2016 (9) TMI 1368 - HC - Companies Law

Scheme of Amalgamation - Held that - All the equity shareholders of the applicant company as on date have approved the scheme in form of written consent letters. All these consent letters are annexed with the application as Exh D. There are no secured and/or unsecured creditors of the applicant company. The certificates confirming the status of the shareholders and creditors as well as the receipt of consent letters from all the shareholders are annexed collectively as Exh E. In view of the same, dispensation is sought from convening the meeting of the equity shareholders of the applicant company and considering the facts, circumstances and the submissions, the same is hereby granted.

Summary

The Gujarat High Court approved a scheme of amalgamation involving four companies with Aahvan Agencies Limited under Sections 391 to 394 of the Companies Act, 1956. Osia Realty Private Limited sought dispensation of meeting of equity shareholders as all shareholders had approved the scheme through written consent letters. The court granted dispensation based on the submissions and circumstances presented.