2015 (7) TMI 22

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ra Prasad and Mr. Mayank Bugani, Advocates SUDERSHAN KUMAR MISRA, J.1. This joint application has been filed under Sections 391 & 394 of the Companies Act, 1956 by the applicant companies seeking directions of this court to dispense with the requirement of convening the meetings of their equity shareholders, preference shareholders, secured and unsecured creditors to consider and approve, with ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... On an examination of the application, it is noticed that the share exchange ratio as mentioned in the application is adopted from the Valuation Report dated 16th August, 2014 furnished by M/s. P. K. Katyal & Co., Chartered Accountants (page 209, Annexure II). Unfortunately, the applicants adopted the same without maintaining a common sequence in the Memo of Parties. Consequently, the second shar....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....share exchange ratio is for Pukhraj Sugars Private Limited (PSPL). It provides that for every 514 shares of PSPL, the shareholders shall be entitled to receive 100 shares of the transferee company. However, the applicants have wrongly adopted the said share exchange ratio for Parashar Sugars Private Limited (PRSPL), and while stating the said exchange ratio in the Scheme and the application, they ....