WARREN TEA LIMITED Vs. STATE

JUDGEMENT

(1.) THIS is an application under Sections 391(1) and 393 of the Companies Act, 1. 1956 in connection with a Scheme of Arrangement proposed to be made between Warren Tea Limited (hereinafter referred to as 'WTL') and James Warren Tea Limited (hereinafter referred to as 'JWTL') and their respective shareholders.

(2.) MR . K Goswami, Advocate, learned counsel for the applicants makes submissions on the basis of the application and submits that the Companies have also complied with all legal formalities before filing the application and the Scheme of Arrangement is in the interest of the Companies and all concerned. The Learned Counsel for the Applicants has also drawn the attention of the Court to the fact that JWTL has only 7 Equity Shareholders and that all the said Equity Shareholders of JWTL have agreed in writing to the proposed scheme of Arrangement and accordingly the Applicants seek dispensing of meeting of shareholders of JWTL and convening of meeting of shareholders of WTL under Section 391(1) of the Companies Act, 1956. Meeting of Equity Shareholders of JWTL to consider the said Scheme of

(3.) A meeting of the Equity Shareholders of WTL for the purpose of considering, and, if thought fit, approving, with or without modification, the proposed Scheme of Arrangement between WTL and JWTL and their respective shareholders shall be convened and held at Tingri Club, P.O. Hoogrijan, District Tinsukia, Assam 786 601 on Friday, the 13thday of September, 2013 at 4:00 p.m.