INFOSTRETCH SOLUTIONS PRIVATE LIMITED Vs. STATE

JUDGEMENT

(1.) INFOSTRETCH Solutions Private Limited (hereinafter referred to as the "petitioner transferor company") and Infostretch Corporation (India) Private Limited (hereinafter referred to as the "petitioner transferee company") have presented these petitions to obtain the sanction of this court to a scheme of amalgamation of the transferor company with the transferee company.

(2.) BY an order dated 10.12.2014 made in Company Application No.310 of 2014 filed by the petitioner transferor company, this court had dispensed with the holding of meetings of the equity shareholders as all the equity shareholders had given their approval to the scheme in the form of consent letters which had been placed on the record. The court had also dispensed with the holding of meetings of the secured creditors and unsecured creditors as they had given their approval to the scheme in the form of consent letters. Certificates of the Chartered Accountant confirming the status of the equity shareholders as well as the written consent had also been placed on record.

(3.) BY an order dated 10.12.2014 made in Company Application No.311 of 2014 filed by the transferee company, this court had dispensed with the holding of meeting of the equity shareholders and the creditors in view of the fact that all the equity shareholders and the sole creditor who is a shareholder of the transferee company had approved the proposed scheme of amalgamation in writing.