Court grants request to dispense with shareholder meeting for Amalgamation scheme. No creditor meeting required. Application disposed.

The court granted the applicant's request to dispense with the meeting of Equity Shareholders for the scheme of Amalgamation, as all shareholders provided written consents as required by law. The court also ruled that as a transferee company, there was no need for a meeting of creditors. Consequently, the court disposed of the application, providing the relief sought by the applicant.

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Issues:
Dispensing with the meeting of equity shareholders for the scheme of Amalgamation.

Analysis:
The judgment pertains to a Judges Summons filed by the applicant, a transferee company, seeking orders to dispense with the meeting of Equity Shareholders for the approval of the scheme of Amalgamation with two other companies. The applicant, represented by learned Advocate Mr. Navin K. Pahwa, highlighted that all six equity shareholders of the applicant company have provided written consents approving the scheme. Additionally, a Certificate from Chartered Accountants confirmed the shareholders' consents and waiver of the right to call a meeting. It was argued that as a transferee company, the meeting of creditors was not necessary. Consequently, the applicant requested the court to pass an order dispensing with the meeting of Equity Shareholders.

Upon hearing the arguments presented by Mr. Pahwa, the learned Advocate for the applicant, the court considered that all Equity Shareholders had given their consents in writing, as mandated under section 391(2) of the Act for the proposed Scheme of Amalgamation. Consequently, the court ordered the dispensation of the meeting of Equity Shareholders for the applicant company. Moreover, the court clarified that since the applicant was a transferee company, there was no requirement to hold a meeting of creditors. As a result of these considerations, the court disposed of the present application, granting the requested relief to the applicant.

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