- (1.) IN this petition under Section 391 to 394 of the Companies Act, 1956, read with Rule 9 of the Companies (Court) Rules,1956 duly supported by affidavits, the Petitioner Companies seek sanctioning of the Scheme of Arrangement (Annexure P/1) vide which it is proposed to merge the "Business Manufacturing of Steel Tubes and Bicycle Rims" division of Petitioner Company I into Petitioner Company II, "Hot Rolled Division (HR Division)" division of Petitioner Company II into Petitioner Company III, "Rim Division (RD Chandigarh) division of Petitioner Company II into Petitioner Company IV and "Intellectual Property including all assets, properties, whether movable or immovable, tangible or intangible, including all the brands(s) or trademark(s)" division of Petitioner Company II into Petitioner Company V.
(2.) THE registered offices of the Petitioner Companies I to V are situated at GT Road, Dhandari Kalan, Ludhiana.
(3.) MAIN objects of the Petitioner Companies I to V are detailed in their respective Memorandum of Articles and Association which are placed on record as Annexures P -3, P -5, P -7, P -9 and P -11, respectively in the First Motion Petition i.e. Company Petition No. 9 of 2014. The Board of Directors of the Petitioner Companies 1 to V have approved the Scheme of Arrangement in their respective meetings held on 06.01.2014, which are also on the record of First Motion Petition at Annexures P -2 (colly).;