IN RE Vs. ITDL IMAGETEC LIMITED AND ORS

JUDGEMENT

(1.) This is an application filed by the applicant companies herein, namely ITDL Imagetec Limited (for brevity "Applicant Company No. 1/Transferor Company No. 1) ABC Commercial Company Ltd. (for brevity "Applicant Company No. 2/Transferor Company No. 2") and Alankar Securities Pvt. Ltd. (Applicant company No. 3/Transferor Company No. 3), Triveni Securities Pvt. Ltd. (Transferor Company No. 4/Applicant Company No. 4), Mahavir Phototech Pvt. Ltd. (Transferor Company No. 5/Applicant No. 5) and Indian Tonners & Developers Ltd. (Transferee Company/Applicant No. 6) under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 (for brevity 'The Act') read with Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 (for brevity The Rules') in relation to the Scheme of Amalgamation (for brevity the "SCHEME") proposed between the applicants. The said Scheme is also annexed as Annexure "1" to the application. The applicants above named have preferred the instant application for the following purpose as is evident from the reliefs sought in the Application, namely:-

(2.) An Affidavit in support of the application sworn for and on behalf of all the Applicant Companies has been filed by one Mr. S.C. Singhal being the authorized representative of the respective Companies along with the application. Counsel for the applicants took us through the averments made in the application as well as the typed set of documents annexed there with. It is further represented that an application filed by the applicants are maintainable in view of Rule 3(2) of the Rules and it is also represented that the registered office of all the transferor companies are situated within the territorial jurisdiction of this Tribunal and fall within domain of Registrar of Companies, NCLT, New Delhi.

(3.) In relation to ITDL Imagetech Limited being the Transferor Company No. 1, in the Scheme marked as Annexure - "1", it is represented that it has Eight Equity Shareholders holding 1,000,000 (ten lacs) shares as on 10.06.2016. It is further represented by the counsel for Applicants that the Transferor Company No. 1 as on 18.06.2016 has one Secured Creditor and one Unsecured Creditor. In relation to equity shareholders, Secured Creditors and Unsecured Creditors since consent from all of them have been obtained for the proposed Scheme, a prayer has been made for dispensing with holding of various meetings.