SUMMIT POWER LTD Vs. SUMMITNARAYANGONJ POWER LTD

JUDGEMENT

(1.) This is an Application under Section 228 read with Section 229 of the Companies Act, 1994 (the Act) praying for an approval of a Scheme of Amalgamation (hereinafter referred to as the Scheme as necessary) concerning the Respondent No. 1, Summit Narayanganj Power Limited (SNPL), the Respondent No. 2, Summit Uttaranchol Power Company Limited (SUPCL) and the Respondent No. 3, Summit Purbanchol Power Company Limited (SPPCL), collectively the Transferor Companies, and the Petitioner, Summit Power Limited (SPL) as the Transferee Company. SPL is a publicly listed company limited by shares incorporated under the Act with its shares being traded both in the Dhaka and Chittagong Stock Exchanges. It is engaged in the business of, among others, designing, financing, building, owning, operating and maintaining power plants for generation of electricity, and to sell such electricity to relevant government authorities. SPLs authorized share capital is Tk. 1500,00,00,000/- divided into 120,00,00,000 ordinary shares of Tk. 10/- each, amounting to Tk. 1200,00,00,000/- and Tk. 3,00,00,000/- fully convertible preference shares of Tk. 100/- each amounting to Tk. 300,00,00,000/-. Presently, the issued and paid up share capital of SPL is Tk. 826,41,57,750/- divided into 82,64,15,775 shares.