V. Nallasenapathy, Member - (1.) The Counsel for the Applicant Company states that the present Scheme is a Scheme of Arrangement between Polysil Irrigation Systems Private Limited ("the Demerged Company") and Tufropes Private Limited ("the Resulting Company" or "the Applicant Company") and their respective shareholders.
(2.) The Counsel for the Applicant Company further submit that the Demerged Company is a manufacturer of HDPE pipes, Drip Irrigation Systems and Sprinkler System and registered MIS Supplier for Drip Irrigation System in the State of Gujarat and Maharashtra under the Micro Irrigation Scheme.
(3.) The Counsel for the Applicant Company further submit that the rationale for the Scheme is that it would lead to: (i) Dedicated management focus for each business; (ii) Achieve synergies between Demerged Undertaking and the Resulting Company in their business so as to maximise potential and derive maximum value from the business of the Resulting Company; (iii) Expedite the growth of each of the businesses; (iv) Access to various funding options for rapid growth for each of the Businesses; and (v) Enhance the portfolio of products and services presently being provided by the Resulting Company.;