JUDGMENT :

K.A. Puj, J.

These are the petitions filed by two petitioner companies for sanction of a scheme of amalgamation of Arcoy Overseas Pvt. Ltd. (the transferor company) with Arcoy Industrial Cements Pvt. Ltd. (the transferee company) under Section 391 read with Section 394 of the Companies Act, 1956.

2. Both the petitioner companies are private limited companies being managed by the same group of management. The transferor company is a trading company engaged in the exports of anti-corrosive materials and chemicals manufactured by the transferee company which is the manufacturing unit for above referred materials. The respective petitions give details about the commercial activities and the financial status of both the companies. Both the companies are profit making companies. The amalgamation is proposed for the synergic advantages. The petitions give details of the advantages that would flow by virtue of the amalgamation of these companies.

3. The meetings of the shareholders of both the petitioner companies were dispensed with in view of the consent letters from all the shareholders approving the scheme being put on record. There are no secured creditors of the transferor com