Vijai Pratap Singh, Member - (1.) The instant application has been filed jointly by the Applicants, namely, Parakh Commodities Private Limited, Parakh Brothers Private Limited and Parakh Commercial Private Limited under section 230(1) and 232(1) of the Companies Act, 2013 read with Companies (Compromises, Arrangements & Amalgamations) Rules, 2016 for obtaining sanction in regard to the Scheme of Arrangement.
(2.) The object of this application is to ultimately obtain sanction of the Tribunal to this Composite Scheme of Arrangement between Parakh Commodities Private Limited, Parakh Brothers Private Limited and Parakh Commercial Private Limited and their respective shareholders whereby Parakh Commodities Private will be merged Parakh Brothers Private Limited and the Investment and Loan Division of Parakh Commercial Private Limited will get demerged and transferred and vested in Parakh Brothers Private Limited with Transfer date or Appointed date being 1st April 2016. A copy of the Scheme of Arrangement has been submitted by the Applicant Companies marked as Annexure "J" to this Application.
(3.) The Applicant Company No. 1 was incorporated on 16th day of February,1984 under the provisions of the Companies Act 1956 in the name and style PARAKH BROTHERS PRIVATE LIMITED. The Registered Office of Applicant Company No. 1 is situated at 51, Moulana Abul Kalam Azad Road, Shree Kunj, 1st Floor, Howrah- 711101 in the State of West Bengal within the aforesaid jurisdiction. The authorized Share capital of the Applicant Company is Rs 1,00,00,000/ divided into 10,00,000 equity shares of Rs.10/- each. Issued, subscribed and paid-up share capital is Rs.52,89,000/- divided into 5,28,900 equity shares of Rs.10/- each. Clause III (B)(4) of the Memorandum of Association of the Applicant Company No 1 provides them to amalgamate with any other Company(s).;