H.P. Chaturvedi, Member - (1.) The present Petition is filed by the Petitioner Companies before this tribunal under Section 232 of Companies Act, 2013 read with National Company Law Tribunal Rules, 2016 along with The Companies (Compromises, Arrangement and Amalgamations) Rules, 2016 seeking prayer for sanction of the scheme of arrangement vide which ALPINE VACATION PRIVATE LIMITED, (hereinafter referred to as Petitioner Company No. 1 or Transferor Company 1), FREEDOM TECHNOBUILD PRIVATE LIMITED, (hereinafter referred to as Petitioner Company No. 2 or Transferor Company 2), SUPERIOR PORTFOLIO PRIVATE LIMITED, (hereinafter referred to as Petitioner Company No. 3 or Transferor Company 3), Cleave Global E Services Private Limited, (hereinafter referred to as Petitioner Company No. 4 or Transferor Company 4) will merge with SUDH INVESTMENTS PRIVATE LIMITED, (hereinafter referred to as Petitioner Company No. 5 or Transferee Company).
(2.) The petitioner companies submitted that the proposed Company Scheme of Arrangement has already been approved by its Board of Directors in its meeting which held on 20th January, 2017.
(3.) As per the present company petition, the main object and salient features of the proposed Scheme of amalgamation may be described as under: a. As a result of amalgamation, there would be reduction of the Companies leading to reduction in compliance requirements of multiple companies. b. That the scheme would result in the consolidation of the business operations undertaken by the Transferor Companies and the Transferee Company. c. The amalgamation will result in reduction in overheads, administrative, managerial and other expenditure, and optimal utilization of various resources due to consolidation of activities. There would no duplication of efforts and division of resources. d. Greater efficiency in cash management of the Transferee entity, and access to cash flow generated by the combined business. e. The Scheme shall be beneficial and in the best interests of the shareholders, debenture holders and creditors of the Transferor Companies and the Transferee Company and all concerned.;