VAST TEXTILES LTD Vs. STATE

JUDGEMENT

(1.) VAST Textiles Limited (in short the Resulting Company) and Associated Stone Industries (Kota) Limited (in short the Demerged Company) have filed the present petitions under Sections 391 and 394 of the Companies Act, 1956 (hereinafter shall be referred to as '1956 Act') for sanctioning the Scheme of Arrangement between the resulting company and demerged company so as to be binding upon all the shareholders, secured and unsecured creditors from the appointed date 16 -10 -2005 and for passing appropriate orders regarding vesting of assets liabilities between the companies in accordance with the scheme of arrangement.

(2.) THE Resulting Company was duly incorporated under the Companies Act, 1956 as Vast Textiles Ltd. on 22 -5 -2001 vide certificate of incorporation No. 17 -017036 of 2001 -02. The company was incorporated with its registered office in State of Rajasthan.

(3.) THE main objects of the Resulting Company as set out in the object clause of its Memorandum of Association have been detailed out in para No. 6 of the petition.