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TMI Blog2013 (10) TMI 1198X X X X Extracts X X X X X X X X Extracts X X X X ..... company is Rs.930,04,69,599/- against the value of the assets of Rs.1536,14,90,021/- (at their respective fair values), therefore, the interests of the creditors of either of the Applicant companies will not be adversely affected and in fact will be placed in a better position viz. a viz. their security post amalgamation - Application allowed. - Company Application (M) No. 86 of 2013 - - - Dated:- 9-7-2013 - R. V. Easwar,JJ. For the Petitioner : Mr. Deepak Diwan, Ms. Adarika Ghose and Ms. Sanjna Muttreja, Advocates ORDER R. V. Easwar, J. (Oral) 1. This is a first motion application under Sections 391 and 394 of the Companies Act, 1956 ( Act ) in connection with the Scheme of Amalgamation ( Scheme ) of O.C. Denims and Sp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs Consents given No. of secured creditors Consents given No. of unsecured creditors Consents given Transferor company 7 Yes (99.9%) NIL N.A. 101 NIL Transferee company 11 Yes (96.7%) 16 NIL 1351 NIL 8. A prayer has been made for dispensation from the requirement of convening the meetings of the equity shareholders, secured and the unsecured creditors of the Applicant companies. 9. In view of the averments made in the application that 99.99% equity shareholders of the Transferor company and 96.79% equity shareholders of the Transferee company have given their written consents/NOC, the requirement of convening ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Credit Private Limited with Intec Capital Limited [CA (M) No. 116/2010 decided on 4th June 2010]; In Re.: Scheme of Amalgamation of M/s Global Digital Technologies Limited with MVL Industries Limited [CA (M) No. 108/2012 decided on 2nd July 2012]; and In Re.: Scheme of Amalgamation of Mag Engineering Private Limited and Sandhar Technologies Limited [CA (M) No. 19/2013 decided on 4th February 2013] wherein this Court, under similar circumstances, has dispensed with the requirement of convening and holding the meeting of the secured and unsecured creditors. The Learned counsel has also placed on record the net worth certificate dated 28th May 2013 issued by Sunita Maheshwari and Co., Chartered Accountants. The certificate shows that the pre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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