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2021 (4) TMI 1066 - Tri - Companies LawScheme of amalgamation - seeking to dispensing the meetings of Equity Shareholders, Secured Creditors and Unsecured Creditors - Sections 230 to 232 of the Companies Act, 2013 - HELD THAT:- 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 Amalgamation. In the instant case, as detailed supra, the Applicant Companies have filed Certificates given by the Chartered Accountants certifying the number of Equity Shareholders of the respective Companies constituting 100% of Shareholding of the Applicant Companies and the number of Secured/Unsecured Creditors of the Applicant Companies constituting more than 90% have furnished consent affidavits. No purpose would be served in directing the convening of the meetings in question. Therefore, it would be just and appropriate to dispense with the meetings as sought for, on the principle of case of doing business, and to facilitate the Company to file necessary second stage Petition seeking to sanction the Scheme, subject to fulfillment of all statutory conditions, after notice to the respective Statutory Authorities. Application disposed off.
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