IN RE Vs. WEST COAST FOODS PVT LTD

JUDGEMENT

(1.) West Coast Foods Pvt. Ltd. (Demerged Company) has filed this application under section 230 to 232 of the Companies Act, 2013 seeking dispensation of meeting of equity shareholders of the applicant demerged company while seeking directions to hold meetings of Secured and Unsecured Creditors of the applicant company for the purpose of considering and, if thought fit, approving, with or without modification, demerger of the Shrimp Trading Division of the Applicant Company into Gupcom Trading Private Limited, the resultant company ("Scheme" for short).

(2.) The applicant is a private limited company. Paid up equity share capital of the applicant company is Rs. 1,37,49,930/-. The Board of Directors of the applicant company has approved the Demerger by passing board resolution in their Meeting held on 8th June, 2017.

(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 a certificate dated 8th June 2017 issued by the statutory auditors of the Company is produced as Annexure "H".