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2015 (12) TMI 1715 - HC - Companies LawScheme of amalgamation - dispensing with necessary meetings - Held that:- Holding of the meeting of the Shareholders of the applicant Company is not necessary and the said meeting of shareholders is hereby dispensed with. It is stated in paragraphs 10 and 15 of the affidavit in support of the Judges' Summons, that GPSIN – the Transferor Company, is a wholly owned subsidiary of the GPIN the Transferee Company, and the rights and interests of the creditors of the applicant Transferee Company shall not be affected in any manner as a result of the proposed Scheme. The proposed Scheme does not envisage any arrangement or compromise with the creditors of the Transferee Company. The applicant Company shall continue its business operations as the amalgamated Company after such amalgamation of the Transferor Company with the applicant Company. The Transferee Company will fulfill all its liabilities towards its creditors in the normal course of business. The attention of the Court is drawn to the Certificate dated 30.11.2015 issued by the Chartered Accountant (AnnexureE). Considering the above facts and circumstances, it is held that the approval of the Creditors of the Transferee Company is not necessary and the meetings of such creditors is hereby dispensed with.
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