KHANDWALA ENTERPRISE PRIVATE LIMITED Vs. STATE
HIGH COURT OF GUJARAT
Khandwala Enterprise Private Limited
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(1.) Mrs. Swati Soparkar, learned advocate for the petitioner has tendered additional affidavit dated 15.6.2016, which is taken on record.
(2.) This is a petition filed by the Petitioner Resulting Company for sanction of a Scheme of Arrangement in the nature of Demerger and Transfer of Investment Business of SPS Share Brokers Private Limited, the Demerged Company to Khandwala Enterprise Private Limited, the Petitioner Resulting Company, under Section 391 to 394 of the Companies Act, 1956. It has been submitted that the Demerged Company having its registered office at Mumbai has taken out the requisite proceedings before the Bombay High Court.
(3.) It has been submitted that SPS Share Brokers Private Limited, the Demerged Company has been engaged in Share Broking business as well as Investment Business in shares and securities including derivatives. It has been realized that Investment Business has different risks and return profile particularly due to volatility in global as well as Indian market.
In view of the same, to avoid any adverse impact on Broking business, it has been proposed by the Demerged company to demerge and transfer its Investment Business Division to Khandwala Enterprise Private Limited, the Resulting Company, which has been engaged in similar activities. The petitions give in details the benefits envisaged due to the scheme.;
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