IN RE Vs. PRATIK MERCHANTS PVT LTD

JUDGEMENT

(1.) The object of this application is to ultimately obtain, the sanction of this Tribunal to the Scheme of Amalgamation between the applicant companies and their respective members for amalgamation of the "Transferor company", viz. Pratik Merchants Private Limited, Meenakshi Vyapaar Private Limited and Fantasy Tradecom Private Limited (hereinafter referred to as the "Transferor Companies") ; Smooth Trading Private Limited (hereinafter referred to as the "Transferee Company") under sections 230-232 of the Companies Act, 2013 read with the Companies (Compromises Arrangements and Amalgamations) Rules, 2016 for sanctioning the Scheme of Amalgamation proposed between the transferor companies (Applicant Company No. 1, 2, 3) and the transferee company (Applicant Company No. 4) whereby and where under the entire undertaking of the Transferor Company together with all properties, assets and liabilities relating thereto as a going concern is proposed to be transferred to and vested in the transferee company on the terms and conditions fully stated in the Scheme of Amalgamation, a copy whereof is annexed with the Application and marked as Annexure I.

(2.) It is stated in the Petition that the amalgamation will enable the companies to expand its business activities by pooling their resources at one place. For the purposes of better, efficient and economical management, control and running of the business of the undertakings concerned and for administrative convenience and to obtain advantage of economy of large scale and to broad base the present business, the present Scheme of Amalgamation is proposed to amalgamate the Transferor Company with the Transferee Company.

(3.) It is also stated in the Application that the Scheme of Amalgamation will have the beneficial results for the Companies concerned, their shareholders, employees and all concerned.