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2016 (2) TMI 1122 - HC - Companies LawScheme of amalgamation - Held that:- The transferor companies have consents of all equity shareholders and unsecured creditors. It is averred that the transferor companies do not have any secured creditors. This statement is taken on record. In so far as the transferee company is concerned, it has consent of 26 out of 28 equity shareholders and 79 out of 152 unsecured creditors. In terms of value, 96.36% of the equity shareholders have given their consent. As regards, consents obtained in numbers, 92.86% of the total number of shareholders have given their consent. In so far as the unsecured creditors are concerned, in terms of value 91.76% have given their consent which, in numbers, works out to 51.97%.As regards, secured creditors of the transferee company, all have given their consent. Having regard to the aforesaid, the prayers made in the joint application are allowed. The requirement to convene meetings of equity shareholders and unsecured creditors of the transferor companies is dispensed with, since all consents are in place. Similarly, the prayer made for dispensing with the meetings of the equity shareholders, secured and unsecured creditors of the transferee company is allowed as well. The reason that I am dispensing with the meetings of the equity shareholders and the unsecured creditors of the transferee company, is that, in terms of value, those who have given their consent are more than 3/4th of the total value of the paid up equity share capital and the total amount outstanding qua the unsecured creditors, as on 31.03.2015.
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