2008 (3) TMI 484

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.... P. Ltd., Chander Exhibitors P. Ltd., Dharam Cinema P. Ltd., and Rajshri Wood Fields P. Ltd., are the transferor companies and R World Leisure Ltd., is the transferee company. All the transferor companies are to be amalgamated with the transferee company under the scheme of amalgamation. R World Leisure Ltd. ("transferee company") has filed Company Petition No. 179 of 2007 seeking sanction of the scheme. The transferee company filed Company Application No. 375 of 2007 seeking dispensation of the meetings of the equity shareholders and preference shareholders. This court, vide order dated September 6, 2007, made in Company Application No. 375 of 2007 dispensed with the meeting of the shareholders. Bharatsinh Chudasama Film P. Ltd. ("tr....

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....led Company Application No. 376 of 2007 seeking dispensation of the meetings of the equity shareholders and unsecured creditors. This court, vide order dated September 6, 2007, made in Company Application No. 376 of 2007 dispensed with the meetings of the equity shareholders and unsecured creditors. All the company petitions came to be admitted by this court on September 12, 2007 and directed publication of notice of hearing of the petition in English daily The Indian Express and Gujarati daily Divya Bhaskar both Ahmedabad editions. The court also issued notice to the Regional Director, Western Region, Department of Company Affairs, Bombay, as also the official liquidator in case of the transferor companies. Pursuant to the notice of ....

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.... prejudice, in view of the judgment of this hon'ble court in the case of Bazley Finvest Ltd., In re [2005] 64 SCL 480 , in Company Petition No. 41 of 2005 with Company Petition No. 42 of 2005 with Company Petition No. 43 of 2005 and Shubhlaxmi Dyetex P. Ltd., In re [2008] 142 Comp. Cas. 738 (Guj), in Company Petition No. 41 of 2007 with Company Petition No. 42 of 2007 with Company Petition No. 43 of 2007, the utilisation of authorised capital of the transferor companies by the transferee company is not prohibited. Heard Mr. Navin Pahwa learned advocate appearing for the petitioner and Mr. Iqbal A. Sheikh, learned Central Government standing counsel and perused the scheme of amalgamation. The court has also gone through the report submitt....