Scheme of amalgamation sanctioned after shareholder approval and no objections, making it binding on both companies and stakeholders.

A scheme of amalgamation was sanctioned after the shareholder meeting duly approved the proposal, the secured and unsecured creditors were dispensed with, and the Registrar of Companies, the Official Liquidator and the Regional Director raised no objection. The court found no impediment to approval and made the scheme binding on the transferor company, the transferee company, and their shareholders and creditors.

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Issues: Whether the Scheme of Amalgamation between the transferor company and the transferee company should be sanctioned and made binding on the companies concerned, their shareholders and creditors.

Analysis: The petition sought sanction of a scheme for amalgamation of the petitioner-company with the transferee company. The shareholder meeting was duly convened and the scheme was approved. The secured and unsecured creditors stood dispensed with, and the Registrar of Companies, the Official Liquidator and the Regional Director filed no objection to the proposal. No impediment to sanction of the scheme was shown.

Conclusion: The Scheme of Amalgamation was sanctioned and was held to be binding on the petitioner-company, the transferee company, and their shareholders and creditors.

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