OM METALS INFRAPROJECTS Vs. STATE

JUDGEMENT

(1.) THE petitioners have filed this petition under Sections 391 and 394 of the Companies Act, 1956 (hereinafter shall be referred to as the 'Act of 1956') for sanctioning the scheme of amalgamation between the petitioner and the petitioner companies No. 1 to 6.

(2.) THE petitioner Transferee Company was originally incorporated on 22 -12 -1971 in the name of 'Om Metals Pvt. Ltd.' which was changed to 'Om Metals and Minerals Pvt. Ltd.' on 27 -2 -1973. Thereafter the status of the petitioner transferee company was converted into a Public Limited A Company under the provisions of Section 43A of the Act (Deemed Public Company) with effect from 1 -7 -1989. Further the name of the petitioner Transferee Company was changed to Om Metals Ltd. on 31 -1 -2005 which again came to be changed to the present name 'Om Infraprojects Ltd.' on 29 -3 -2006. The petitioner Transferee company is a public limited company listed at the Bombay Stock Exchange. The company is mainly engaged in the business of providing turn key solutions for hydro mechanical equipment and steel fabrication, real estate projects and manufacture of industrial and Medical gases.

(3.) THE main objects of the petitioner transferee company as set out in the object clause of its Memorandum of Association have been detailed out in para No. 5 of the petition. The copy of the latest audited annual accounts of the petitioner transferee company for the year ended on 31 -3 -2006 has been submitted as Annexure B to the petition.