RELIANCE PETROLEUM LIMITED Vs. STATE

JUDGEMENT

(1.) THE present petition is preferred by the petitioning Transferor company - M/s. Reliance Petroleum Limited (hereinafter referred to as "rpl" for the sake of convenience), seeking sanction to the Scheme of amalgamation with Transferee Company - M/s. Reliance Industries limited (hereinafter referred to as "ril" for the sake of convenience ).

(2.) IT appears that after the Scheme was accepted by the Board of directors of the petitioning Company, application was moved to this Court for convening the meetings of the shareholders of the company. This court (Coram: KM. Thaker, J.), vide order dated 5. 3. 2009 in Company application No. 65 of 2009 had directed for convening of the meetings of the shareholders, secured creditors (Class-1), Secured Creditors (Class-2)and all unsecured creditors. The meetings, pursuant thereto, has been held and the Chairman of the meetings has filed the report. As per the said report of the Chairman, following position has emerged at the meetings of the equity shareholders:-

(3.) IT is reported that at the said meeting, the secured creditors (Class-1) have unanimously approved the Scheme of Amalgamation, present and voting either by person or by proxy at the meeting.