- (1.) Heard the teamed counsel for the Petitioner Companies. No objector has come before this Hon'ble 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 230 to 232 read with Section 66 of the Companies Act, 2013, to the Scheme of Amalgamation and Arrangement amongst Ankita Pratisthan Limited and Mayuka Investment Limited and Puneet Trading and Investment Company Private Limited and Zipahead.com Private Limited and Mahanadi Trading Private Limited and Shreevallabh Textile Private Limited and Keshav Power Limited and Shree Nirman Limited and Rama Investment Company Private Limited and their respective shareholders and creditors (hereinafter referred to as 'the Scheme') .
(3.) The Counsel for the Petitioner Companies submits that the rationale of the Scheme consisting of the following: a. Amalgamation of Ankita, Mayuka, Puneet Trading, Zipahead, Mahanadi and Shreevallabh with Rama; b. Demerger of the Identified Undertaking 1 of Keshav Power into Rama; and c. Demerger of Identified Undertaking 2 of Shree Nirman into Rama. Is as follows: a) Simplification of group structure by elimination of multiple entities and achieve greater administrative efficiency; AND CSP NO 517 OF 2017 b) Elimination of administrative functions and multiple record keeping, thus resulting in reduced expenditure; and c) Unlocking and maximizing shareholder value.;