GAURANG METALS PVT LTD Vs. STATE

JUDGEMENT

(1.) This petition under Section 391 to 394 of the Companies Act, 1956 has been filed for sanctioning the Scheme of Arrangement between Gaurang Metals Pvt. Ltd. (transferee company), Jewel Media Pvt. Ltd. (first transferor company),Emerald Communication Pvt. Ltd. (second transferor company), Sam Capital Markets Ltd. (third transferor company), Sam Fab Limited (fourth transferor company) and Gaurang Arc Electrodes Pvt. Ltd. (fifth transferor company).

(2.) In the first stage proceedings vide order dated 14.1.2015 in Company Application No.1/2015, this Court had dispensed with the meeting of the shareholders and secured & unsecured creditors of the petitioner companies and had permitted the petitioner-companies to file petition under Rule 79 of the Company (Court) Rules, 1959.

(3.) In the present petition, this Court vide order dated 19.3.2015 had issued notice to the Registrar of Companies, Madhya Pradesh and Chhattisgarh, Gwalior, Regional Director, Western Region, Ahmedabad and to the Official Liquidator through regular mode and had also permitted the petitioner to serve Humdast notice. This Court had also directed advertisement of petition in accordance with the Rules in the official gazette of the State and two daily newspapers namely 'Nai Dunia' (Hindi) and 'Free Press' (English) published from Indore. The petitioner has filed the compliance affidavit dated 16.7.2015.