NIRMA CONSUMER CARE LIMITED Vs. STATE

JUDGEMENT

(1.) The present Judge's summons has been taken out by the applicant - Nirma Consumer Care Ltd. (transferor Company) for the following orders.

(2.) Ms. Soparkar, learned advocate appearing on behalf of the applicant has drawn the attention of the Court to pages 26 - 33 (Annexure D) and has submitted that all the equity shareholders of the applicant - transferor Company has given their consent in writing to the proposed Scheme of Arrangement in the nature of Amalgamation of applicant Company with Nirma Limited (transferee Company). Therefore, it is requested to pass an appropriate order to dispense with the meeting of the equity shareholders as required under Section 391(2) of Companies Act, 1956.

(3.) Ms. Soparkar, learned advocate appearing on behalf of the applicant has requested to hold that in view of the averments and submissions made in para 11 of the affidavit, the meeting as required to be held under the provisions of Section 391(2) of the Companies Act, 1956, is not required to be held in so far as unsecured creditors of the applicant Company are concerned. It is further submitted that even otherwise more than 99%, in value, of the total amount of unsecured creditors as on 31st March 2010 have given their consent to the proposed Scheme of Arrangement and there are no secured creditors.