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TMI Blog2016 (1) TMI 1314X X X X Extracts X X X X X X X X Extracts X X X X ..... e company (hereafter collectively referred to as the applicants) under Section 391 and 394 of the Companies Act, 1956 (in short the Act) in connection with the Scheme of Amalgamation proposed by them (hereafter referred to as the Scheme). A copy of the proposed scheme is enclosed with the application. 2. The registered offices of the applicants are situate, within the National Capital Territory o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en dated 15.09.2015 have been filed. 6.1 It is averred that applicant no.1/ transferor company is a 100% subsidiary of applicant no.2/ transferee company. It is, thus, averred that on amalgamation the shares of applicant no.1/ transferor company will stand cancelled/ extinguished and, therefore, no shares would be issued and/or allotted in the applicant no.2/ transferee company. It is thus, furth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0% Transferee Company Not required N.A. Not required N.A. Not required N.A. 8. A prayer has been made to dispense with the requirement of convening the meetings of the shareholders and the creditors (i.e. the secured and unsecured creditors) of the applicants. 9. Learned counsel for the applicants submits that this court has not only dispensed with the requirement of convening mee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by a single Judge of this court in Mapsko Hotels & Resorts Pvt. Ltd.'s case should be applied.
10.1 Accordingly, given the fact that the transferor company is a 100% subsidiary of the transferee company, the requirement to convene meetings of shareholders and creditors can be dispensed with. It is ordered accordingly.
11. The application stands allowed in the aforesaid terms.
12. Dasti X X X X Extracts X X X X X X X X Extracts X X X X
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