GEO INTEGRATORS PVT LTD. Vs. STATE OF GUJARAT

JUDGEMENT

(1.) THE present petitions are filed under the provisions of Sections 391 to 394 of the Companies Act, 1956 seeking sanction of the Scheme of Arrangement in nature of Demerger of Division A and Division B of Transit Geo Systems Integrators Pvt. Ltd. into Transit Electronics Pvt. Ltd. and Geo Integrators Pvt. Ltd.

(2.) TRANSIT Geo Systems Integrators Pvt. Ltd., the Demerged Company, filed Company Application No.241 of 2013 seeking dispensation of the meetings of the Equity Shareholders and Unsecured Creditors of the petitioner. By an order dated 25.10.2013 passed in Company Application No.241 of 2013, this Court ordered dispensation of the meetings of the Equity Shareholders and Unsecured Creditors. It is reported that there are no secured creditors in the petitioner company.

(3.) TRANSIT Electronics Pvt. Ltd., another Resulting Company, filed Company Application No.240 of 2013 seeking dispensation of the meeting of the Equity Shareholders. By an order dated 25.10.2013 passed in Company Application No.240 of 2013, this Court ordered dispensation of the meeting of the equity shareholders. It was further ordered that this being the Resulting Company, the meeting of Creditors was not required to be held.