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2015 (11) TMI 1686 - HC - Companies LawSanctioning of the Scheme of Amalgamation - Held that - When all the equity shareholders and unsecured creditors of both the petitioner companies have consented to the Scheme of Amalgamation, convening of their meetings are ordered to be dispensed with. Since there is no secured creditor of both the companies, no meeting is required.
Issues:
Dispensation of meetings of Equity Shareholders, Secured and Unsecured Creditors for sanctioning the Scheme of Amalgamation. Analysis: The petition filed under the Companies Act, 1956 seeks dispensation of meetings of Equity Shareholders, Secured and Unsecured Creditors for sanctioning the Scheme of Amalgamation between two companies. Both companies have their registered office in Gurgaon, Haryana, with detailed main objects outlined in their respective Memorandum and Articles of Association. The Board of Directors of both companies have approved the Scheme in their meetings. The authorized share capital, issued, subscribed, and paid-up share capital of both companies are provided in the petition. The Transferor Company has two equity shareholders who have consented to the Scheme, and there are no secured creditors. The Transferee Company also has two equity shareholders who have consented to the Scheme, with no secured creditors as well. Both companies have unsecured creditors who have given their consent to the Scheme. It is confirmed that there are no pending investigations or proceedings against the petitioner companies under specific sections of the Act. The proposed Scheme of Amalgamation is deemed beneficial for both companies and their shareholders without adversely affecting the rights of any creditors. Since all equity shareholders and unsecured creditors have consented to the Scheme, the court orders the dispensation of their meetings. As there are no secured creditors for both companies, convening meetings is deemed unnecessary. The first motion petition is disposed of, allowing the petitioner to move the second motion petition.
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