TaxTMI 
TaxTMI 
2018 (2) TMI 1684
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....nies (Compromises, Arrangements and Amalgamations) Rules, 2016. Mega Airways Limited was arrayed as the transferor applicant company and the present appellant was arrayed as transferee Applicant Company. The Scheme of Arrangement by way of amalgamation was placed before the NCLT. The applicants before NCLT made following prayers: "(i) Dispense with convening the meeting of Shareholders and unsecured creditors of the Applicant Transferor Company. (ii) Dispense with convening the meeting of Shareholders and unsecured creditors of the Applicant Transferee Company. (iii) Allow the Applicant Companies to make Petition u/s 230, 232 of the Companies Act, 2013 for approval of the Scheme of Amalgamation of Mega Airways Limited with Mega Corp....
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....ontemplated under the provisions of the Companies Act, 2013 can be dispensed with. 3. The NCLT heard the applicants which included the present appellant and found that it was not satisfied with the submissions made. It appears that the NCLT discussed Section 233. The application before NCLT was u/s 230 & 232. If the applicants in the face of Section 233(14) chose Section 232, NCLT could rightly ask calling of meeting. The NCLT also considered the provisions of Section 230-232 under which the applicants had moved the NCLT and considered the arguments which were raised before it and observed in Para 11 and 12 of its Judgment as under: "11. However, in the instant case the same is not the position and the Transferee Company is a widely held....
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....d public company sought for, is not to be granted and hence in relation to Transferee Company, the meeting of the shareholders and Unsecured Creditors is directed to be convened and for this purpose following directions are issued." After making observations as above the learned NCLT gave directions regarding holding of the meetings. 4. The present appeal has been filed against such judgment and order. The learned counsel for the appellant has reiterated the submissions which was raised before NCLT and also relied on judgment in the matter of HDFC passed in Company Scheme Application no. 243 of 2017 by NCLT Mumbai Bench on 24th September, 2017. Copy of the same has been filed at page 475 in the present appeal. The learned counsel referre....