( 1 ) VENESTA Foils Ltd. , a company incorporated in the U. K. , manufactures and markets aluminium foils and allied products extensively in the U. K. and in other countries throughout the world. On the 17th March, 1939, another company called the Foil Centre Ltd. was incorporated under the English Companies Act with an authorised capital of 100 divided into 100 shares of 1 each of which only two shares were issued as fully paid-up and held by Venesta Foils Lfd. On the 20th April, 1961, at an extraordinary general meeting of Foil Centre, resolutions were passed changing the name of that company to India Foils Ltd. and also increasing the authorised capital by a further sum of 900 devided into 900 shares of 1 each. By an agreement dated the 30th November, 1961, Venesta agreed to transfer all its immovable properties, factories, plants, machinery and other movable and immovable assets in India to the petitioner, India Foils Ltd. , the present petitioner, at the value shown in the books of Venesta while the petitioner undertook to meet all the liabilities of Venesta incurred on account of its Indian business including a loan of 204,328 due by Venesta to Messrs. Reynolds