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TMI Blog2022 (5) TMI 210X X X X Extracts X X X X X X X X Extracts X X X X ..... mber ( Judicial ) For the Appellant : Kumar Puligadda , Advocate and A.V.V.S.S. Ch. B. Sekhar Babu, PCS ORDER Per Justice Telaprolu Rajani , Member ( Judicial ) 1. The present Company Application is filed under Sections 230 to 232 of the Companies Act, 2013 read with Rule 3 of the Companies (Compromises, Arrangements and Amalgamation) Rules, 2016 by the Applicant Companies inter alia seeking an order to dispense with convening the meeting of the Shareholders, Secured Creditors and Unsecured Creditors of the Applicant Companies for consideration of the Scheme of Amalgamation ( Scheme for short) between the Applicant Companies and their respective shareholders and creditors as envisaged under the Scheme. 2. The Registered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... modifying, renovating, plastic molding, injection molding and engaged in all kinds of components for industrial use, automotive, application machinery etc. c) The Applicant/Transferor Company-3 was incorporated as a private limited company on 07.10.2002. The Authorised Share Capital is Rs. 40,00,000/- divided into 4,00,000 equity shares of Rs. 10/- each. The issued, subscribed and paid-up share capital is Rs. 32,00,000/- divided into 3,20,000 equity shares of Rs. 10/- each. The main objects of the Company are to carry on the business to manufacture or production of or dealing in all types of LPG Tanks, Conversion kits, multivalves and High Security Licenses Plates, distribution and trading of LPG Tanks, import and export the LPG Tanks ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20 Equity shares and they have given their consent in the form of affidavits, agreeing to the proposed Scheme. 8. The Applicant/Transferor Company-1 has filed certificate of the Auditor stating that as on 25.01.2022 there are Nineteen (19) Unsecured Creditors having a debt of Rs. 50,32,72,985.30/- and has given its consent in the form of affidavit, agreeing to the proposed Scheme. 9. The Applicant/Transferor Company-2 has filed certificate of the Auditor stating that as on 25.01.2022 there are Two (2) Shareholders together holding 4,00,000 equity shares and they have given their consent in the form of affidavits, agreeing to the proposed Scheme. 10. The Applicant/Transferor Company-2 has filed certificate of the Auditor stating tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing of the Shareholders of the Applicant Companies can be dispensed with, in terms of Section 230(9) of the Act. 17. It is noted that Secured Creditors have given consent affidavit agreeing to the proposed Scheme of Amalgamation. Hence the meeting of the Secured Creditors of the Applicant/Transferee Companies can be dispensed with, in terms of Section 230(9) of the Act. 18. It is noted that Unsecured Creditors have given consent affidavit agreeing to the proposed Scheme of Amalgamation. Hence the meeting of the Unsecured Creditors of the Applicant Companies can be dispensed with, in terms of Section 230(9) of the Act. 19. In compliance of sub-section (5) of Section 230 of the Act and Rule 8 of the Companies (CAA) Rules, 2016, the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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