2012 (12) TMI 1164 - HC - Companies Law

Summary

Issues involved: Application for scheme of amalgamation u/s Companies (Court) Rules, 1959; Appointment of Chairman and Alternate Chairman for equity shareholders meeting; Fixation of remuneration for Chairman and Alternate Chairman.

Scheme of Amalgamation: The application is moved by the transferee company seeking a scheme of amalgamation with two other companies situated in Mumbai. No creditors of the company are reported, hence no meetings are required to be held by the creditors. However, a meeting of the equity shareholders is necessary and will be conducted in accordance with the Companies (Court) Rules, 1959.

Appointment of Chairman and Alternate Chairman: Counsel for the applicant company has obtained consent from individuals to act as Chairman and Alternate Chairman for the equity shareholders meeting. The Court appoints the said individuals for the meeting, with the date, time, and venue to be published in two newspapers. The Chairman's remuneration is fixed at Rs. 60,000/- and that of the Alternate Chairman at Rs. 40,000/-. The company will bear their travel and stay expenses, and the Chairman is required to submit a report within ten days from the meeting.

Next Steps: The matter is listed to be heard before the Court on 15.2.2013 for further proceedings.