TaxTMI 
TaxTMI 
2009 (3) TMI 566
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....ancies in the figures noted in the report filed by Mr. P.S. Bindra, Advocate who acted as the Chairperson of the meetings of secured and unsecured creditors of the transferee company. Therefore, the matter was listed for directions and notices were issued to the two Chairpersons, who have filed their respect-tive affidavits. After further hearing the parties the judgment was again reserved. 2. These are petitions under sections 391 and 394 of the Companies Act, 1956 seeking sanction of the Scheme of Amalgamation of Pylon Engineers (India) Private Limited (transferor company) with R.S. Infraprojects Private Limited (transferee company). 3. The transferor company was incorporated on 19-5-1997. The registered office of the transferor company....
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....e applications were allowed by order dated 26-5-2008. The requirement of conducting statutory meetings of equity shareholders of both the companies was dispensed with. However, the transferor company was directed to convene separate meetings of its secured and unsecured creditors. Individual notices to the unsecured creditors (of the value of Rs. 10,000 or less) of the transferor company for the meeting were dispensed with. The transferee company was directed to convene separate meetings of its secured creditors and unsecured creditors. 8. Mr. Anil Sapra, Advocate and Mr. Ashwani, were appointed as the Chairperson and the Alternate Chairman respectively of the two separate meetings of secured and unsecured creditors of the transferor compa....
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....ured creditors of the transferor company was fixed at 2 secured creditors representing 15 per cent of the total secured debts of the transferee company. Whereas, the required quorum for the meeting of unsecured creditors was fixed at 25 unsecured creditors representing 15 per cent of the total unsecured debts of the transferee company. 11. The Chairperson of the said meeting, in his report dated 24-7-2008, has reported that the meeting of the secured creditors of the transferor company has been duly held as per the directions of the Court after issuance of the requisite notice. The same was attended by 3 secured creditors entitled together to an aggregate amount of Rs. 12,55,35,978 of the total value of secured debts of the transferee comp....
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....nsferor company and one by Mr. Manoj Goel on behalf of transferee company, the authorized signatories of the petitioner companies about the publication of the citations in "The Statesman" (English) and "Veer Arjun" (Hindi) on 17-10-2008 in respect of both the companies. The said publication containing the said citations have also been produced along with the affidavit. No objection has been received on record from any member of the public in response to the said publication. 13. Notices were issued to the OL and the Regional Director (Northern Region) vide order dated 26-5-2008. Pursuant to the notice issued to the OL, a report dated 26-11-2008 has been filed by the Official Liquidator. 14. The Official Liquidator in its report has stated....