SUMILON PLASTIC PRIVATE LTD Vs. STATE

JUDGEMENT

(1.) THESE are the petitions filed by the petitioner Companies for sanction of a Scheme of Amalgamation of the three Transferor Companies viz. Sumilon Plastic Private Limited, Sumilon Tex Private Limited and Shree Kapil Yarn Limited with Sumilon Industries Limited, the Transferee Company under Section 391 read with Section 394 of the Companies Act, 1956.

(2.) VIDE the respective orders dated 1st April, 2008 passed in Company Application Nos. 237 and 238 of 2008, meetings of the Equity Shareholders, Secured Creditors and Unsecured Creditors were dispensed with in case of two Transferor Companies in view of the written consent letters placed on record. Similarly, vide said order passed in Company Application No. 239 of 2008, the meetings of the Equity shareholders and Unsecured Creditors were dispensed with in view of the written consent letters placed on record. There were no Secured Creditors of the said Transferor Company on the date of filing the application. Similarly vide said order passed for the Transferee Company in Company Application No. 240 of 2008, meeting of the Equity Shareholders was dispensed with in view of the written consent letters placed on record.

(3.) THE petitions were admitted vide order dated 15th April, 2008. The public notices for the same were duly advertised in the newspapers 'the Indian Express' - English daily, Ahmedabad Edition dated 23rd April, 2008 and 'gujarat Mitra' - Gujarati daily, Surat Edition dated 22nd April, 2008 and the publication in the Government Gazette was dispensed with. Affidavits dated 28th April, 2008 confirms the same.