R.P. Nagrath, Member - (1.) This petition is filed under rule 15 of the Companies (Compromise, Arrangements and Amalgamation) Rules, 2016 (for brevity the 'Rules') seeking the sanction of the Scheme (Annexure P-1) of Amalgamation (here-in-after referred to as 'Scheme'), Annexure P-2 between the Petitioner companies.
(2.) Petitioner No. 1 is a Private Limited Company initially incorporated on 19.05.1992 and its name was changed to the present name as per certificate dated 21.05.2010 issued by the Registrar of Companies, Punjab having its registered office at Ludhiana, Punjab. The main objects of the transferor company are enumerated as under: - "1. To manufacture, export, import, produce or prepare and deal in threads, yarn, wool, clothing, waste and knitwear, shawls, mufflers, socks, jerseys, rayon, tapes, staple and other woven and knitted fabrics and fabricated goods of all description, 2. To carry on the business or businesses of spinning, twisting, doubling, weaving, knitting, combing, manufacturing, processing or preparing, darning, packing, bleaching, dyeing, coloring, printing, selling and buying, dealing in various fibers like wool, cotton staple, silk and artificial silk, flax, jute and other man-made synthetic fibers, nylon, mohair, polyester and substances including waste, wool tops and woolen rags.
(3.) To carry on all or any of the following businesses namely wool merchants, wool cambers, worsted spinners, woolen spinners, shoddy spinners, knitters, top makers, thread & yarn merchants, bleachers, dyers, makers of vitriol, bleaching & dying materials and to purchase, comb, prepare spin, dye and deal in flax, jute, cotton, silk and other fibrous substances and to process or otherwise manufacture, buy, sell and deal in linen, cloth, hosiery and other goods and fabrics, whether natural or man-made.;