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In Re:- Sharp Capital Private Limited And Sharp Credits Limited

2015 (5) TMI 128 - DELHI HIGH COURT

Application under Sections 391 and 394 of the Companies Act, 1956 read with Rules 6 & 9 of the Companies (Court) Rules, 1959 - Dispensation of convening the meetings of their equity shareholders, secured and unsecured creditors - Held that:- All the equity shareholders and unsecured creditor of transferor company and transferee company have given their consents/no objections in writing to the proposed Scheme of Amalgamation. Their consents/no objections have been placed on record. They have been .....

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joint application has been filed under Sections 391 and 394 of the Companies Act, 1956 read with Rules 6 & 9 of the Companies (Court) Rules, 1959 by the applicant companies seeking directions of this court to dispense with the requirement of convening the meetings of their equity shareholders, secured and unsecured creditors to consider and approve, with or without modification, the proposed Scheme of Amalgamation of Sharp Capital Private Limited (hereinafter referred to as the transferor co .....

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r of Companies, NCT of Delhi & Haryana at New Delhi. 5. The present authorized share capital of the transferor company is ₹ 10,00,000/- divided into 1,00,000 equity shares of ₹ 10/- each. The present issued, subscribed and paid-up share capital of the company is ₹ 9,02,000/- divided into 90,200 equity shares of ₹ 10/- each 6. The present authorized share capital of the transferee company is ₹ 1,00,00,000/- divided into 10,00,000 equity shares of ₹ 10/- eac .....

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the salient features of the Scheme have been incorporated and detailed in the application and the accompanying affidavit. It is claimed that the amalgamation will consolidate the shareholding of both the transferor and transferee companies and improve the administrative control. It is further claimed that the proposed Scheme will result in formation of a large company enabling further growth and development of the businesses of the said companies and will also increase the efficiency by pooling .....

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