Court waives meetings for Scheme of Amalgamation approval based on unanimous written consent

The Court, in accordance with Section 391(2) of the Act, dispensed with the requirement of meetings for Equity Shareholders and Unsecured Creditors for approval of a Scheme of Amalgamation due to their unanimous written consent. The applicant's request was granted as all Equity Shareholders and Unsecured Creditors had provided consent, confirmed by certificates from a Chartered Accountant. The Court affirmed the dispensation of meetings based on the provided consents and certifications, disposing of the application in favor of SNK Etax Solutions Limited.

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Issues:
Dispensing with meetings of Equity Shareholders and Unsecured Creditors for Scheme of Amalgamation approval.

Analysis:
The judgment pertains to a Judges Summons filed by SNK Etax Solutions Limited seeking dispensation of meetings of Equity Shareholders and Unsecured Creditors for approval of a Scheme of Amalgamation. The applicant contended that all fourteen Equity Shareholders and three Unsecured Creditors had provided written consent for the Scheme. Certificates from a Chartered Accountant confirmed the consent of all Equity Shareholders and Unsecured Creditors, along with the absence of Secured Creditors. The applicant's counsel highlighted that proceedings in Maharashtra were initiated by the Transferee Company. After hearing the arguments, the Court, in accordance with Section 391(2) of the Act, dispensed with the requirement of meetings for Equity Shareholders and Unsecured Creditors due to their unanimous written consent. Consequently, the application was disposed of, affirming the dispensation of meetings based on the provided consents and certifications.

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