IN RE Vs. SATYANARAYAN COMMODITIES PVT LTD

JUDGEMENT

(1.) The object of this Application is to ultimately obtain sanction of this Tribunal to the proposed Scheme of Amalgamation of the Transferor Company 1, No.2, No.3, and No.4, collectively referred to as the Transferor Companies, with the Applicant Company No.5, the Transferee Company, namely, Lakshmi Tie-up Pvt. Ltd. whereby all the properties, assets, rights and claims whatsoever of the transferor company and their entire undertakings together with all their rights and obligations relating thereto are proposed to be transferred to and vest in the Transferee Company on the terms and conditions as fully stated in the Scheme of Amalgamation, a copy whereof is annexed with the Petition as Annexure -11.

(2.) The Transferor Companies and the Transferee Company belong to common group and common management. There are common shareholders and common director in the Transferor Companies and the Transferee Company.

(3.) In order to integrate the fields of activities of the companies and for improving overall business efficiency, to streamline administration of the Companies and in the overall interest of future growh and diversification is proposed to amalgamate the Transferor Companies with the Transferee Company.