UNITED BRISTLERS AND BRUSHES PVT LTD Vs. STATE

JUDGEMENT

(1.) Present Judges Summons has been taken out by the applicant Company - United Bristlers and Brushes Pvt. Ltd. (Transferor Company) for an appropriate order to dispense with meeting of equity shareholders and unsecured creditors of the applicant - Company for the purpose of considering and if thought fit, approving, with or without modification a Scheme of Amalgamation proposed to be made between Metroof India Pvt. Ltd., United Bristlers and Brushes Pvt. Ltd. with Lazer Brushes Pvt. Ltd., as having obtained consent of equity shareholders and unsecured creditors of the applicant Company.

(2.) Learned Advocate for the applicant has drawn attention of this Court to Page Nos.70 to 75 (Annexure E and F collectively) and has submitted that all the equity shareholders and unsecured creditors of the applicant Company have given their consent to the proposed Scheme of Amalgamation proposed to be made between Metroof India Pvt. Ltd., United Bristlers and Brushes Pvt. Ltd. with Lazer Brushes Pvt. Ltd. Therefore, it is requested to pass an appropriate order to dispense with meeting of equity shareholders and unsecured creditors of the applicant - Company for the purpose of considering and if thought fit, approving, with or without modification a Scheme of Amalgamation proposed to be made between Metroof India Pvt. Ltd., United Bristlers and Brushes Pvt. Ltd. with Lazer Brushes Pvt. Ltd.

(3.) Having heard learned Advocate for the applicant - Company and considering certificate issued by the Chartered Accountant (Annexure F at Page No.75), it appears that equity shareholders of the applicant Company have given their consent to the proposed scheme of amalgamation and it also appears from the list of Unsecured Creditor (page No.73), that one unsecured creditor i.e. Trish Brushes Pvt. Ltd. has also given consent to the proposed scheme of amalgamation.