SUNRAYS INTERNATIONAL PRIVATE LIMITED Vs. STATE

JUDGEMENT

(1.) THIS application under Section 391 of the Companies Act has been filed in the matter of Scheme of Amalgamation of Sunrays International Pvt. Ltd. (Applicant No.1 transferor company) with Shri Padmavati Irrigation Pvt. Ltd. (Applicant No.2 transferee company).

(2.) LEARNED counsel appearing for the Applicants has submitted that Applicant No.2 is the holding company and Applicant No.1 is subsidiary company.

(3.) THE Applicant companies are seeking dispensing with the meeting of the shareholders, unsecured and secured creditors of the transferor and transferee company. In respect of Applicant No.1 transferor company, it has been pointed out that there are three shareholders; the shareholders Mr. Sanjay Kumar Agrawal and Mrs. Rashmi Devi Agrawal are the nominees of the third shareholder Shree Padmavati Irrigations Private Limited. The affidavit of consents of three shareholders has been placed on record from page No.120 to 123. It has further been pointed out that there is no secured creditor of the transferor company and the transferee company has four unsecured creditors; a list of which is filed as Annexure A/8. The affidavits of consent of all the four unsecured creditors are on record from page No.138 to 149 of the paper book.