Rajeswara Rao Vittanala, Member - (1.) The Company Petition bearing C.P.(CAA) No.133/230/HDB/2017 is filed by M/s. Edelcap Securities Limited (Petitioner / Resulting Company) under Sections 230 & 232 of the Companies Act, 2013, by inter-alia seeking to sanction and confirm Scheme of Arrangement in question so as to be binding on all the Equity Shareholders / Members, and employees of the Petitioner / Resulting Company, etc.
(2.) Brief facts of case, which are relevant to the issue in question, in brief, are submitted as under: a. M/s. Edelcap Securities Limited (Petitioner / Resulting Company) is a Public Limited Company incorporated under the provisions of the Companies Act, 2013 on 11.01.2008. Its Registered Office is situated at 2nd Floor, MB Towers, Plot No. 5, Road No. 2, Banjara Hills, Hyderabad- 500034, Telangana;. Company petition for sanctioning the scheme of Arrangement between the Demerged Company and Resulting Company and their respective shareholders before the National Company Law Tribunal, Mumbai Bench at Mumbai. Accordingly, the National Company Law Tribunal, Mumbai Bench has sanctioned the said scheme of arrangement in question on 10-08-2017 and a copy of the same is filed by the learned counsel for petitioner by means of a Memo dated 26-09-2017.
(3.) Both the companies are closely held companies held by the same management. The scheme of Arrangement will have the following benefits. (i) Stronger business focus on individual businesses as the business risks and growth strategies related to these businesses are significantly different; (ii) More focused management and greater visibility on the performance of individual businesses; (iii) Enable unlocking of value of the businesses, as and when required and desired; (iv) Building strong capability to effectively meet future challenges in competitive business environment. (v) Facilitate investment and strategic partnership for individual businesses; (vi) Synergy of the combined strength of Capital based business.;