IN RE Vs. MAGMA FINCORP LIMITED

JUDGEMENT

(1.) This is a joint application filed under Section 230(1) and 232(1) read with Section 233 of the Companies Act, 2013 and the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 by the applicants namely Magma ITL Finance Limited (the Transferor Company) and Magma Fincorp Limited (the Transferee Company) in relation to the Scheme of Amalgamation proposed between them.

(2.) The aforesaid scheme is also annexed as Annexure "G" to the application.

(3.) The object of this application is to ultimately obtain sanction of this Tribunal to the proposed Scheme of Amalgamation to be made between the Transferor Company, Transferee Company and their respective shareholders whereby and where under the entire undertaking of the Transferor Company with all assets and liabilities relating thereto as a going concern is proposed to be transferred to and vested in the Transferee Company.