IN RE Vs. TRANS FLEET LTD

JUDGEMENT

(1.) By this application under Section 230 to 232 of the Companies Act, 2013, the applicant is seeking dispensation of meetings of equity shareholders and unsecured creditors of the applicant first transferee company in respect of a scheme of amalgamation and arrangement between Micronet Real Estate Private Limited (Transferor Company) and Trans Fleet Limited (First Transferee Company or Demerged Company) and Abbie Infraventures Private Limited (Second Transferee Company or Resulting Company) and their respective shareholders ("Scheme" for short.

(2.) The applicant First Transferee Company is a limited company. Issued, subscribed and paid up share capital of the applicant company is Rs. 5,00,00,000/-. The applicant company is not a listed public limited company. The Board of Directors of the applicant company has approved the Scheme of Arrangement by passing resolutions in its Meetings held on 25th November, 2016 and 21st January, 2017.

(3.) The applicant has stated that accounting treatment specified in the Scheme is in conformity with the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 and a certificate issued by the Statutory Auditors of the applicant company confirming the same is produced at Annexure "G".