IN RE: RISHABH SOFTWARE PRIVATE LIMITED Vs. STATE

JUDGEMENT

(1.) The present petitions are filed under the provision of Ss. 391 to 394 of The Companies Act, 1956, seeking the sanction of this Court to the Scheme of Amalgamation of Rishi Infotech Private Limited (1st Transferor Company) and Advance Fluid Controls Private Limited (2nd Transferor Company) with Rishabh Software Private Limited (Transferee Company).

(2.) Mr. Bharat T Rao, learned advocate for the petitioners, has submitted that Rishabh Software Private Limited, the Transferee Company in the Scheme of Arrangement in nature of Amalgamation, had earlier filed Company Application No. 252 of 2015, 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 13.08.2015, this Court was pleased to allow the said application and ordered dispensation of the meetings of the Equity Share Holders.

(3.) The petitioner of Company Petition No. 338 of 2015 i.e. Rishi Infotech Private Limited, had filed Company Application No. 254 of 2015, 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. This Court, by its order dated 13.08.2015, passed in Company Application No. 254 of 2015, had dispensed with the requirement of holding the meeting of the Equity Shareholders, in view of the written consent of all the Equity Shareholders and the majority of the Secured, as well as the Unsecured Creditors of the Company.