2015 (8) TMI 1406

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....modification, the proposed Scheme of Arrangement between Petro IT Limited (hereinafter referred to as the demerged company) and Petro IT Solutions Private Limited (hereinafter referred to as the resulting company). 2. The registered offices of the demerged and resulting companies are situated at New Delhi, within the jurisdiction of this Court. 3. The demerged company was originally incorporated under the Companies Act, 1956 on 5th March, 2004 with the Registrar of Companies, NCT of Delhi & Haryana at New Delhi under the name and style of PL Petro IT Private Limited. The company changed its name to Petro IT Private Limited and obtained the fresh certificate of incorporation on 14th September, 2005. The company again changed its name t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....g to a separate company will enable greater focus on the operation of the business and would enable unlocking value. It is further claimed that the proposed demerger shall enable the business activities comprised in the Demerged Undertaking to be carried out with separate and independent management set-up and greater focus, attention and specialization for sustained growth. The Demerged Undertaking will also benefit from the synergies of combining with the similar and related business of the resulting company and its shareholders, thereby resulting in enhancement of shareholder value. 9. So far as the share exchange ratio is concerned, the Scheme provides that upon coming into effect of this Scheme, the resulting company shall issue and ....