1993 (10) TMI 269

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.....U. Khatri and Mrs. Neeta Masurhar for the Appearing parties. JUDGMENT M.S. Rane, J.- The petitioners herein (hereinafter referred to as the "transferee company") has filed this petition for sanction to the scheme of amalgamation whereby the Ahmedabad Polyarns Company Private Limited, Ahmedabad (hereinafter referred to as "the transferor company"), is to be merged with the petitioner-transfe....

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....13.40 lakhs. Reading the clauses of the scheme, it is provided that the transferee-company will take over the liabilities of the transferor-company. However, the applicants have opposed the merger, inter alia, on the grounds: (1)That both the transferee and transferor companies are already in heavy debt. Besides the applicants, there are many other creditors - secured as well as unsecured....

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.... creditors and shareholders has been convened and held, or consent of the requisite number of creditors obtained. While according sanction, there are mandatory requirements, such as to see whether the meeting of the concerned was duly held and conducted, that it was accepted by a competent majority, that it was for common advantage, reasonable, prudent and proper in every aspect. By securing the o....

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....proceedings in relation to the company under sections 235 to 251, and the like." The petitioners have not placed before the court, its authenticated latest financial position, from the year 1991 onwards. In the affidavits of Vasant N. Navada, dated August 18, 1993, filed on behalf of the petitioner company and in the affidavit of Ganesh L. Bhangale filed on behalf of transferor-company, i.e. Ah....