V. Nallasenapathy, Member - (1.) Heard learned counsel for parties. 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 the tribunal is sought under Sections 230 to 232 of the Companies Act, 2013 to a Scheme of Amalgamation between Hoerbiger India Serial Technology Private Limited, ('the Transferor Company') and Hoerbiger India Private Limited ('the Transferee Company') and their respective shareholders.
(3.) Learned counsel of the Petitioner Companies states that Transferee Company is engaged in the business in manufacture and sale of parts of Air Compressors, Suction and Discharge Valves (including parts) for reciprocating compressors and rotary compressor components, scavenge valves, marine valves, wear parts such as rings and packing, step less capacity control equipment etc. and also undertakes software development and IT Enabled Services and the Transferor Company is engaged in the business of manufacture and sale of rotary compressor components, reed valves. Thus both are engaged in the similar line of business, there will be exploitation of individual strengths, avoid duplication of efforts and will provide foundation for big ticket growth of the enterprise. This will enable the entities to best utilization of capital and will facilitate expansion of amalgamated entity.;