- (1.) Heard Counsel for the parties. No objector has come before this Tribunal to oppose the Scheme nor has any party controverted any averments made in the Petition.
(2.) The sanction of this Tribunal is sought under Sections 391 to 394 read with Sections 100 to 103 of the Companies Act 1956 and Sections 230 to 232 read with Section 52 of the Companies Act 2013 to a Composite Scheme of Amalgamation and Arrangement amongst The Walt Disney Company (India) Pvt. Ltd. ("Transferor Company 1"); Indiagames Ltd., ("Transferor Company 2") and UTV Software Communications Ltd. ("Scheme").
(3.) The Transferee Company presently is in the business of production and distribution of content on various media including interactive and digital platforms. The Learned Counsel for the Petitioners states that the existing business of the Transferor Company 1 includes licensing and exploitation of original artistic and other creative works on various platforms including digital media and character merchandise. The Transferor Company 2, inter alia, develops, aggregates and distributes content on interactive media and digital platforms. The Transferor Company 2 is also in the business of creating digital applications including games based on the content developed by the Transferee Company.;