JAYKRISHNA MAGNETICS PRIVATE LIMITED Vs. STATE

JUDGEMENT

(1.) The present petitions are filed under the provisions of Sections 391 to 394 of The Companies Act,1956, seeking the sanction of this Court to the Scheme of Arrangement in the nature of amalgamation of Jaykrishna Magnetics Private Limited, transferor company with Vatsal Magnetics Private Limited, the transferee company.

(2.) Mr. Bharat T. Rao, learned advocate for the petitioners, has submitted that Vatsal Organics Private Limited, the Transferee Company in the Scheme of Arrangement in nature of Amalgamation, had earlier filed Company Application No.43 of 2016, seeking an order of dispensation of the meeting of the Equity Shareholders, in view of the written consent given by them to the proposed Scheme of Amalgamation. The Court noted that the applicant, being the Transferee Company, the meeting of the creditors was not required to be held. By an order dated 29.02.2016, this Court was pleased to allow the said application and ordered dispensation of the meetings of the Equity Shareholders.

(3.) The petitioner of Company Petition No. 124 of 2016 i.e. Jaykrishna Magnetics Private Limited, had filed Company Application No.42 of 2016, for requisite directions for dispensing with the convening and holding of the meetings of the Equity Shareholders, Secured Creditors and Unsecured Creditors of the petitioner Company.