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Issues involved: Application for dispensation of shareholders' meeting u/s 891(4) of the Companies Act, 1956 for approval of Scheme of Amalgamation.
Summary: The company, incorporated in 1993, engaged in electronic and communication devices, sought dispensation of shareholders' meeting for approving a Scheme of Amalgamation with Nokia Siemens Networks Private Limited. The Board of Directors approved the scheme, beneficial for both companies. With consent from 100% shareholders, two secured creditors, and majority of unsecured creditors, the court dispensed with the meetings. The application was disposed of, with a direction to file the petition within 30 days.
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