TIRUPATI ALUMINIUM LIMITED Vs. STURDY INDUSTRIES LIMITED

JUDGEMENT

(1.) This petition is instituted under Ss. 391 to 394 of the Companies Act, 1956 between petitioner company/transferor company and transferee company. Transferor company was incorporated on 17.10.1994 under the name and style of M/s. Sahyog Capital Services Limited as Non -banking Finance Company. Its name was changed to M/s. Keffel Finance Limited. The name of petitioner company was changed to M/s. Tirupati Aluminium Limited on 25.5.2004. The registered office of the transferor company is at Judi -Kalan, Near IOC Bottling Plant, District Solan, H.P. Its authorized share capital is Rs. 35,000,000/ - divided into 35,00,000/ - equity share of Rs. 10/ - each. The issued, subscribed and paid up share capital of the transferor company is Rs. 30,023,000/ - divided into 30,02,300 equity shares of Rs. 10/ - each fully paid up. The main objects of memorandum of article of association are to manufacture, process, smelt, extrude, rolling and drawing for production of aluminium and all alloys/non -alloys steel and aluminium powers, or flakes, foils sheets, strips, bars, rods, ingots profiles, conduit and cables, wires, tubes, pipes and pipe fittings of aluminium and other alloys/non alloys metals. The transferor company is engaged in the business of manufacturing of trading of aluminium wire rod and other including manufacturing of plastic pipes and irrigation system. The financial position of the transferor company as on 30.9.2015 was as under:

(2.) There is no change in the share capital of the company excepting those arising or resulting from the usual course of business.

(3.) The transferee company was incorporated on the 27.7.1989 under the name and style of M/s. Sturdy Polymers Limited. The name of transferee is changed to Sturdy Industries Limited on 2.5.2003. The registered office of the transferee company is situated at plot No. 21, Baddi, District Solan. The authorized share capital of the transferee company is Rs. 18,50,00,000/ - divided into 2,00,000 preference share of Rs. 100 each and Rs. 8,25,00,000 equity shares of Rs. 2/ - each. The issued, subscribed and paid up share capital of the transferee company is 2,00,000 preference share of 100 each and Rs. 6,43,08,960/ - equity shares of Rs. 2/ - each. The objects of the transferee company, inter alia, are as follows: