2014 (6) TMI 814

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....ess India Private Limited' on 12.09.2012. The registered office of the applicant is in Bangalore. The authorised share capital of the applicant - Transferee Company is Rs.6,00,00,000/- divided into 50,00,000 Equity shares of Rs.10/- each and 10,00,000 Preference Shares of Rs.10/- each and the issued, subscribed and paid up capital of the company is Rs.3,47,02,340/- divided into 34,16,688 equity shares of Rs.10/-and 53,546 preference shares of Rs.10/- each. The applicant is engaged in the manufacture and production of inverters, designers, convertors, etc., and associated software and accessories. It is claimed that Clause 33 under the head 'The objects incidental or ancillary' of the Memorandum of Association of the app....

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....nd sanction of this Court. Hence, the present application seeking dispensation from convening meetings of equity shareholders and issue directions to convene the meetings of unsecured creditors. 3. The Transferee Company has four equity shareholders and one Preference shareholder. It is said that it has no secured loans, but has unsecured sundry creditors. The amalgamation of the Transferor and the Transferee companies as claimed, would not have any adverse impact on the unsecured creditors of the Transferee Company. The Board of Directors, of the Transferee Company passed a resolution dated 20.12.2013 approving and adopting the Scheme of Amalgamation of Uniflair India Private Limited with Schneider Electric IT Business India Private ....