Allowed
Gulf Oil Corporation Limited v. -
Telangana HCCP/13/2011
Case brief
from the order text
What is this about?
Ms. JUSTICE G. ROHINI COMPANY APPLICATION…
What the court decided
AI extract
Ms. JUSTICE G. ROHINI COMPANY APPLICATION…
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
THE HON’BLE Ms. JUSTICE G. ROHINI
COMPANY APPLICATION Nos.506 and 507 OF 2011
IN
COMPANY PETITION Nos.13 AND 14 OF 2011
Dated: 08.04.2011
COMPANY APPLICATION No.506 OF 2011
Between :
Gulf Oil Corporation Limited
…… Applicant
COMPANY APPLICATION No.507 OF 2011
Between:
IDL Explosives Limited
---Applicant
The Court made the following :-
THE HON’BLE Ms. JUSTICE G. ROHINI
COMPANY APPLICATION Nos.506 and 507 OF 2011
COMMON ORDER :
Heard the learned counsel for the applicants and perused the material placed before this Court.
Since it is found that certain inadvertent mistakes have crept in paras 1 and 2 of page No.3 in the common order made in Company Petition Nos. 13 and 14 of 2011, paras 1 and 2 of page No.3 of the common order dated 15.03.2011 shall stand substituted as under:
“The petitioner in C.P.No.14 of 2011 is IDL Explosives Limited. The said company was incorporated under the provisions of the Companies Act, 1956 on the 22.09.2010. The registered office of the petitioner company is situated at Kukatpally, P.O.Bag No.1,
Sanathnagar (IE) PO, Hyderabad-500018. The Authorized share capital of petitioner company as on 30.09.2010 is Rs.5,00,000/divided into 50,000 equity shares of Rs.10/- each. The issued, subscribed and paid up share capital of the petitioner company as on 30.11.2010 is Rs.5,00,000/- divided into 50,000 equity shares of Rs.10/- each. The entire issued, subscribed and paid up share capital is held by Gulf Oil and its nominees. The main objects of the said company as set out in the memorandum of association are mentioned in para 5 of C.P.No.14 of 2011.
It is stated that Gulf Oil Corporation Limited is engaged in various business activities comprising manufacture of explosives and detonators, lubricants, contract mining and infrastructures and property development. The nature of competition and risk involved in each of the business is distinct from each other and each business is capable of attracting strategic partners, investors and lenders. In order to enable a district focus to the operation of Explosives business of Gulf Oil, Gulf Oil proposes to reorganize and segregate by way of demerger its Explosives business to IDL Explosives Limited. It is submitted that to ensure accelerated growth and improved profitability in the specific areas of operation, it would be advantageous to reorganize the company and demerge the specific business undertakings. The demerger of the Explosives undertaking will provide as a measure of corporate restructuring and to develop potential for future growth and diversification to have better synergy and optimisation of resources as well as to facilitate fund raising and development of the Explosives undertaking both vertically and laterally in related sectors.”
Both the Company Applications are accordingly allowed. Registry is directed to issue a fresh copy after carrying out the above corrections.
__________ G. ROHINI, J
Date: 08.04.2011
Ivd
Gulf Oil Corporation Limited
IDL Explosives Limited
G. ROHINI
As recorded by the court registry
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