Merger by Absorption Approved Without Shareholder or Creditor Meetings; 90% Consent Not Required for Unsecured Creditors.

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....Sanction of Scheme of merger by absorption - when the ‘Transferor and Transferee Company’ involve a parent Company and a Wholly Owned Subsidiary the meeting of Equity Shareholders, Secured Creditors and Unsecured Creditors can be dispensed with as the facts of this case substantiate that the rights of the Equity Shareholders of the ‘Transferee Company’ are not being affected. Therefore, obtaining 90% consent Affidavits from its unsecured Creditors is not required keeping in view the facts of the attendant case. - AT....