Home Case Index All Cases Companies Law Companies Law + Tri Companies Law - 2021 (5) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (5) TMI 500 - Tri - Companies LawApproval of Scheme of Amalgamation - Section 230 to 232 and other applicable provisions of the Companies Act, 2013 read with Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 - HELD THAT:- From the records, it is seen that in the First Motion Application filed before this Tribunal vide CA/960 & 961/CAA/2019 wherein it was represented that there are 1 Preference Shareholder, 2 Equity Shareholders, 5 Unsecured Creditor and no Secured Creditor in relation to the Transferor Company and 2 Equity Shareholders, 8 Secured Creditors and 26 Unsecured Creditors in relation to the Transferee Company and based on the consent Affidavits obtained, accordingly sought for dispensation of the meeting of the Preference/Equity Shareholders and Secured/Unsecured Creditors of both the Transferor and Transferee Companies. Based on such application moved under Sections 230-232 of the Companies Act, 2013, this Tribunal vide its order dated 26.09.2019 dispensed with the meeting of the Preference/Equity Shareholders, and Secured/Unsecured Creditors of the Transferor and Transferee Companies and the second motion petition was filed before this Tribunal by the Petitioner Companies on 06.11.2019 for sanction of the Scheme of Amalgamation as contemplated between the Petitioner Companies. It is seen from the records that the Petitioner Companies have filed affidavits of service via email to the Registry of this Tribunal on 18.09.2020 in relation to the compliance of the order passed by the Tribunal as noted above and a perusal of the same discloses that the Petitioner Companies have effected the paper publication as directed by the Tribunal in one issue of "News Today" (Chennai Edition) in English and "Dhinamani" (Chennai Edition) in Tamil on 20.06.2020. Further notices have been also served to (i) The Regional Director, Southern Region, Chennai on 11.06.2020 (ii) Registrar of Companies, Chennai on 11.06.2020 (iii) Income Tax Authorities on 11.06.2020 (iv) Official Liquidator, Chennai on 11.06.2020 and proof of the same acknowledgements/receipts have also been enclosed. The Petitioner Companies have filed the certificate of the Independent Statutory Auditor in relation to compliance with the Accounting Standards with respect to the Scheme. Thus, the Petitioner Companies have complied with proviso to Section 230(7)/Section 232(3) of the Companies Act, 2013. The scheme is approved - application allowed.
|