BANSWARA SYNTEX LTD Vs. STATE

JUDGEMENT

(1.) This Company Petition under Sections 391 to 394 of Companies Act, 1956 ( for short "Act") has been filed by the Petitioner-Banswara Syntex Ltd. seeking sanction of proposed Scheme of Amalgamation between M/s. Banswara Syntex Limited (hereinafter referred to as 'Transferee Company') and Banswara Global Limited and Banswara Fabric Limited (hereinafter referred to as 'Transferor Companies'), whereby the entire undertaking of the Transferor Companies with assets & liabilities upon the Scheme becoming effective, shall without further act, deed, matter or thing shall stand transferred to and vested in the Transferee Company, so as to become properties and liabilities of the Transferee Company.

(2.) The registered offices of the Transferee and Transferor Companies are situated at Industrial Area, Dahod Road, Banswara, within the jurisdiction of this court.

(3.) The Petitioner Transferee Company was incorporated under the provisions of Companies Act on May 5, 1976 with the main objective to carry on business of spinning, doubling, weaving, scouring, sizing, bleaching, colouring, dying, printing and finishing, working or manufacturing in any way and also to carry on business of manufactures and dealers in all types of cotton, linen, wool, silk, rayon, cloth, man-made and other fibrous articles or textile substances.