SURVANDAN DEVELOPERS PRIVATE LIMITED Vs. STATE

JUDGEMENT

(1.) The present petition is filed under the provisions of Sections 391 to 394 of the Companies Act, 1956, seeking the sanction of this Court for the Scheme of Amalgamation of Survandan Developers Private Limited with DBS Affordable Home Strategy Limited.

(2.) It is submitted on behalf of the petitioner that DBS Affordable Home Strategy Limited, the Transferee Company, being the holding company, had earlier filed Company Application No. 25 of 2016, seeking an order that no separate proceedings in respect of the Transferee holding company are required to be undertaken under the provisions of Section 391(2) of the Act. This Court, by an order dated 19.1.2016, passed in Company Application No. 25 of 2016, allowed the said application. Accordingly, no separate petition on behalf of the Transferee Company is filed.

(3.) Survandan Developers Private Limited, the Transferor Company, filed Company Application No. 26 of 2016, seeking dispensation of the meetings of the Equity Shareholders, Secured Creditors and Unsecured Creditors. By an order dated 19.1.2016, passed in Company Application No. 26 of 2016, this Court ordered dispensation of the meetings of the Equity Shareholders, Secured Creditors and Unsecured Creditors.