Maruti Suzuki India Limited Vs Suzuki Motor Gujarat Private Limited (NCLT Principle Bench)
NCLT Principal bench held that scheme of Merger by Amalgamation between Maruti Suzuki India Limited and Suzuki Motors Gujarat Private Limited as proposed by the Petitioner Companies under Sections 230 to 232 of the Companies Act, 2013 is sanctioned.
Facts- The present Joint Petition is filed by the petitioner companies herein, M/s Suzuki Motor Gujarat Private Limited (Transferor Company) and M/s Maruti Suzuki India Limited (Transferee Company) under Section 230-232 of the Companies Act, 2013 read with Rule 15 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, and the National Company Law Tribunal Rules, 2016, for the Sanction of the proposed Scheme of Amalgamation between the Transferor Company and the Transferee Company.
Conclusion- Held that in light of the foregoing facts and discussion, particularly the positions taken by the relevant authorities, and upon considering the approval granted by the members and creditors of all the Petitioner Companies to the proposed Scheme, there appears to be no impediment to sanctioning the Scheme, subject to the conditions stipulated hereinbelow. Accordingly, the Scheme of Merger by Amalgamation proposed by the Petitioner Companies under Sections 230 to 232 of the Companies Act, 2013, is hereby sanctioned. The sanctioned Scheme of Merger by Amalgamation shall be binding on the Transferor and Transferee Companies (the Petitioner Companies), and their respective shareholders and creditors. The Petitioner Companies shall remain bound to comply with all applicable statutory requirements.
