Court approves Amalgamation Scheme between Companies under Companies Act. Equity Shareholders, Creditors meetings waived. The Court sanctioned the Scheme of Amalgamation under Sections 391 and 394 of the Companies Act, 1956, between two companies. Meetings of Equity ...
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Court approves Amalgamation Scheme between Companies under Companies Act. Equity Shareholders, Creditors meetings waived.
The Court sanctioned the Scheme of Amalgamation under Sections 391 and 394 of the Companies Act, 1956, between two companies. Meetings of Equity Shareholders and Unsecured Creditors were dispensed with, and notices were directed to the Central Government and Official Liquidator. A Chartered Accountant was appointed for report submission, with publication of hearing notice in specified newspapers. The petition was admitted for further proceedings, with a scheduled final hearing date of 14.06.2016.
Issues: 1. Sanction of Scheme of Amalgamation under Sections 391 and 394 of the Companies Act, 1956. 2. Dispensation of meetings of Equity Shareholders and Unsecured Creditors. 3. Notice to Central Government and Official Liquidator. 4. Appointment of Chartered Accountant for report submission. 5. Publication of hearing notice in newspapers.
Analysis:
1. The petition was filed seeking the sanction of the Court for the Scheme of Amalgamation of two companies. The petitioner had previously sought dispensation of meetings of Equity Shareholders and Unsecured Creditors, which was granted by the Court. The absence of Secured Creditors was noted in the petition.
2. Mr. Navin K. Pahwa, representing the petitioner, was heard by the Court, and the petition was admitted for further proceedings.
3. The Court directed notices to be served to the Central Government through the Regional Director and the Official Liquidator. The Official Liquidator was instructed to appoint a Chartered Accountant for preparing and submitting a report, with the costs to be borne by the petitioner.
4. Publication of the hearing notice in the "Indian Express" and "Gujarat Mitra" newspapers, both in English and Gujarati, respectively, with circulation in Surat, was ordered. Dispensation of notice publication in the Government Gazette was granted.
5. The final hearing of the petition was scheduled for 14.06.2016, indicating a timeline for further proceedings in the matter.
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