- (1.) Heard learned counsel for parties. No objector has come before the Hon'ble Tribunal to oppose the Scheme of Arrangement nor has any party controverted any averments made in the Company Scheme Petitions.
(2.) The sanction of the Hon'ble Tribunal is sought under Sections 230 to 232 read with Section 52. 66 of the Companies Act, 2013 and other relevant provisions of the Companies Act, 2013 to a Scheme of Arrangement between Deccan Mechanical and Chemical Industries Private Limited, the Demerged Company and Demech Power & Engineering Services Private Limited, the Resulting Company and their respective shareholders (both the Companies hereinafter referred to as "the Petitioner Companies") for Demerger of Demerged Undertaking consisting of properties and investments of Deccan Mechanical and Chemical Industries Private Limited into Demech Power & Engineering Services Private Limited and cancellation of equity shares of Demech Power & Engineering Services Private Limited.
(3.) The Learned counsel for the Petitioner Companies states that the Demerged Company is presently engaged in business of Dealing & Manufacturing of all kinds of Engineering Equipment's and Machinery' and holds properties and investments and the Resulting Company is presently not carrying on any business activities.;