2001 (6) TMI 762

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.... of the Companies Act, 1956 ('the Act'), seeking leave of this court for holding a meeting of equity shareholders and the creditors of the company for the purpose of consideration and if approved with or without modification of the scheme of amalgamation. 2. The applicant has also sought for directions as to the method of convening, holding and conducting the said meetings and also with respect....

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....d 'may' only means 'may' and not 'shall'. In certain other cases, there is a mandate in the rules which says that the meeting shall also include postal ballot. 5. Postal ballot is necessary only in cases where the Central Government declares that the meeting shall be by postal ballot. 6. In this case the word used is 'may' and not 'shall'. To give an example, pursuant to section 192A coming ....

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....e word 'may' in other case, the word 'may' in the said rules need not be read as 'shall'. 8. In these circumstances, I hold that the postal ballot is not necessary. 9. In the light of the prayer made, it is directed that the meeting of the shareholders shall be held on 19-7-2001, at 5.30 p.m. and the creditors meeting shall be held on 19-7-2001 at 6 p.m. under the Chairmanship of Sri Azim Pr....