TMI Blog2021 (6) TMI 693X X X X Extracts X X X X X X X X Extracts X X X X ..... ) 1. This joint application is filed by, three Applicant Companies under Section 230 to 232 and other applicable provisions of the Companies Act, 2013. The proposed Scheme involves merger of Glorious Yarns Private Limited, the Applicant No. 1 Company, Harmony Prints Private Limited the Applicant No. 2 Company with Shanu Tex And Developers Private Limited, the Applicant No. 3 Company (hereinafter jointly referred to as the Applicant Companies ) 2. The Registered Office of the company of all the Applicant Companies situated in Surat in the State of Gujarat, and hence all the Applicant Companies are under the jurisdiction of the National Company Law Tribunal, Bench at Ahmedabad. 3. All the Applicant Companies are empowered by their r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... takings of the said companies. c. The businesses of Transferor Companies and the Transferee Company could be combined conveniently and advantageously and in such manner so as to take up the activities, which will relate more to the business of the Transferee Company. d. The proposed scheme will result in reduction of overheads and other expenses, reduction in administrative and procedural work, eliminate duplication of work, transaction cost, better and more productive utilization of various resources and will enable the undertakings concerned to effect internal economies and optimize productivity. e. The proposed scheme will contribute in furthering and fulfilling the objects of the concerned companies and enabling the optim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en received; b) THAT there being no Secured Creditor in any of the Applicant Companies, their meetings are not necessary; c) THAT the meetings of the Unsecured Creditors of Applicant No. 2 3 Companies be dispensed with since consent affidavit has been received; d) THAT there being no Unsecured Creditor in the Applicant No. 1 Company, the meeting is not required; 9. We heard the submissions of Learned Counsel PCS Kunjal Dalai for the Applicant Companies 9.1 It has been submitted that all the three applicant Companies are Private Limited Companies. The Applicant no. 1 Company has 8 Equity Shareholders, Applicant no 2 Company have 6 Equity Shareholders, and Applicant Transferee Company has 5 Equity Shareholders. All th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red Accountant confirming the list of shareholders of all the above mentioned applicant companies are placed on record respectively. In view of the same, it is prayed that the meeting of the Equity Shareholders of all the Applicant Companies be dispensed with. 10. Having perused the entire materials on record, This Tribunal passes the following order: i. The meetings of Equity shareholders of all the Applicant Companies is hereby dispensed with since consent by way of Affidavits has been received from all Equity shareholders. ii. The meetings of Secured Creditors of any of the Applicant Companies are not required to be convened hence dispensed with since the Applicant Companies have no Secured Creditors. iii. The meetings ..... X X X X Extracts X X X X X X X X Extracts X X X X
|