 by the Petitioner Companies that none of the Petitioner Companies is listed with any Stock Exchange and are not registered with the Reserve Bank of India as Non Banking Financial Companies. It is also stated that the proposed scheme of Amalgamation will not attract the provisions of the Competition Act, 2002 and hence no approval of the Competition Commission of India is required.