- (1.) Heard learned counsel for the parties. No objector has come to oppose the Scheme nor any party has controverted any averments made in the Petitions.
(2.) The sanction of the Court is sought under Companies Act, 2013 and under Sections 391 to 394 of the Companies Act, 1956 to an arrangement embodied in the Scheme of Arrangement (Demerger) between Chika Private Limited, the Transferor Company, and Bristol Boats Private Limited, the Transferee Company.
(3.) The learned Advocates for the Petitioner Companies state that the Transferor Company (Chika Private Limited) is engaged in the business of Chemicals Trading Business and Boat/s Building Business and the Transferee Company (Bristol Boats Private Limited) is engaged in the business of ship builders, ship wrights, ship designers, etc.;