IN RE, COMPETENT HOTELS PRIVATE LIMITED Vs. STATE

JUDGEMENT

(1.) This Company petition has been filed by the petitioner Divine Heritage Hotels Private Limited (Transferor Company) seeking sanction of the scheme of amalgamation and arrangement with Mahindra Holidays and Resorts India Limited (Transferee Company) filed under Sections 391(2)394 of the Companies Act, 1956 (hereinafter 'the Act of 1956') read with Sections 52, 100 to 104 of the Act of 1956 so as to be binding on all its shareholders and creditors.

(2.) The petitioner Divine Heritage Hotels Private Limited (Transferor Company) with its registered office at No.24, 25 and 26 Mahindra Towers, Durga Vihar Colony, Tonk Road, Jaipur was registered on 23-1-2008. Its share capital as on 31-3-2015 was Rs.75,00,000/- having 7,50,000 equity shares of Rs.10/- each. Issued, subscribed and paid up share of the petitioner company was 70,00,000/- having 7,00,000 equity shares of Rs.10/- each. There is no change in the capital structure.

(3.) The authorised share capital of the Mahindra Holidays and Resorts India Limited (Transferee Company) as on 31-3-2015 was 1,00,00,00,000 having 10,00,00,000 equity shares of Rs.10/- each. Issued, subscribed and paid up share capital was Rs.88,02,62,510/- having 88,780,856 equity shares of Rs.10/- each. There is no change in the capital structure of the transferee company. The scheme is annexed with this petition as Annexure-1.