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2021 (8) TMI 1154 - Tri - Companies LawSanction of scheme of amalgamation - seeking to dispense with the requirement of holding the meeting of the equity shareholders, preference shareholders and creditors of the Transferor Company and Transferee Company - Section 232 read with Section 230 of the Companies Act, 2013 and read with Rule 3 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 and other applicable provisions of the Companies Act, 2013 - HELD THAT:- This is the first stage Application seeking dispensation of convening meetings of Equity Shareholders, preference shareholders and Creditors of the Applicant Companies. All of them have given their consent in the form of Affidavits. The proposed scheme in question prima facie satisfy fundamental requirements for its sanction, subject to approval of this Tribunal - The Applicant Companies stated to be following all provisions of Companies Act, 2013, and rules made thereunder. In any case, dispensing with meeting in question would not deprive any aggrieved party to approach this Tribunal at any point of time, when the approval of scheme in question finally come for consideration. The Company application deserves to be allowed - The scheme is sanctioned.
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