V.P. Singh, Member - (1.) The instant joint Application filed under Sections 230-232 of the Companies Act, 2013 filed by the Petitioner Nos.1 to 2, namely: 1. C. SURENDRA TRADING & INVESTMENTS PRIVATE LIMITED (Transferor Company) 2. WELLPROMOTE PRIVATE LIMITED ... (Transferee Company) This is a petition under Sections 230-232 of the Companies Act, 2013 praying for sanctioning the Scheme of Amalgamation proposed to be made between the Transferee Company, Transferor Company and their respective shareholders whereby and where under 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 Transferee Company. The Scheme of Amalgamation is annexed with the petition as Annexure-"E".
(2.) It is stated in the petition that C. Surendra Trading & Investments Private Limited (CISTIPL) is a Non-Banking Financial Company (NBFC) engaged in the business of investment and trading in shares and other securities.
(3.) It is submitted in the application that in the circumstances, the proposed Scheme of Amalgamation will result in more efficient utilization of capital, consolidate and simplify group corporate structure resulting in savings in administrative and operating costs. It is stated in the petition that cost savings are expected to flow from more focused operational efforts, rationalization, standardization and simplification of business processes, productivity improvements, improved procure and synchronizing of efforts to achieve uniform corporate policy.;