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2015 (8) TMI 433 - HC - Companies LawScheme of Amalgamation – Dispensing convening of meetings of equity shareholders, secured and unsecured creditors to consider and approve, proposed Scheme of Amalgamation under Sections 391-394 of Companies Act, 1956 – Held that:- board of directors of transferor and transferee companies in their separate meetings unanimously approved proposed Scheme of Amalgamation – Equity shareholders and secured creditor of transferor and transferee companies have given their consents/no objections in writing to proposed Scheme of Amalgamation and were found in order – 43 out of 246 unsecured creditors valuing 86.24%, of transferor company-1 and 48 out of 552 unsecured creditors, valuing 76.45% of transferee company have given their consents/no objections in writing – Transferee company has liquidity comprising of cash and bank balances and liquid investments in mutual funds which are more than sufficient to meet and discharge entire liability towards all unsecured creditors of transferor company-1 and have undertaken to discharge their liabilities in normal course of their business – Application stands allowed – Decided in favour of applicants
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