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TMI Blog2009 (5) TMI 550X X X X Extracts X X X X X X X X Extracts X X X X ..... s on behalf of the Regional Director and since the entire arrangement is with a view to enhance the business prospects of the petitioners - companies, on the basis of their economic prudence. No reason to decline the arrangement and, accordingly, sanction the scheme of arrangement as envisaged under Annexure-A by the four petitioners - companies. Scheme of arrangement allowed. - COMPANY PETITION NOS. 13 TO 16 OF 2009 - - - Dated:- 29-5-2009 - MRS. B.V. NAGARATHNA, J. Dhyan Chinnappa and Kashyap N. Naik for the Petitioner. B. Pramod for the Respondent. ORDER 1. These four company petitions have been filed under sections 391 and 394 of the Companies Act seeking sanction of a scheme of arrangement. Since the scheme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... signing different kind of minerals to the respective companies, this scheme of arrangement [demerger] has been envisaged by the petitioners. The rationale and purpose of the scheme is stated to be that the transferor company should concentrate on gold business only while the other businesses should be transferred to other three transferee companies. 5. After the scheme of arrangement was approved between the shareholders of the respective petitioner-companies, company applications were filed seeking dispensation of the meeting of the shareholders, secured and unsecured creditors, M/s. Geomysore Service India Private Limited filed C.A. No. 9 of 2009, M/s. Premier Nickel Mines Private Limited filed C.A. No. 10 of 2009, M/s. Marwar Mineral ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n envisaged. The purpose of the scheme has been mentioned in Annexure-A. 9. Learned counsel for the petitioner has taken me through various annexures filed along with the petitions with regard to the objects for which the four companies have been incorporated and also their financial status. He submits that since no objections have been raised by the Regional Director and that the observations which have been made would be complied with by the petitioners, there is no impediment for allowing these petitions. 10. Per contra, it is submitted on behalf of the Regional Director that since the petitioners are in the business of mining and exploration of minerals, the applications filed before various State Governments as well as the Ce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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