RELIANCE ENTERPRISES LIMITED Vs. STATE

JUDGEMENT

(1.) DRAFT amendment is allowed. Petitioner to carry out the same during the course of the day.

(2.) PRESENT Judge's Summons has been taken out by the applicant Reliance Enterprises Limited (transferor company) for an appropriate order of convening the meetings of the equity shareholders holding fully paid up equity shares; equity shareholders holding partly paid -up equity shares and preference shareholders holding 5% redeemable cumulative preference shares to consider and if thought fit to approve, with or without modification(s), proposed scheme of amalgamation of Reliance Enterprises Limited with Farm Enterprises Limited. It is also further prayed that the requirement of holding and convening the meetings of the secured as well as unsecured creditors of the applicant company for the purpose of considering and if thought fit approving with or without modification proposed scheme of amalgamation of Reliance Enterprises Limited with Farm Enterprises Limited (transferee company) be dispensed with considering the certificate of the Chartered Accountant at Annexure H to the affidavit in support of the summons for direction that there are no secured and unsecured creditors of the applicant company.

(3.) SHRI K.S.Nanavati, learned Senior Advocate appearing for the applicant company has relied upon the certificate of the Chartered Accountant at Annexure H (page 54) to the affidavit in support of the summons for direction and has submitted that as there are no secured as well as unsecured creditors of the applicant company, the meetings of secured as well as unsecured creditors as required under Section 391 (2) of the Companies Act; 1956 is not required and therefore, it be dispensed with.