ASSOCIATED TRANSRAIL STRUCTURES LIMITED Vs. STATE

JUDGEMENT

(1.) THE present petition is for seeking sanction to the Scheme of Amalgamation. The petitioner is the Transferor Company being amalgamated with M/s. Gammon India Limited, the transferee company, as per the Scheme of Amalgamation, which is produced at Annexure F. The transferee company is having registered office at Mumbai and it has been stated that the Scheme for sanction was moved before the Bombay High Court and the sanction has been granted on 18. 6. 2009.

(2.) IT appears that vide order dated 23. 1. 2009 passed by this Court in Company Application No. 11 of 2009, the meeting of the equity shareholders of the Company was ordered to be convened for consideration of the Scheme after issuing public advertisement and the Chairman was ordered to file report.

(3.) PURSUANT thereto, advertisement was given in Time of India, English daily and Sandesh, Gujarati daily on 31. 1. 2009 and thereafter, the meeting was convened and at the meeting, as stated in the paragraph 25 of the petition, the Scheme was approved by the requisite majority in number and in value by the shareholders present at the meeting. It may be recorded that vide order dated 23. 1. 2009 passed by this Court in Company Application No. 11 of 2009, the Court found that the meeting of the Creditors was not required, as they were not to be affected by the Scheme. The meeting of preference shareholders was also dispensed with as per the very order.