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TMI Blog2021 (7) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... ditors, the meetings of Unsecured Creditors of the Applicant Company No. 4 6 are not required to be convened hence dispensed with - The meetings of Unsecured Creditors of Applicant No. 1, Applicant No. 2, Applicant No. 3, Applicant No. 5, Applicant No. 7, Applicant No. 8, Applicant No. 9, Applicant No. 10 and Applicant Transferee Company is hereby dispensed with in view of the consent by way of Affidavits received from all Unsecured Creditors of the above mentioned applicant companies. Various directions regarding issuance of various notices also provided. Application allowed. - CA (CAA) 35/230-232/NCLT/AHM/2021 - - - Dated:- 15-6-2021 - Madan Bhalchandra Gosavi, Member (J) And Chockalingam Thirunavukkarasu, Member (T) For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ements of all the Applicant Companies as at 31st March, 2020 and the unaudited Provisional Financial Statements as on 18th January, 2021 are placed on record. 4. The Board of Directors of all Applicant Companies have approved the Scheme of Amalgamation at their respective Board Meetings held on 18/01/2021. Copies of Board Resolutions passed on 18/01/2021 of all the applicant companies are placed on record. 5. It is submitted by the learned PCS for the applicant companies that, all the applicant companies are unlisted private limited Companies. It is further submitted in paragraph 115 of the application that the proposed Scheme of Merger would inter alia result into the following benefits: a. The proposed Scheme will result in form ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al, the Merged Company will have greater flexibility to market and meet customer needs will be able to compete more effectively. Thus further strengthening its market position in domestic and international markets. g. The amalgamation will enable the companies to pool in their financial, technical and other resources and use the financial, managerial, technical and marketing and distribution expertise of each other. 6. A Copy of the Valuation Report for the proposed Exchange Ratio of Shares to be issued by the Transferee Company obtained from Mr. Akash Premkumar Agarwal, Registered Valuer (Securities and Financial Assets), is placed on record. Copy of the Scheme of Merger is placed on record. 7. It is submitted by the learned la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quity Shareholders and Applicant Transferee Company has 3 Equity Shareholders. All the Equity Shareholders have given their written consent on affidavits approving the proposed scheme and for waiver of meeting of Shareholders. The same are placed on record respectively. Certificates from the Chartered Accountant confirming the list of shareholders of all the 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. 9.2. It is further submitted that the Applicant companies do not have any secured creditors. A Certificate from Chartered Accountant confirming the same has been placed on record respectively. Hence, it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ials on record, This Tribunal passes the following order: i. The meetings of Equity shareholders of all the Applicant Companies is hereby dispensed with in view of the consent by way of Affidavits received from all Equity shareholders. ii. Since the Applicant Companies have no Secured Creditors, the meetings of Secured Creditors of any of the Applicant Companies are not required to be convened hence dispensed with. iii. Since the Applicant Company No. 4 6 have no Unsecured Creditors, the meetings of Unsecured Creditors of the Applicant Company No. 4 6 are not required to be convened hence dispensed with. iv. The meetings of Unsecured Creditors of Applicant No. 1, Applicant No. 2, Applicant No. 3, Applicant No. 5, Appl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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