2015 (5) TMI 127

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....ation has been filed under Sections 391 and 394 of the Companies Act, 1956 read with Rules 6 & 9 of the Companies (Court) Rules, 1959 by the applicant companies seeking directions of this court to dispense with the requirement of convening the meetings of their equity shareholders, secured and unsecured creditors to consider and approve, with or without modification, the proposed Scheme of Amalgam....

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....esent issued, subscribed and paid-up share capital of the company is Rs. 10,15,000/- divided into 1,01,500 equity shares of Rs. 10/- each. 6. The present authorized share capital of the transferee company is Rs. 80,00,000/- divided into 8,00,000 equity shares of Rs. 10/- each. The issued, subscribed and paid-up share capital of the company is Rs. 72,33,000/- divided into 7,23,300 equity shares ....

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....ult in economies of scale, reduction in overheads and other expenses, reduction in administrative and procedural work, and better and more productive utilization of various resources. 9. So far as the share exchange ratio is concerned, the Scheme provides that, upon coming into effect of this Scheme, the transferee company shall issue and allot equity shares to the shareholders of the transfero....

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....ons in writing to the proposed Scheme of Amalgamation. Their consents/no objections have been placed on record. They have been examined and found in order. In view thereof, the requirement of convening the meeting of the equity shareholders of the transferor company to consider and, if thought fit, approve, with or without modification, the proposed Scheme of Amalgamation is dispensed with. There ....