GUFIC PRIVATE LIMITED Vs. STATE

JUDGEMENT

(1.) THE present application is preferred by the applicant company for dispensation or convening of the meeting of the equity shareholders, secured creditors, unsecured loan creditors as well as unsecured trade creditors. The scheme is produced at Annexure C and the applicant is a transferee company.

(2.) PERUSAL of the scheme at Annexure C shows that the appointed date is mentioned as that of 17th March, 2008 or any other date that this Court may direct. As such no process for convening of the meeting has been initiated for undertaking the statutory process prior to the end of the accounting year of 2007-2008 nor 2008-2009. Therefore the said aspect will be required to be considered at the time in the event the matter comes up for grant of sanction to the scheme of amalgamation and at that stage Court may alter the date if finds it proper. Therefore, the said aspect shall remain open and is to be finalized at the time to grant of sanction of amalgamation or otherwise.

(3.) IT appears that as per the applicant all equity shareholders have consented to the scheme of amalgamation and the consent letters of equity shareholders are produced at page 52 to 56. In the same manner, all unsecured loan creditors have consented to the scheme of amalgamation and the consent letters of unsecured loan creditors are produced at page 57 to 58. The certificate of the Chartered Accountant for verification of the said aspect is produced at page 59 in respect to equity shareholders and on page 60 in respect to unsecured loan creditors.