IN RE Vs. TEGA INDUSTRIES (SEZ) LIMITED

JUDGEMENT

(1.) Heard learned Advocate, Mr. Parth Contractor, for the Applicant-company.

(2.) By this application under Sections 230 to 232 of the Companies Act, 2013, the applicant, Tega Industries (SEZ) Limited (hereinafter referred to as the "amalgamating company"), is seeking dispensation of meetings of shareholders (both equity and preference) and directions for holding meetings of secured creditors and unsecured creditors of the applicant-company for the purpose of considering and, if thought fit, approving with or without modification(s) the arrangement embodied in the scheme of arrangement between the applicant-company and Tega Industries Limited (hereinafter referred to as the "amalgamated company") and their respective shareholders and creditors (hereinafter referred to as the "Scheme").

(3.) The registered office of the applicant-company (amalgamating company) is located at Plot No. Z/103/J, Dahej SEZ Phase-II, Taluka Vagra, Dahej, District Bharuch. The issued subscribed and paid-up share capital of the applicant-company is Rs. 27,13,00,000/-, i.e. 80,50,000 equity shares of Rs. 10/- each amounting to Rs. 8,05,00,000/- and 1,90,80,000 redeemable preference shares of Rs. 10/- each amounting to Rs. 19,08,00,000/-. The applicant-company filed copy of the Annual Report for the year ending on 31st March, 2016 and Financial Statement for the period from 1st April, 2016 to 30th September, 2016.