V. PERIYA KARUPPIAH. J.

These appeals are directed against the common order dated 012. 2008 passed by the learned Single Judge made in C.P.Nos.96 to 98 of 2008.

2. The appellant is the petitioner before the said court, who sought for approval of the scheme of arrangement between G.V.Films Limited and G.V.Studio City Limited and G.V.New Media Technology Limited. The said arrangement is for the demerger of the G.V.Films Limited (hereinafter referred to as a Parent Company) and thereby to create two more companies viz., G.B.Studio City Limited and G.V.New Media Technologies Limited (hereinafter referred to as Offspring Companies).

3. The short facts which are necessary for the disposal of these appeals would be as follows:-

3. 1 :- The petitioner company is the parent company viz., G.V.Films Limited, incorporated under the Companies Act, 1956. It proposes the demerger and to form the Offspring Companies known as G.V.Studio City Limited and G.V.New Media Technologies Limited. The main objects of the said parent company are to carry on the business as film producers (sound and / or silent), hippodrome & circus proprietors of cinema houses, theatres, concert halls and picture