- (1.) Heard learned Counsel for the parties. No objector has come before the court to oppose the Scheme and nor any party has controverted any averments made in the Petitions.
(2.) The sanction of the Tribunal is sought under Sections 391 to 394of the Companies Act 1956 and Sections 230 to 232 read with Rule 15(1) of Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 and other applicable provisions of Companies Act, 2013, to a Scheme of Amalgamation between Nandi Seeds Private Limited, ("Transferor Company") AND Biostadt MHseeds Private Limited, ("Transferee Company") AND Their respective shareholders and creditors.
(3.) The Learned Counsel for the Petitioners states that, the Transferor Company is engaged in the business of carrying on the research and development, production, processing, marketing of seeds, whether by trading, producing of all types and nature without any limitation as to technology employed and activities of all types and kind of agriculture, horticulture, farm produce and products including seeds, plants flowers, vegetables, fruits. Whereas the Transferee Company is engaged in the business of carrying on to develop, grow, manufacture, produce, breed, treat, process, evaluate, market, buy, sell, supply, distribute, multiply, maintain, outsource, identify, commercialize, import, export, research and otherwise deal in agricultural seeds, hybrid seeds, mega hybrid seeds, commercial seeds, genetic product of all kinds and to add value to commercializable products through genetic engineering, other biotech methods and to collect genetic material, categorize and maintain for use different classes of germ plasm in breeding program.;