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TMI Blog2015 (5) TMI 127X X X X Extracts X X X X X X X X Extracts X X X X ..... eror company to consider and, if thought fit, approve, with or without modification, the proposed Scheme of Amalgamation is dispensed with. There is unsecured creditor of the transferor & transferee company, as on 31st July, 2014. - The application approved. - COMPANY APPLICATION (MAIN) NO. 47/2015 - - - Dated:- 29-4-2015 - Sudershan Kumar Misra, J. For the Appellant : Mr. Rishi Sood, Sudershan Kumar Misra, J. 1. This joint application has been filed under Sections 391 and 394 of the Companies Act, 1956 read with Rules 6 9 of the Companies (Court) Rules, 1959 by the applicant companies seeking directions of this court to dispense with the requirement of convening the meetings of their equity shareholders, secured and u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce sheets, as on 31st March, 2014, of the transferor and transferee companies, along with the report of the auditors, have also been filed. 8. A copy of the Scheme of Amalgamation has been placed on record and the salient features of the Scheme have been incorporated and detailed in the application and the accompanying affidavit. It is claimed that the amalgamation will result in establishment of a larger company with larger resources, a larger capital base and a greater capacity to raise funds for expansion, modernization and development of businesses of the companies concerned. It is further claimed that the Scheme will result in economies of scale, reduction in overheads and other expenses, reduction in administrative and procedural w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... secured or unsecured creditor of the transferor company, as on 31st July, 2014. 13. The transferee company has 08 equity shareholders and 01 secured creditor. All the equity shareholders and the only secured creditor have given their consents/no objections in writing to the proposed Scheme of Amalgamation. Their consents/no objections have been placed on record. They have been examined and found in order. In view thereof, the requirement of convening the meetings of the equity shareholders and secured creditor of the transferee company to consider and, if thought fit, approve, with or without modification, the proposed Scheme of Amalgamation is dispensed with. There is no unsecured creditor of the transferee company, as on 31st July, 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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