Garg Petroleum Private Limited And Ors Vs.
Eclear Leasing And Finance Private Limited, (2020) 07 NCLT CK 0006
NCLT allowed the Petition filed by the Petitioner
Company, under Section 230 to 232 of the Companies Act, 2013 r/w the Companies
(Compromises, Arrangements and Amalgamations) Rules, 2016 for the purpose of
the approval of the Scheme of Amalgamation, as contemplated between the
Companies and its Shareholders by way of Amalgamation of Transferor Companies
with the Transferee Company. While allowing the application NCLT held that the
Scheme provides for the rationale of the amalgamation, it states that the
proposed amalgamation of the Transferor Companies with the Transferee Company
is for the purposes of better, efficient and economical management, control and
running of the businesses and for further development and growth of the
business of the Transferee Company and the Transferee Company shall result in
following benefits such as a. consolidation and simplification of the group
structure b. Synchronizing of efforts to achieve uniform corporate policy c.
reducing operating and compliance costs etc. There is no additional requirement
for any modification and the Scheme of Amalgamation appears to be fair and
reasonable and is not contrary to public policy and not violative of any
provisions of law. All the statutory compliances have been made under Sections
230 to 232 of the Companies Act, 2013.
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