ORDER

PER: CORAM

1. The present Application is for approval of a Scheme of Arrangement between Bangalore Elevated Tollway Private Limited and its shareholders (Scheme), under the provisions of Section 230 read with Section 52 and other applicable provisions of the Companies Act, 2013 (Act).

2. The Learned Counsel for the Applicant Company states that the resolution passed by the Board of Directors of the Applicant Company in their meeting conducted on 26.07.2024 have approved the Scheme. The Appointed Date for the Scheme is 01.04.2024.

3. The Learned Counsel for the Applicant Company further submits the nature of business of the Applicant Company and the rationale for the Scheme are as under:

Business of Applicant Company

The Applicant Company is a Special Purpose Vehicle promoted for development of the project "Four lane elevated and six lane at grade road from Silk Board Junction to Attibele in the city of Bangalore, the State Capital of Karnataka". The National Highways Authority of India (NHAI) has awarded the project to the Applicant Company on BOT - Toll basis in January 2006.

Rationale of the Scheme

i. The Scheme provides for reorganisation of reserves and reduction of paid – up val