PLACER MERCANTILE AND INVESTMENTS PRIVATE LIMITED Vs. STATE

JUDGEMENT

(1.) THE present application is preferred for seeking dispensation or convening of the meeting of equity shareholders, unsecured loan creditors and unsecured trade creditors and it has been stated that there are no secured creditors of the company. The scheme is produced at Annexure C and the applicant is a transferor 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 all the shareholders of the company as well as the unsecured loan creditors have given consent for approval of the scheme and the consent letters of the equity shareholders are produced at page 48 to 49 as well as of the unsecured loan creditors are produced at page 50 to 58. Further the certificate of the Chartered Accountant is produced at page 59 for supporting that all the equity shareholders have consented to the scheme and the another certificate is produced at page 60 stating that all the unsecured loan creditors have consented to the scheme of amalgamation and it is also stated that there are no secured loan creditors of the company as on 30. 06. 2009.