RAJIV SHAKDHER, J.

CA 101/2016 (condonation of delay)

1. This is an application filed by the Official Liquidator to seek condonation of delay of 100 days in filing the report.

2. For the reasons given therein, the delay is condoned and the application is allowed.

CO.PET. 536/2015

3. This is a second motion petition filed jointly by Parkview Apartments Private Limited (i.e. the transferor company no.1/petitioner no.1), Parkview Buildhome Private Limited (transferor company no.2/petitioner no. 2), Parkview Infrastructures Limited (transferor company no.3/petitioner no. 3), Solid Buildwell Private Limited (transferor company no.4/petitioner no. 4), Babylon Builders Private Limited (transferor company no.5/petitioner no. 5), Bestech Estate Developers Private Limited (transferor company no.6/petitioner no. 6), Navyug Infrastructure Private Limited (transferor company no.7/petitioner no. 7), Nightingale Properties Private Limited (transferor company no.8/petitioner no. 8) and Bestech India Private Limited (i.e. the transferee company/petitioner no.9) under Section 391 and 394 of the Companies Act (in short the 1956 Act), in connection with the Scheme of Amalgamation proposed by them (hereafter referred to as the scheme). A copy of the scheme is enclosed with the petition.

4. The transferor companies and the transferee company will hereafter be collectively referred to as the petitioners.

5. The petitioners aver that the scheme aims to eliminate the duplication of work, reduction in the overheads, better and more productive utilization of human resource and enhancement of overall business efficiency. The scheme will enable consolidation of shareholdings and finances and consequently promote overall growth.

6. The scheme, according to Para 1.8, provides for the following share exchange ratio:

“a) 65 (Sixty Five) Equity Shares of Rs. 10/- each, credited as fully paid-up, of the Transferee Company for every 100 (One Hundred) Equity Shares of Rs. 10 each held in the Transferor Company-1.

b) 71 (Sixty Five) Equity Shares of Rs. 10/- each, credited as fully paid-up, of the Transferee Company for every 100 (One Hundred) Equity Shares of Rs. 10 each held in the Transferor Company-2.

c) 699 (Sixty Five) Equity Shares of Rs. 10/- each, credited as fully paid-up, of the Transferee Company for every 100 (One Hundred) Equity Shares of Rs. 10 each held in the Transferor Company-3.

d) 14 (Sixty Five) Equity Shares of Rs. 10/- each, credited as fully paid-up, of the Transferee Company for every 100 (One Hundred) Equity Shares of Rs. 10 each held in the Transferor Company-4.

e) 286 (Sixty Five) Equity Shares of Rs. 10/- each, credited as fully paid-up, of the Transferee Company for every 100 (One Hundred) Equity Shares of Rs. 10 each held in the Transferor Company-5.

f) 91 (Sixty Five) Equity Shares of Rs. 10/- each, credited as fully paid-up, of the Transferee Company for every 100 (One Hundred) Equity Shares of Rs. 10 each held in the Transferor Company-6.

g) 01 (Sixty Five) Equity Shares of Rs. 10/- each, credited as fully paid-up, of the Transferee Company for every 100 (One Hundred) Equity Shares of Rs. 10 each held in the Transferor Company-7.

h) 58 (Sixty Five) Equity Shares of Rs. 10/- each, credited as fully paid-up, of the Transferee Company for every 100 (One Hundred) Equity Shares of Rs. 10 each held in the Transferor Company-8.”

7. The registered office of the petitioners is located within the jurisdiction of this court.

8. The details with respect to the petitioners’ authorised, issued, subscribed and paid up capital have been set out in paragraph 11 of the petition.

9. The details regarding the incorporation of petitioner no. 1 to 8 (i.e. the transferor companies), are given hereinbelow:

	Existing Name	Former Name	Change w.e.f. (Date)	Date of Incorporation
1.	Parkview Apartments Pvt. Ltd.	Parth Finance Pvt. Ltd.	20.