2016 (4) TMI 1254 - HC - Companies Law

Scheme of amalgamation - Held that - It has been submitted that all the Equity Shareholders of the applicant Company have approved the Scheme in the form of written consent letters. All these consent letters are annexed with the application as Exhibit D . It has been further submitted that there are no Secured or Unsecured Creditors of the applicant Company. The certificates confirming the status of the Shareholders and Creditors as well as confirming the receipt of consent letters from all the Shareholders is annexed as Exhibit E . In view of the same, dispensation is sought from convening the meeting of the Equity Shareholders of the applicant Company. Considering the facts and circumstances and the submissions advanced, the same is, hereby, granted.

Summary

The Gujarat High Court approved a Scheme of Arrangement for the amalgamation of Alonza Infra and Management Private Limited with Amigos Finserve Private Limited under Sections 391 to 394 of the Companies Act, 1956. Amigos Finserve Private Limited sought dispensation from convening a meeting of Equity Shareholders and Unsecured Creditors as all Shareholders approved the Scheme through written consent letters, and there were no Creditors. The Court granted the dispensation and disposed of the application.