Dispensation of equity shareholders' meeting upheld where all shareholders consented and no creditors were involved in the amalgamation scheme.

Where all equity shareholders of the applicant company had given written consent to the proposed amalgamation scheme and there were no secured or unsecured creditors, the meeting of equity shareholders could be dispensed with. The court accepted that, on these facts, convening the meeting was unnecessary and allowed the company application to proceed without it.

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Issues: Whether the meeting of the equity shareholders of the applicant company should be dispensed with in connection with the proposed scheme of amalgamation.

Analysis: The applicant showed that all equity shareholders had / submitted written consents approving the scheme, and that there were no secured or unsecured creditors of the company. On that basis, the request for dispensation of the shareholders' meeting was considered justified.

Conclusion: The meeting of the equity shareholders of the applicant company was dispensed with.

Final Conclusion: The application was allowed and the company-court process proceeded without convening the shareholders' meeting.

Ratio Decidendi: Where all equity shareholders have given written consent and no creditors' interests are involved, the meeting for considering the scheme may be dispensed with.

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