- (1.)BY order dated 28.11.2008, Visa Power Limited, Kolkata was granted trading licence for Category 'B' to trade in electricity as an electricity trader in the whole of India in terms of Regulation 6 of the Central Electricity Regulatory Commission (Procedure, Terms and Conditions for grant of trading licence and other related matters) Regulations, 2004, Consequent to the amendment of notification of the Central Electricity Regulatory Commission (Procedure, Terms and Conditions for grant of trading licence and other related matters) Regulations, 2009, the licence stands re -categorised as category 'III'. Consequent to the further amendment of Central Electricity Regulatory Commission (Procedure, Terms and Conditions for grant of trading licence and other related matters) Regulations, 2009 the licence stands re -categorised as Category 'IV'. In the present application, the petitioner Visa Power Limited (VPL) has made following prayers to:
(a) Accord approval to assign the Licence No. 23/Trading/CERC in favour of its wholly owned subsidiary company, Visa Power Trading Company Limited;

(b) Pass such other orders or order as Hon'ble Commission deems fit and expedient;

(c) Permit it to remove deficiency, if any in the above petition.

(2.)ACCORDING to the petitioners, on 5.3.2011 VPL has incorporated a 100% wholly owned subsidiary company, namely a Visa Power Trading Company Limited (VPTCL) having CIN No. U40101wb2011plc160256, with the intention to hive off the trading undertaking into a separate power trading company.
Visa Power Trading Company Limited was incorporated under the Companies Act, 1956 on 5.3.2011. Main object of the Memorandum of Association of the VPTCL reads as under:

1. To distribute, purchase, sell, trade, import, export or accumulate or otherwise deal in all forms of energy/power generated by way of wind, solar, hydro, thermal, bio -mass, coal, gas, geothermal, or any other form of power from conventional and/or non -conventional sources in all aspects to plan, promote, develop, establish distribution networks or systems, trading platforms and to acquire....

(3.)VPL has submitted that at present the paid up capital of Visa Power Trading Company Limited is Rs. 1,02,50,000/ - which is entirely held by it. The subsidiary company, i.e. Visa Power Trading Company Limited does fulfill all the conditions specified in 2009 Trading Licence Regulations.