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TMI Blog2020 (9) TMI 711X X X X Extracts X X X X X X X X Extracts X X X X ..... he present petition has been filed by the Petitioner Companies named above for the purpose of the approval of the Scheme of Amalgamation, as contemplated between the Companies and its Shareholders by way of Amalgamation of Transferor Companies with the Transferee Company. As per the Scheme of Amalgamation (in short, 'Scheme'), "M/S Garg Petroleum Private Limited (Transferor Company 1), M/s. I ME International Private Limited (Transferor Company 2), M/s. Kotia Estates Private Limited (Transferor Company 3), M/s. Simple Fin-Lease Private Limited (Transferor Company 4)" propose to get merged with M/s. Eclear Leasing and Finance Private Limited" (Transferee Company) as going concerns. 2. The Transferor Company Number 1 is a private Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -110001. Its Corporate Identification Number (in short "CIN") is U74899DL1995PTC069216. 7. The Transferor Company Number 1 is carrying on the business of exporters, importers and dealer's inn fuel and other oils, LPJ. Kerosene mobile oil, petroleum of every kind and the business of refiners of such oil and all accessories required petroleum for the equipment and operation of the said oil wells and refiners and sell, deal, import and export the by-products of petroleum and lubricating oils. 8. The Transferor Company Number 2 is carrying on the business of manufacture, design, prepare, fabricate, install, equip, maintain, buy, sell, enter into collaboration, import and export, hospital, laboratory and industrial safety equipment, breath ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sel appearing for the Petitioner Companies has submitted that 5.1 of the present Scheme states that upon coming into effect of the scheme and with effect from the appointed date, the assets and properties whether comprised in any undertaking or otherwise of the Transferor Companies as defined herein, save as provided in sub clauses (i), (ii),(iii) shall under the provisions of Section 230-232 and other applicable provisions of the Act, and pursuant to the sanction of the NCLT, without any further act or deed or matter or thing to be made, done or executed but subject to the changes affecting the same as on the effect date, shall stand transferred to and vested in the Transferee Company as going concerns so as to become the undertaking and p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as notified under the Companies Amended Rules 2016. This is being confirmed by the certificate issued by the Chartered Accountant. 18. Paragraph 3.2 of the Scheme provides for the rationale of the scheme of amalgamation, it states that the proposed amalgamation of the Transferor Companies with the Transferee Company is for the purposes of better, efficient and economical management, control and running of the businesses and for further development and growth of the business of the Transferee Company and the Transferee Company shall result in following benefits such as a. consolidation and simplification of the group structure b. Synchronizing of efforts to achieve uniform corporate policy c. reducing operating and compliance costs etc. 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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