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2014 (4) TMI 1185 - HC - Companies LawScheme of Amalgamation - requirement of convening the meetings - Held that:- In view of the written consents/NOC obtained and averments made in the Application, the requirement of convening meetings of Equity Shareholders and Un-secured Creditors of the Applicant Transferor Company and Equity Shareholders and Preference Shareholders of the Transferee Company is dispensed with. The Applicant Transferor Company does not have any Secured Creditors. In the present case, the Transferor Company is a wholly owned subsidiary of the Transferee Company. No new shares are proposed to be issued on amalgamation. The Transferor and Transferee Companies are not proposing any arrangement with shareholders and creditors. The present Scheme of Amalgamation will not affect rights of shareholders and creditors of the Transferor and Transferee Companies. In view of the above, the requirement of convening the meetings of the Secured and Un-secured Creditors of the Transferee Company is also dispensed with.
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