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NATIONAL COMPANY LAW TRIBUNAL
ESSEL AIRPORT INFRASTRUCTURE PRIVATELIMITED VS
Order
Per: Madhu Sinha Member (Technical)
1. Heard the learned counsel for the Petitioners. Neither any objector has come before the Tribunal to oppose the Petition and nor any party has controverted any averments made in the Petition.
2. CA No. 282 OF 2023 has been taken out by the Petitioners for amendment to the scheme. Post filing of the Petition, the Petitioners noticed that clause regarding treatment of Preference Shareholders of the Transferor Company No. 4 in the Scheme (which is within the jurisdiction of NCLT Hyderabad Bench) was missed out. Accordingly, the present Company Application has been taken out for amendment to the scheme by inserting the following clause:-
By inserting the following as clause No. 11A.
11.A ISSUE OF PREFERENCE SHARES
The Transferee Company shall issue to the Preference share- holder of Transferor Company No. 4, One (1) Preference share of Rs 10/- each fully paid up for One (1) Preference shares held in the Transferor Company No. 4 on the same terms and conditions.
Amalgamation schemes must comply with statutory provisions and achieve fair business consolidation.
A scheme of amalgamation was sanctioned by the Tribunal as it was found beneficial for cost effectiveness and administrative efficiency, aligning with statutory provisions.
The Tribunal sanctioned a Scheme of Amalgamation, emphasizing statutory compliance and operational synergy among merged entities.
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