LAWS(NCLT)-2018-1-503

IN RE Vs. GLOSTER LIMITED

Decided On January 19, 2018
IN RE Appellant
V/S
GLOSTER LIMITED Respondents

JUDGEMENT

(1.) This is an application under Sections 230 to 232 of Companies Act, 2013 for confirmation of the Scheme of Amalgamation of Gloster Limited ("transferor company") with Kettlewell Bullen & Company Limited ("transferee company") under sections 230 to 232 of the Companies Act, 2013.

(2.) The object of this Petition is to obtain sanction of this Tribunal to a Scheme of Amalgamation of Gloster Limited, being the Petitioner Company No.l, the Transferor Company, with Ketlewell Bullen & Company Limited, being the Petitioner Company No.2, the Transferee Company and their respective shareholders and creditors whereby and where under it is proposed to merge the Transferor Company with the Transferee Company on the terms and conditions fully stated in the Scheme of Amalgamation, a copy of whereof is annexed with the Petitioner and marked "A".

(3.) It is stated in the Petition that the consolidation of business will lead to reflection of true net worth of the combined business for the stakeholders in the financial statements and enhancement of net worth of the combined business leading to enhancement in earnings and cash flow of the business.