IN RE Vs. GUJARAT INDUSTRIES POWER COMPANY LIMITED

JUDGEMENT

(1.) By this Company Application, the applicant, Gujarat Industries Power Company Limited, is seeking exemption from following the procedure of Section 230-231 of the Companies Act, 2013 for convening and holding of meetings of shareholders and creditors of the Applicant Transferee Company and preferring the petition for sanctioning of the Scheme of Merger of GIPCL Projects and Consultancy Company Limited ("Transferor Company") with Gujarat Industries Power Company Limited ("Transferee Company"), which is at Annexure "C" to the application, as well as seeking dispensation of publication of notice in the newspapers and Government Gazette.

(2.) Gipcl Projects and Consultancy Company (Transferor Company) Limited is a wholly owned subsidiary of the Applicant Transferee Company and the entire shareholdings of the said Transferor Company is held by the Applicant Transferee Company and its nominees.

(3.) The issued, subscribed and paid up share capital of the Applicant Company, as on the Appointed Date, i.e. 1st April, 2016, was Rs. 151,25,11,880/- divided into 15,12,51,188 equity shares of Rs. 10/- each.