ZIRCON TOOTH BRUSH PRIVATE LIMITED Vs. STATE

JUDGEMENT

(1.) THE present petitions are for seeking sanction to the scheme of amalgamation between Zany Tooth Brush Pvt. Ltd. (petitioner of Company Petition No. 86 of 2009 - transferor company), Zircon Tooth Brush Pvt. Ltd. (petitioner of Company Petition No. 85 of 2009 - transferor company), Zest Tooth Brush Pvt. Ltd. (petitioner of Company Petition No. 90 of 2009 - transferor company), Zeal Tooth Brush Pvt. Ltd. (petitioner of Company Petition No. 88 of 2009 - transferor company) and Zodiac Tooth Brush Pvt. Ltd. (petitioner of Company Petition No. 89 of 2009 - transferor company) with Gujarat Nippon Enterprises Ltd. (petitioner of Company Petition No. 87 of 2009 - transferee company ). The scheme of amalgamation is produced at Annexure - C.

(2.) IT appears that in respect of all transferor companies, vide order dated 30. 03. 2009 passed by this Court in Company Application No. 142 of 2009 as well as Company Application Nos. 144 of 2009 to 147 of 2009, as consent letters of all the equity shareholders as well as unsecured creditors of the concerned transferor companies were produced, the meetings of the equity shareholders and unsecured creditors were dispensed with for consideration of the scheme and it was also recorded at that time that there are no secured creditors of any of the transferor companies.

(3.) IN case of Company Petition No. 87 of 2009, vide order dated 30. 03. 2009 in Company Application No. 143 of 2009, as the consent letters of all the equity shareholders were produced, this Court had passed the order for dispensation of the meeting of equity shareholders for consideration of the scheme. It was also observed that applicant being transferee company, meeting of the creditors is not required to be held.