Dispensation of amalgamation meetings granted where shareholders and creditors had already consented to the scheme.

A transferee company seeking approval of a scheme of amalgamation obtained dispensation of meetings where all equity shareholders had consented, there were no secured creditors, and all unsecured creditors had also consented. On those facts, convening meetings of shareholders, secured creditors and unsecured creditors was unnecessary, and the court dispensed with them in favour of the applicant.

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Issues: Whether the meetings of the shareholders, secured creditors and unsecured creditors of the transferee company should be dispensed with for consideration of the scheme of amalgamation.

Analysis: The applicant company had two equity shareholders who had consented to the scheme. The Chartered Accountant's certificate showed that there were no secured creditors. The certificate regarding unsecured creditors showed that all three unsecured creditors had also consented to the scheme. In these circumstances, convening the meetings was unnecessary.

Conclusion: The meetings of the shareholders, secured creditors and unsecured creditors were dispensed with in favour of the applicant.

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