- (1.) Heard Counsel for the parties. No objector has come before the Tribunal to oppose the Scheme nor has any party controverted any averments made in the Petition.
(2.) The sanction of the Tribunal is sought under Sections 391 to 394 read with Section 100 to 103 of the Companies Act 1956 and Sections 230 to 232 read with Sections 52 of the Companies Act 2013 to a Scheme of Arrangement ("Scheme") amongst Deepak Fertilisers And Petrochemicals Corporation Limited ("Transferor Company"); SCM Fertichem Limited ("Transferee Company"/"Demerged Company") and Smartchem Technologies Limited ("Resulting Company").
(3.) The Learned Counsel for the Petitioners states that the Transferor Company is engaged in the business of, inter alia, manufacturing and selling of fertilisers ("Fertiliser Business"), technical ammonium nitrate ("TAN Business"), bulk chemicals, mining chemical, generation and distribution of power and value added real estate. The Transferee Company has been incorporated for, inter alia, manufacturing and trading of fertilisers, petrochemicals and their by-products. The Resulting Company is engaged in the business of, inter alia, manufacturing and trading of ammonium nitrate and weak nitric acid.;