2013 (12) TMI 1761 - HC - Companies Law

Summary

In the case cited as 2013 (12) TMI 1761 - KARNATAKA HIGH COURT, presided over by The Hon'ble Mr. Justice Anand Byrareddy, the petitioner sought the sanction of a Scheme of Amalgamation with M/s. Ravindra Energy Limited, the transferee company. The petitioner, incorporated in 2008 under the Companies Act, 1956, in Karnataka, is engaged in electric power generation. The transferee company, originally incorporated in 1980 as "Ravindra Trading and Agencies Limited" in Maharashtra, was renamed "Ravindra Energy Limited" in 2010 and is also involved in power generation and allied activities.

The High Court, through an order in C.A.79/13 dated 11/1/2013, initially directed the convening of a meeting of the petitioner's shareholders, and later, by an order dated 8/2/2013, dispensed with the meetings of secured and unsecured creditors. The shareholders approved the Scheme of Amalgamation during a meeting chaired by Mrs. Vidya Murkumbi, with the result reported on 11/3/2013.

The Registrar of Companies, the Official Liquidator, and the Regional Director, Eastern Region, Hyderabad, filed affidavits indicating no objections to the amalgamation. Consequently, the court allowed the petition, sanctioning the Scheme of Amalgamation, which is binding on all parties involved. A copy of the order is to be filed with the Registrar of Companies within four weeks.