2020 (1) TMI 1219 - Tri - Companies Law

Dispense with the meeting of the Equity share holders of the Transferor companies and transferee company - dispense with the meeting of the secured/unsecured creditors of the transferor companies and the transferee company - dispense with the requirement of publication of notice for holding meetings of the shareholders/creditors - HELD THAT - The meeting of the unsecured creditors of all the companies involved in the scheme is hereby dispensed under Section 230(9) of the Companies Act 2013. Accordingly the application stands allowed. The applicant companies are directed to file petition on or before 11 .2.2020. Application allowed.

Summary

Issues involved:
Dispensing with the meeting of equity shareholders and secured/unsecured creditors, requirement of publication of notice for holding meetings of shareholders/creditors.

Analysis:
The Tribunal considered Company Petition No. 180/2018 where the applicant companies sought prayers to dispense with meetings of equity shareholders of transferor and transferee companies, along with secured/unsecured creditors, and the requirement of publication of notice for holding meetings. The counsel for the applicant companies stated that all shareholders had no objection to the proposed scheme. Consequently, the Tribunal allowed dispensing with the meetings of shareholders of the companies involved. It was also mentioned that while there were no secured creditors, unsecured creditors had provided consent affidavits for the proposed scheme. Therefore, under Section 230(9) of the Companies Act 2013, the meeting of unsecured creditors for all companies in the scheme was dispensed with. The application was allowed, directing the applicant companies to file a petition by a specified date, and the application was disposed of accordingly.