SAFAL INVESTORS SERVICES PVT LTD Vs. STATE

JUDGEMENT

(1.) THESE are the petitions filed by four companies viz. Safal Investors Services Private Limited, Prithvi Logistics Private Limited, Pacific Investors Services Private Limited and Navdurga Voyage Private Limited, for the purpose of obtaining the sanction of this Court to a Scheme of Arrangement in the nature of amalgamation of three Transferor Companies with Navdurga Voyage Private Limited, the Transferee Company; proposed under Section 391 and 394 of the Companies Act, 1956.

(2.) IT has been submitted that all the Transferor Companies are private limited companies and belong to the same group of management as that of the Transferee Company. The Transferee Company is engaged in activities relating to transportation as also Clearing and Forwarding work. Since all the companies belong to the same group of management and the transferor companies are finding new avenues of business, the amalgamations is proposed for consolidation of entities and achieve synergic benefits. The petitions give in detail the commercial and operational advantages that would flow by virtue of the proposed Scheme of Arrangement.

(3.) THE substantive petitions for the sanction of the scheme were filed by both the Companies which were admitted on 22nd January 2013. The notice for the hearing of the petitions were duly advertised in the newspapers being 'Indian Express' and 'Sandesh' both Ahmedabad editions of 6th February 2013 and the publication in the Government gazette was dispensed with as directed in the said orders.