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2016 (2) TMI 1120 - HC - Companies LawScheme of amalgamation - dispensation of convening meetings - Held that:- Consent have been obtained from the equity shareholders of both the applicants. In these circumstances, in so far as the equity shareholders of the applicants are concerned, the requirement to convene their meetings is dispensed with. As far as the unsecured creditors are concerned, in the case of the transferor company 39 out of 46 have given their consent. The percentage of consents in terms of value and number is as follows: 97.44% in value 84.78% in number. As regards the unsecured creditors of the transferee company, it is averred that 33 out of the total 35 have given their consent. A scrutiny of the documents filed alongwith joint application has revealed that one of the unsecured creditors has given its consent to the scheme prior to the scheme being sanctioned by the BOD of the transferee company. Notwithstanding the aforesaid discrepancy, the percentage of consents in terms of value and number are as follows: 97.28% in value and 91.43% in number. Accordingly, the prayer made for dispensing with the requirement of convening meetings of the unsecured creditors of the applicants is allowed. The reason for allowing the prayer made for dispensation of the requirement of convening meetings of the unsecured creditors of the applicants, is that, the percentage of consent given, in value, in both these cases is above 75%. The joint application stands allowed in the aforesaid terms.
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