ALBUS INVESTMENTS PRIVATE LIMITED Vs. STATE

JUDGEMENT

(1.) These are the petitions filed by two companies, for the purpose of obtaining the sanction of this court to a Scheme of Arrangement in the nature of Amalgamation of Sahaj Realty Private Limited, the Transferor Company with Albus Investments Private Limited, the Transferee Company as well as Restructure of Share Capital of Albus Investments Private Limited, proposed under section 391 to 394 read with Sections 100 to 103 of the Companies Act, 1956.

(2.) It has been submitted that both these companies belong to the same group of management. The Board of Directors of these Companies thought it appropriate to amalgamate them for synergic benefits. It is envisaged that consolidation of their activities shall be beneficial for rapid growth of operations of the Transferee Company.

(3.) It has been submitted that vide order dated 28th April 2016 passed in Company Application No. 212 of 2016, the meetings of the Equity Shareholders and Unsecured Creditors of the Transferor Company were dispensed with in view of the written consent letters from all of them, approving the proposed scheme, being placed on record. There are no Secured Creditors of this company.