2016 (7) TMI 1353

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..... rivate Limited] and [Ridhi Sidhi Chem Private Limited] with the transferee company (Property Ventures (India) Private Limited) - Held that:- Considering the material on record especially the consent letters of shareholders and unsecured creditors of transferor/ transferee companies and certificates issued by the Chartered Accountant as also the proposed scheme of amalgamation, this court considers .....

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..... tant Company application has jointly been filed by the applicant companies under Sections 391-394 of the Companies Act, 1956 seeking dispensing with the separate meetings of equity share holders and unsecured creditors of applicant companies for approving the scheme of amalgamation of transferor companies [Fine Mining (Granite) Private Limited] and [Ridhi Sidhi Chem Private Limited] with the trans .....

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..... their consent to the scheme of amalgamation. Their consent letters are annexed with the application as Annexure-14. There is no secured creditor of the company and the one unsecured creditor has consented to the scheme of amalgamation. The list of creditor as on 25-5-2016 certified by the Chartered Accountant has been placed on record as Annexure-15. The applicant transferee company Property Ve .....

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..... 00,000 (58.26%) equity shares of transferee company. As also the transferor company No.2 and the transferee company have nine common shareholders, who hold 8,200 (82%) equity shares of transferor company No.2 and 1,35,00,000 (58.69%) equity shares of transferee company. Counsel submits that in the facts of the case, there appears no justification in calling the meetings of the shareholders and .....

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..... idhi Sidhi Chem Private Limited] and of shareholders of the transferee company (Property Ventures (India) Private Limited). Instant application stands allowed. Consequently, holding of meetings of shareholders and unsecured creditors of applicants transferor companies [Fine Mining (Granite) Private Limited] and [Ridhi Sidhi Chem Private Limited] and of shareholders of the transferee company (P .....

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