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Issues:
1. Scheme of arrangement/amalgamation between multiple companies. 2. Approval of scheme by shareholders and creditors. 3. Objection regarding increase in authorized share capital. 4. Filing of consolidated balance sheet post-merger. Analysis: 1. The judgment involves a scheme of arrangement/amalgamation between four companies, aimed at consolidating their operations in the non-alcoholic beverages sector. The scheme intends to enhance operational efficiency, financial strength, and streamline day-to-day activities. 2. Shareholders unanimously approved the scheme, and unsecured creditors also sanctioned it in a meeting. The Regional Director and official liquidator supported the arrangement, with the only objection being the transferee company's failure to increase its authorized share capital as required. 3. The objection regarding the share capital was addressed through an affidavit submitted by the transferee company, confirming its intent to increase the authorized share capital to Rs. 600 crores post-sanction of the scheme. This resolved the pending objection and ensured compliance with the scheme's provisions. 4. The petitioner sought permission to file only a consolidated balance sheet post-merger, citing a Supreme Court judgment emphasizing the commercial wisdom of the parties involved in such arrangements. The court, after considering all submissions and documents, found the scheme fair and reasonable, ensuring the rights of shareholders, creditors, and employees are protected. 5. Consequently, the court accorded sanction to the scheme of arrangement and amalgamation, making it binding on all stakeholders involved. The transferor companies were to stand dissolved without winding up, and a consolidated balance sheet of the merged companies was permitted to be filed within a specified timeframe. A formal order was directed to be drawn up to conclude the proceedings effectively.
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