IN RE Vs. INDIA UTILITIES & POWER LTD

JUDGEMENT

(1.) By this petition under Section 230 to 232 of the Companies Act, 2013, the petitioner-company is seeking sanction of a scheme of Amalgamation of Basis Point Commodities Private Limited (transferor company No. 1), Victory Insurance Brokers Private Limited (transferor-company No. 2) and India Utilities And Power Limited (transferor-company No. 3) with Reliance Industries Holding Private Limited (transferee-company).

(2.) The petitioner filed Company Application No. 525 of 2016 before the Honourable High Court of Gujarat, at Ahmedabad, praying for dispensation of meetings of equity shareholders, preference shareholders and unsecured creditors by stating that there were no secured creditors. The Honourable High court, by its order dated 12th December, 2016, dispensed with the meetings of equity shareholders, preference shareholders and unsecured creditors, while making an observation that there were no secured creditors of the petitioner-company.

(3.) Thereafter the petitioner-company filed the present petition before this Tribunal seeking sanction of the scheme. It is stated in the petition that petitions seeking sanction of the scheme in respect of Reliance Industries Holding Private Limited (transferee-company) as well as Basis Point Commodities Private Limited (transferor-company No. 1) and Victory Insurance Brokers Private Limited (transferor-company No. 2) have been filed before the National Company Law Tribunal, Mumbai Bench, Mumbai.