PARTH INDUSTRIES LIMITED Vs. STATE

JUDGEMENT

(1.) The applicant Parth Industries Limited is the Transferee Company in the Scheme of Amalgamation of Anil Infraplus Limited With Parth Industries Limited. The applicant company has filed the present application seeking directions to convene meeting of the Equity shareholders and Unsecured Creditors of the applicant company. It is stated on behalf of the applicant company that there are no secured creditors of the applicant company. A certificate dated 12.5.2010 of Sumit R. Mehta & Associates, Chartered Accountants has been produced at Annexure-D certifying that the applicant company does not have any secured creditors.

(2.) Upon the application of the abovenamed company by summons dated the 14th day of May, 2010, upon hearing Mr. Pahwa, Advocate for the Company and upon reading the affidavit of the authorized officer and the annexure therein referred to (Annexure 'C' being a copy of proposed Scheme of Amalgamation) That a meeting of Equity shareholders & Unsecured Creditor of the above company shall be convened and held at Registered Office on Saturday, the 26th day of June, 2010 at 10:00 A.M. And 11:00 A.M. respectively for the purpose of considering, and if thought fit, approving, with or without modifications, the Scheme of Amalgamation proposed to be made between the applicant company and Transferor Company. That at least 21 clear days before the day appointed in the meeting, an advertisement convening the same and stating that copies of the said arrangement and of the statement required to be furnished pursuant to Section 393 and forms of proxy can be obtained free of charge at the registered office of the company or at the office of its advocate, be inserted once in each dailies viz. Gujarati Daily 'Divya Bhaskar' and English Daily 'Indian Express' both Ahmedabad editions.

(3.) That in addition, at least 21 clear days before the meeting to be held as aforesaid, a notice convening the said meeting at the place and time aforesaid, together with a copy of the said compromise or arrangement, a copy of the statement required to be sent under Section 393 and the prescribed form of proxy, shall be sent by pre-paid letter post addressed to eachof the shareholders and the unsecured creditors at their registered or last known addresses.