Mohd. Sharief Tariq, Member - (1.) Under consideration are the Company Applications filed jointly by the Petitioner Companies before the Hon'ble High Court of Madras and transferred to this Tribunal pursuant to the Companies (Transfer of Pending Proceedings) Rules, 2016 & renumbered as TP (HC)/16 & 17/CAA/2017. The purpose of the Company Petitions is to obtain sanction of the Scheme of Amalgamation (in short, 'Scheme') between M/s. NSL Power Equipment Trading Private Limited (hereinafter referred to as 'Transferor Company') and M/s. ReGen Powertech Private Limited (hereinafter referred to as 'Transferee Company') and their creditors and shareholders in terms of the said scheme of amalgamation.
(2.) The Share Capital of the Companies as on 31st March, 2015 is as under:
(3.) At the outset, it is necessary to know the details of the scheme which needs determination. Both the Companies are Private Limited Companies having its registered office at KRM Plaza, North Tower, 7th Floor, 2, Harrington Road, Chetpet, Chennai- 600032 and the Board of Directors of both the companies vide their resolutions dated 27th May, 2011 have approved the said scheme of Amalgamation. The Transferor Company is engaged in the business of trading, generating, accumulating distributing, leasing and renting of electricity, steam, power, solar energy, geo-thermal energy and wind energy whereas the Transferee Company is engaged in the business of development and procurement of technology for sourcing and supply of wind energy generators, development and establishment of wind power projects and power evacuation facilities on a worldwide basis.;