IN RE Vs. TEGA INDUSTRIES LIMITED

JUDGEMENT

(1.) The object of this petition is to obtain sanction of this Tribunal to the Scheme of Amalgamation of the Tega Industries(SEZ) Limited, the Transferor Company or the Amalgamating Company, with Tega Industries Limited, the Transferee Company or the Amalgamated Company, where under the entire undertaking of the Transferor Company as gong concern together with all its assets and liabilities will stand transferred to and vested in the Transferee Company with effect from 01-10-2016 in terms of the Scheme of Amalgamation, duly approved by the Equity shareholders, Secured Creditors and the Unsecured Creditors of the Transferee Company at their respective meetings presided over by the Chairperson appointed under the Order of this Tribunal dated 24-04-2017 passed in the Company Application CA No. 89/2017.

(2.) A copy of the Scheme of Amalgamation is annexed with the Petition and marked as Annexure "A".

(3.) It has been submitted by the Petitioner Company that the Transferor Company or the Amalgamating Company, Tega Industries(SEZ) Limited is a wholly owned subsidiary of the Transferee Company, namely, Tega Industries Limited, and has a manufacturing facility located at Dahej SEZ, in Bharuch, Gujarat.