ADANI ENTERPRISES LIMITED Vs. STATE

JUDGEMENT

(1.) The present petition is filed by the petitioner Transferee company for sanction of the Scheme of arrangement in the nature of Amalgamation, amalgamating seven Transferor Companies, viz., Adani Infrastructure Services Private Limited, Advance Tradex Private Limited, Adani Tradelink Private Limited, Pride Trade and Investment Private Limited, Trident Trade and Investment Private Limited, Radiant Trade and Investment Private Limited and Ventura Trade and Investment Private Limited with Adani Enterprises Limited, the Transferee Company under Section 391 read with Section 394 of the Companies Act, 1956. All the Petitioner Companies belong to the same group of management.

(2.) It has been pointed out that vide the order dated 7-5-2010 passed in Company Application No. 136 of 2010 (Copy as Annex. H to the petition), meeting of the Equity Shareholders was directed to be convened and held. Pursuant to the said order, the meeting was duly convened on 10-6-2010 and the proposed scheme was approved by requisite majority of 92.13 per cent in number and 99.54 per cent in value of the Equity Shareholders present and voting at the said meeting. The aforesaid result has been placed on record vide the Chairman's report and affidavit dated 16-6-2010. (Copy annexed as Annex. I to the present petition).

(3.) The petition was admitted vide order dated 25-6-2010. The public notice for the same were duly advertised in the newspapers 'Indian Express' English daily, and 'Sandesh' Gujarati Daily, both Ahmedabad editions dated 3-7-2010 and the publication in the Government Gazette was dispensed with. Affidavit dated 7-7-2010 confirms the same. No one has come forward with any objections to the said petitions even after the publication. The same has been further confirmed by the additional affidavit dated 28-7-2010.