IN RE Vs. POLYSIL IRRIGATION SYSTEMS PRIVATE LIMITED

JUDGEMENT

(1.) The Counsel for the Applicant Company states that the present Scheme is a Scheme of Arrangement between Polysil Irrigation Systems Private Limited ("the Demerged Company") and Tufropes Private Limited ("the Resulting Company" or "the Applicant Company") and their respective shareholders.

(2.) The Counsel for the Applicant Company further submit that the Demerged Company is a manufacturer of HDPE pipes, Drip Irrigation Systems and Sprinkler System and registered MIS Supplier for Drip Irrigation System in the State of Gujarat and Maharashtra under the Micro Irrigation Scheme.

(3.) The Counsel for the Applicant Company further submit that the rationale for the Scheme is that it would lead to: