SKIPPER ELECTRICALS Vs. STATE

JUDGEMENT

(1.) THIS petition under Sections 391(2) and 394 of the Companies Act, 1956, (in short 'Act of 1956') seeking approval of the scheme of amalgamation between Skipper Electricals (India) Limited [hereinafter referred to as the 'Transferor company' (Company No. 1), with SEIL Powergears Limited (hereinafter referred to as the 'Transferee Company (Company No. 2)'].

(2.) THE transferor company was incorporated on 23 -5 -1989 under the provisions of Companies Act, 1956 as a private limited company and converted into a public limited company vide special resolution dated 28 -6 -1994. Fresh certificate of incorporation dated 21 -10 -1994 was issued by Assistant Registrar of Companies, NCT of Delhi and Haryana. The authorised share capital of the transferor company is Rs. 10,00,000 (Rupees ten lakhs) divided into 10,000 (ten thousand) equity shares of Rs. 100 each. The issued, subscribed and paid up share capital of the transferor company is Rs. 5,00,000 (Rupees five lakhs) divided into 5,000 (five thousand) equity shares of Rs. 100 each fully paid up.

(3.) SUBSEQUENT to the date of audit 890 equity shares of Rs. 100 each of the transferor company have been allotted in the name of Shri Jitender Sachdeva, as such paid up share capital presently is Rs. 5,00,000 (Rupees five lakhs). There is no substantial change in the financial position of the transferor company.