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2020 (12) TMI 1238 - Tri - Companies LawApproval of scheme of Amalgamation - seeking to dispense with the meetings of the Equity Shareholders of both the Applicant Companies and Unsecured Creditors& Secured Creditors of the Applicant Company - Sections 230 & 232 of the Companies Act, 2013, R/w Rule 3(2) of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 - HELD THAT:- The Companies have disclosed material information with regard to the Scheme in question, and in the normal circumstances, it is the prerogative of concerned Companies to evolve a Scheme suitable to them and the Tribunal is only empowered to examine the Scheme broadly, whether the Scheme is prepared in accordance with law and the interest of all the stakeholders of Companies involved are taken care of by affording due notice of Scheme, etc. The Scheme in question, prima facie found to be in the larger interests of the Companies involved and their stakeholders. The Tribunal is empowered, under Section 230(9) of the Companies Act, 2013, to dispense with calling of a meeting of creditors or class of creditors, where such creditors or class of creditors, having at least ninety per cent value, agree and confirm, by way of affidavit, to the Scheme of compromise or arrangement. Therefore, there is no necessity to convene the meetings for the same purpose and the Tribunal can allow the Application as prayed for, on the principle of ease of doing business. Application disposed off.
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