2010 (11) TMI 1141

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....ore me that Company Petition No. 6 of 2010 was instituted by the petitioner herein praying that meeting etc., of the Preference Shareholders, Equity Shareholders, Secured Creditors and Unsecured Creditors etc., be convened for the purposes of sanctioning of the amalgamation scheme. By an order dated 1-6-2010, this Court granted the prayers :- "Heard. I have gone through the petition and the documents filed with it. Prayer for convening four meetings, as referred to in clauses (A), (B), (C) and (D) of Para 30 regarding prayer clause, is allowed. Meeting of Preference Shareholders of the Company, i.e.,Kamla Retail Limited, be held on 17th July, 2010 at 12 p.m. at Hotel Timber Trail, near Parwanoo. Meeting of Equity ....

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....plies have been filed and no opposition has been expressed to the amalgamation. 4. The petitioner prays for amalgamation with the respondent Mahen Boutiques Limited. The averments made in the petition are that the Board of Directors of the Transferor Company at its meeting held on 26th April, 2010 approved the Scheme of Amalgamation which was also accepted by the Board of Directors of the Transferee Company on 15th May, 2010. Their consent Annexures P-2 and P-3 are already filed on the record. The Scheme in detail has been filed as Annexure P-1. 5. The objects of amalgamation have been mentioned as under :- "(a) The Transferor Company was incorporated to set up high end mono brand boutiques/retail stores for retailing watches....

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....urther strengthen its position in the market. The enlarged enterprise will enabled the company to expand its operations in both the domestic and overseas market. (d) Reduction of overheads and multiple organizational costs would benefit the share-holders through increased profitability. By virtue of the amalgamation, the operations of both the companies shall be ideally brought under single control thereby leading to considerable savings by eliminating duplication of administration and legal expenses, overheads and other service charges. (e) The proposed amalgamation will enable the amalgamated Company to achieve optimum size of business which is essential for better utilization of the available resources thereby ensuring ....