Vijay Pratap Singh, Member - (1.) This application has been filed by the Applicant Companies, namely, Sai Sponge (India) Private Limited (herein the "Transferor Company) and Sai Iron (India) Private Limited (herein "Transferee Company") for obtaining sanction of this Tribunal regarding Scheme of Amalgamation of the above mentioned companies.
(2.) The instant application has been filed under section 230 read with section 232 of the Companies Act, 2013 for directions to call separate meetings of Equity shareholders of the Applicants to consider and if thought fit to approve the proposed scheme of amalgamation, with or without modification.
(3.) The object of this application is to ultimately obtain sanction of this Tribunal to the proposed scheme of amalgamation to be made between the Transferor Company, Transferee company and their respective shareholders whereby and whereunder the entire undertaking of the Transferor Company with all assets and liabilities relating thereto as a going concern is proposed to be transferred to and vested in the Transferee Company.;