- (1.) The Counsel for the Applicants states that the present Composite Scheme of Amalgamation and Arrangement provides for the amalgamation of the Airavat Industries Private Limited ("First Applicant Company" or the "First Transferor Company") with Abbie Infraventures Private Limited ("Second Applicant Company" or "First Transferee Company" or "Second Transferor Company"), amalgamation of Abbie Infraventures Private Limited ("Second Applicant Company" or "First Transferee Company" or "Second Transferor Company") and Satec Solar Energy Private Limited ("Third Applicant Company" or "Third Transferor Company") with Satec Envir Engineering (India) Private Limited ("Fourth Applicant Company" or "Second Transferee Company" or "Resulting Company") and the demerger of the Demerged Undertaking of Trans Polyurethane Private Limited ("Demerged Company") into Satec Envir Engineering (India) Private Limited ("Fourth Applicant Company" or "Second Transferee Company" or "Resulting Company") pursuant to the relevant provisions of the Act.
(2.) The Counsel for the Applicant Companies further submit that rationale for Scheme is that Amalgamations would result in reducing the number of entities in the Group and thereby reducing the administrative cost and hassle of maintaining companies. The demerger would facilitate the Demerged Company to focus on its core activity. Further, the restructuring would enable fund raising for the entities, including raising of capital through strategic or private equity transaction or listing of the companies on a standalone basis.
(3.) That meeting of the Equity Shareholders of the First Applicant Company, be convened and held at C-102, 1st Floor, Waterford Building, CD Barfiwala Road, Juhu Lane, Andheri West, Mumbai, Maharashtra 400056 on 12th day of June, 2017 at 10.00 a.m. for the purpose of considering and if thought fit, approving, with or without modification(s), the proposed Composite Scheme of Amalgamation and Arrangement between Airavat Industries Private Limited and Abbie Infraventures Private Limited and Satec Solar Energy Private Limited and Satec Envir Engineering (India) Private Limited and Trans Polyurethane Private Limited and their respective shareholders;;