V.P. Singh, Member - (1.) The purpose of this Application is to obtain the sanction under Sections 230 to 232 read with Section 66 of the Companies Act, 2013, read with Companies(Compromises, Arrangements, Amalgamations) Rules, 2016 of the Scheme of Arrangement for demerger of rail Business Undertaking of Speedcrafts Limited, First Applicant/Demerged Company) in Phooltas Technologies Private Limited, Second applicant/Resulting Company) and reduction of issued and paid up capital of the Applicant Companies.
(2.) A copy of the Scheme of Arrangement is annexed with the application and marked as Annexure "A".
(3.) It is submitted in the application that the business of First Applicant Company carried on by itself and through its subsidiaries/affiliate companies/strategic investments in other companies, can broadly be segregated into the following : i) Rail Business Undertaking ; and ii) Road Business Undertaking;