IN RE Vs. DSONS PROJECTS PVT LTD

JUDGEMENT

(1.) M/S. DSons Projects Private Limited (Transferor Company) has filed this application under section 230 to 232 of the Companies Act, 2013 seeking dispensation of meetings of equity shareholders, secured creditors and unsecured creditors of the applicant transferor company for the purpose of considering and if thought fit, approving, with or without modification, a Scheme of Arrangement in the nature of merger of DSons Projects Private Limited (Transferor Company) with Parker Multi-Commodities (India) Private Limited (Transferee Company) ["Scheme" for short].

(2.) The applicant is a private limited company. Issued, subscribed and paid up equity share capital of the applicant company is Rs. 2,00,00,00/- divided into 20,00,000 equity shares of Rs. 10/- each.

(3.) It is stated in the application that both the Transferor and Transferee Companies are closely held companies and are under the same management having either directly or indirectly common family members/shareholders. It is also stated that as both the companies propose to consolidate the business in one entity, thereby resulting into strengthening the position of the combined entity by enabling it to combine and optimize the synergies of the two companies, which would be in the best interests of both the companies and their respective shareholders, the managements of both the companies believe that merger would be beneficial to the stakeholders.