S. DASARADHARAMA REDDY, J.

( 1 ) THESE petitions are filed by SPS Pharama Ltd. (transferor company) and Targ of Pure Drugs Ltd. (transferee company) for approval of amalgamation of the former with the latter. Both the companies are formed for the purpose for manufacture and sale of bulk drugs and pharmaceutical formulations. The former is proposed to be amalgamated with the latter so that combined operation may be carried out more efficiently, economically leading to wider capital base. As per the scheme, from the effective date Ma 8/03/1995, all debts and liabilities, duties and obligations of the transferor company stand transferred to the transferee company. All the officers and employees of the transferor company shall be deemed to have become officers and employees of the transferee company.

( 2 ) ACCORDINGLY, meetings of the shareholders of the two companies were directed to be conducted. The chairpersons have filed reports stating that the scheme has been approved by the shareholders of the two companies. The proposed scheme was published in the newspapers both before convening of the meeting and after approval of the shareholders. Notices have been issued to the official li

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