IN RE: LUDHIANA HOLDINGS LTD. Vs. STATE

JUDGEMENT

(1.) The Petitioner Companies namely Ludhiana Holdings Limited (hereinafter referred to as the Transferor Company) and Oswal Woollen Mills Limited (hereinafter referred to as the Transferee Company) have filed this petition under Sections 391 to 394 of the Companies Act, 1956 for sanctioning a scheme of amalgamation by virtue of which it is proposed to amalgamate the Transferor Company with the Transferee Company.

(2.) Vide order dated 4.12.2013, passed in Company Petition No. 166 of 2013, the holding of meetings of the equity shareholders, secured and unsecured creditors of the Transferor Company were directed to be dispensed with in view of the consents received from the eight equity shareholders of the Transferor Company and in view of the fact that the Transferor Company does not have any creditors, secured or unsecured.

(3.) It had also been directed vide order dated 4.12.2013, passed in C P 166 of 2013, that meetings of the equity shareholders, secured creditors and unsecured creditors of the Transferee Company be convened to consider the Scheme on 18.1.2014 at Oswal Woollen Mills Ltd., G T Road, Sherpur, Ludhiana. Sh. Arjun Partap Atma Ram and Sh. Aman Sharma, Advocates had been appointed as Chairman and Co-chairman, respectively, for conducting the meetings of the equity shareholders and secured creditors of the Transferee Company. Sh. Animesh Sharma and Sh. Keshav Gupta, Advocates, had been appointed as Chairman and Co chairman, respectively, for conducting the meeting of the unsecured creditors of the Transferee Company.