S.J.MUKHOPADHAYA, J. - (1.) THIS Company Application has been jointly preferred by M/s. P. Devi Properties Pvt. Ltd. and Shree Jagannath Coal Co. Pvt. Ltd. under Sections 391 and 393 of the Companies Act. 1956.
(2.) ACCORDING to the applicants, Applicant No. 1, M/s. P. Devi Properties Pvt. Ltd. was incorporated on 28th July, 1971 as a Private Ltd. Co. by sharers under the provisions of the Companies Act. 1956. Its registered office is situated in the District of Dhanbad. The authorised share capital of the said Company is Rs. 10.00.000/ - divided into 10.000 equity shares of Rs. 100/ - each. The amount of capital paid up or credited as paid up is Rs. 9,89,800/ - divided into 9898 equity shares of Rs. 100/ - each. The details of object of Applicant No. 1. P. Devi Properties Pvt. Ltd. Company have been stated and the latest financial position of the said Company has been reflected in the audited balance sheet find profit and loss account for the year ended 31st March, 1999, enclosed as Annexure 2. The Applicant No. 2, Shree Jagannath Coal Company Pvt. Ltd. is stated to have been incorporated on 24th January. 1991 as a Private company Ltd. under the provisions of the Companies Act, 1956. Its registered office is situated at No. 3, Fancy Lane, Calcutta 700 001. The authorised share capital of the Applicant No. 2. Shree Jagannath Coal Company Pvt. Ltd. is Rs. 10,00,000/ - divided into 10,000 equity shares of Rs. 100/ - each. The issued subscribed and paid up capital is Rs. 1,10.000/ - divided into 1100 equity shares of Rs. 100/ - each are fully paid up. The object of Applicant No. 2 has also been shown. The latest position of the Applicant No. 2 is that it is still carrying on business which has been shown in the audited balance sheet and profit and loss account for the year ended 31st March, 1999. A copy of which has been enclosed as Annexure 4.
(3.) IT is stated that the object of the application is to obtain sanction of the court, a Scheme of Arrangement propounded between the Applicant Companies and their respective members, whereby and where under, Applicant No. 1. P. Devi Properties Pvt. Ltd. and all accretions thereto together with all lands, compounds, yards, rights, easement etc. situated at Katrasgarh. District Dhanbad, Bihar (now Jharkhand) and all liabilities appertaining thereto will be transferred to and vested in the Applicant No. 2, M/s. Shree Jagannath Coal Pvt. Ltd. Company, in consideration whereof the applicant No. 2 will issue and allot shares to Applicant No. 1. The rest of the business, assets and liabilities of the Applicant No. 1 shall continue to be carried on by the applicants and would remain belong to the said applicants. At the respective Boards meeting of the Applicant Companies held in July 10, 1999, the scheme of Arrangement has been approved by the Board of Directors of the Applicant Companies and a copy of the Scheme has been enclosed as Annexure 5.;