V. Nallasenapathy, Member - (1.) Heard learned counsel for parties. No objection has come to oppose the Scheme nor has any party controverted any averments made in the Petitions.
(2.) The sanction of the Court is sought under section 230 to 233 of the Companies Act 2013 to an arrangement embodied in the proposed Scheme of Amalgamation of ORICON PROPERTIES PRIVATE LIMITED ("the Transferor Company") with ORICON ENTERPRISES LIMITED ("the Transferee Company").
(3.) The learned Advocate for the Petitioner Companies states that the Transferor Company and Transferee Company are closely held companies and all the companies are part of the same group and the Transferor Company is a Wholly Owned Subsidiary of the Transferee Company. The Transferor Company is engaged in the business of construction, development of land and real estate activities and the Transferee Company is engaged in the business of manufacture of petro chemical products, Liquid Colorants and trading activities.;