2016 (9) TMI 267

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..... said Company has initiated proceedings for sanction of Scheme before the Hon'ble High Court of Judicature at Bombay. 2. The petitioner, earlier filed Company Application No. 146 of 2016 seeking dispensation of the meetings of the Equity Shareholders and Unsecured Creditors. It is reported that there are no secured creditors. By an order dated 12.4.2016 passed in Company Application No. 146 of 2016, this Court ordered dispensation of the meetings of the Equity Shareholders and Unsecured Creditors of the petitioner company. 3. The petitioner thereafter filed Company Petition No. 182 of 2016 seeking sanction of the Scheme of Amalgamation. 4. By an order dated 4.5.2016, this Court admitted the petition and directed issuance of notice to the .....

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..... ch into 15,00,000 equity shares of Rs. 10/each upon sanction. Consequently, upon sanction of the Scheme, the authorized share capital of the Transferee Company shall be 46,50,000/equity shares of Rs. 10/each aggregating to Rs. 4,65,00,000/. In the circumstance, the authorized share capital would be sufficient to issue and allot new equity shares upon sanction of the Scheme. Without prejudice, it is further stated that in the event, it is found that the authorized share capital as per Clause 10.3 of the Scheme is not sufficient for the purpose of issue and allotment of new equity shares, the Transferee Company would take necessary steps to increase the authorized share capital. 8. With regard to second observation, it is submitted on behalf .....

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..... ector and upon perusal of the reports of the Official Liquidator and the Regional Director, the reply affidavit filed on behalf of the petitioner company and having considered the Scheme of Amalgamation together with relevant documents on record, the Court finds it appropriate to grant sanction to the present Scheme of Amalgamation. 12. In view of the above, the Scheme of Amalgamation is sanctioned. The sanction of the scheme is subject to the sanction of the Scheme by the Hon'ble High Court of Judicature at Bombay in the petition med by the Transferee company. It is further directed that the petitioner Company shall preserve its books of accounts, papers and record and shall not to dispose of the records without the prior permission of th .....

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