9911796707
|
Home
Issues: Application for amalgamation of Transferor Company with Transferee Company; Dispensing with the meeting of Equity Shareholders and Unsecured Creditor for approving the Scheme of Amalgamation.
Analysis: 1. Amalgamation Application: The judgment pertains to an application for the amalgamation of the Transferor Company with the Transferee Company. The Transferor Company has entered into an arrangement in the nature of amalgamation with the Transpek Industry Limited, which is the holding Company of the Transferor Company, holding 100% shares. The applicant sought to rely on various decisions, including a decision of the Court, to support the contention that the Transferee Company did not need to file an independent application for amalgamation. The Court considered the submissions made by the applicant's advocate and the documents provided in support of the application. 2. Consent of Shareholders and Creditors: The advocate for the applicant highlighted that all the Equity Shareholders of the applicant Company had given their consent, as evidenced by the letters placed on record. Additionally, the consent of the Unsecured Creditor was also obtained and documented. It was noted that there were no Secured Creditors based on the applicant Company's balance sheet. Given that all Equity Shareholders and the Unsecured Creditor had approved the proposed Scheme of Amalgamation, the advocate requested the Court to dispense with the meeting of Equity Shareholders and Unsecured Creditor for approving the Scheme. 3. Dispensing with Meeting Requirement: Considering that the applicant Company had secured written approval from all Equity Shareholders and the Unsecured Creditor, and there were no Secured Creditors involved, the Court decided to dispense with the requirement of holding a meeting of the Equity Shareholders and Unsecured Creditor regarding the proposed Scheme of Amalgamation. Consequently, the Court disposed of the application in accordance with the provided approvals and the absence of Secured Creditors, thereby concluding the matter in favor of the applicant - Company seeking amalgamation with Transpek Industry Limited.
|
