IN RE Vs. SWAYAM SHIPPING SERVICES PRIVATE LIMITED

JUDGEMENT

(1.) Swayam Shipping Services Private Limited (Transferee Company) has filed this application under section 230 to 232 of the Companies Act, 2013, seeking dispensation of meetings of equity shareholders, secured and unsecured creditors of the applicant transferee company for the purpose of considering and, if thought fit, approving, with or without modification(s), a Scheme of Amalgamation of Mahadev Infrastructure Private Limited (Transferor Company) with Swayam Shipping Services Private Limited (Transferee Company) ["Scheme" for short].

(2.) The applicant is a private limited company. Paid up equity share capital of the applicant company is Rs. 77,48,920/-. The Board of Directors of the applicant company approved the Scheme of Amalgamation by passing board resolution dated 25th January 2017 in their Board Meeting.

(3.) The applicant company has stated that accounting treatment specified in the Scheme is in conformity with the accounting standards prescribed in the Companies Act, 2013 and certificate of the auditors issued under Section 133 of the Companies Act, 2013 is produced as Annexure-H.