V.P. Singh, Member - (1.) This application has been filed by the Applicant Companies, namely, (1) PIC Departmentals Private Limited; (hereinafter referred to as the Demerged Company/Transferee Company); (2) Space Resort Private Limited(hereinafter referred to as the Transferor Company; (3) Rudramukhi Realestate Private Limited(hereinafter referred to as the Resulting Company) for obtaining sanction of this Tribunal to a Scheme of Demerger and Amalgamation by which (i) the "Franchise Business Division" of the Demerged Company(PIC Departmentals Private Limited), Applicant No. 1, is demerged and transferred and consolidated as a going concern to and in the Resulting Company(Rudramukhi Realestate Private Limited), Applicant No. 2, and in consideration thereof, issue of equity shares by the Resulting Company to the shareholders of the Demerged Company and (ii) the Transferor Company(Space Resorts Private Limited), Applicant No. 3, is entirely merged with the Transferee Company(PIC Departmentals Private Limited, Applicant No. 1) on a going concern basis and in consideration thereof, issue of equity shares by the Transferee Company to the shareholders of the Resulting Company.
(2.) The proposed scheme of Demerger and Amalgamation will result in economies of scale, reduction in overhead and other expenses, reduction in administrative and procedural work, elimination of duplication of work, better and more productive and effective utilization of the resources of the applicant companies to enable the applicant companies to effect internal economies and optimize productivity.
(3.) The Scheme of Demerger and Amalgamation will have beneficial results for all the applicant companies concerned, their shareholders, employees, creditors and all concerned.;