BANNER PHARMACAPS PVT LTD Vs. STATE

JUDGEMENT

(1.) THE present petition is filed seeking sanction of Scheme of Amalgamation of Banner Pharmacaps Private Limited with Universal Medicare Private Limited.

(2.) AT the outset, it is submitted that Banner Pharmacaps Private Limited filed Company Application No.409 of 2007 seeking dispensation of the meeting of shareholders and Secured Creditors and holding meeting of Unsecured Creditors. The consent of shareholders and secured creditors have been obtained and produced on record.

(3.) THIS Court vide order dated 25.10.2007 dispensed with the meeting of the shareholders and Secured Creditors of the petitioner Company and directed to convene the meeting of Unsecured Creditors of the petitioner Company. It is submitted that pursuant to the order dated 25.10.2007 passed in Company Application No.409 of 2007, meeting of the Unsecured Creditors of the Company was convened on 20.12.2007 to consider the proposed Scheme. After due deliberations, the Scheme has been approved unanimously by the Unsecured Creditors present and voting at the meeting. The Chairman's report dated 20.12.2007 confirming the Scheme is placed on record and thereafter, the present petition is moved seeking sanction of the Scheme of Amalgamation of the petitioner Company with Universal Medicare Private Limited.