2016 (9) TMI 1369 - HC - Companies Law

Scheme of Amalgamation - dispensation of the meetings of the Equity Shareholders and Unsecured Creditors adhered - scheme allowed.

Summary

Issues:
Petition under Section 391 read with Section 394 of the Companies Act, 1956 for sanction of Scheme of Amalgamation.

Analysis:
The judgment pertains to a petition filed under Section 391 read with Section 394 of the Companies Act, 1956, seeking approval for the Scheme of Amalgamation of multiple companies with another entity. The petitioner had previously filed an application seeking dispensation of meetings of Equity Shareholders and Unsecured Creditors, citing that their consent had been obtained in writing. The Court had directed dispensation of these meetings in an earlier order. The petitioner's advocate was heard, and the petition was admitted for further proceedings.

The Court ordered notices to be issued to the Central Government through the Regional Director and to the Official Liquidator. The Official Liquidator was directed to appoint a Chartered Accountant for preparing and submitting a report at the petitioner's cost. Additionally, the Court ordered the publication of the notice of the petition hearing in specific newspapers with circulation in Ahmedabad. The petitioner was allowed to publish a common public notice along with other involved companies, and the publication in the Government Gazette was dispensed with.

The final hearing of the petition was scheduled for a specific date, providing a timeline for the conclusion of the legal process. The judgment demonstrates the procedural aspects involved in seeking approval for an amalgamation scheme under the Companies Act, emphasizing the importance of obtaining necessary consents and fulfilling publication requirements as mandated by law.