JUDGMENT - Nain, J.

1. This is a petition under the provisions of sections 391 and 394 of the Companies Act, 1956 (1 of 1956) (hereinafter referred to as "the Companies Act"), for sanctioning of a scheme for the amalgamation of the M.G. Investment Industrial Company Ltd. (hereinafter called "the petitioner company") with the New Shorrock Spinning and Manufacturing Company Ltd. (hereinafter referred to as "the respondent-company"). The object of the petition is to obtain the sanction of this court to a scheme of amalgamation whereby the petitioner-company as transferor is to be amalgamated with the respondent-company as transferee. The respondent-company has its registered office at Ahmedabad. It has filed a petition under the provisions of sections 391 and 394 of the Companies Act, being Petition No. 3 of 1971 in the Gujarat High Court at Ahmedabad on 25th January, 1971, for sanctioning of the same scheme of amalgamation. The said petition is pending. The respondent-company has appeared before me and supported this petition. It also states that it submits to the orders of the court.

2. Some facts pertaining to the two companies may be briefly stated. The petitioner-company was in

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