IN RE Vs. H NYALCHAND REALTY PVT LTD

JUDGEMENT

(1.) Heard learned Advocate Ms. Dharmishta Raval for Raval & Raval Advocate.

(2.) H. Nyalchand Realty Private Limited (Applicant Amalgamating Company-1) and Vastupal Infrastructure Private Limited (Applicant Amalgamating Company-2) have filed this application seeking dispensation of the metings of equity shareholders, secured creditors and unsecured creditors of the applicant companies in respect of a composite scheme of arrangement in the nature of demerger and amalgamation between Nyalchand Realty Private Limited (Amalgamating Company-1) Vastupal Infrastructure Private Limited (Amalgamating Company-2) with Safal Realty Private Limited (Amalgamated Company-1 / Demerge Company/Amalgamating Company-3) And demerger of project division of Safal Realty Private Limited into Safal Infra-Developers Private Limited (Resulting Company ) and the amalgamation of Safal Realty Private Limited along with its remaining business with HN Safal Facilities Management Private Limited (Amalgamated Company-2) and their respective shareholders and creditors with effect from the Appointed Date on the agreed terms and conditions as set out in the scheme annexed at Annexure-D in accordance with Sections 230 to 232 of the Companies Act, 2013 and other applicable provisions of the Act.

(3.) The Board of Directors of Applicant Amalgamating Companies 1 & 2 in the meeting held on 4th October, 2017, passed a resolution approving the proposed Scheme placed before the Board by the Company Secretary. The Applicant Companies have filed their audited balance sheets and Certificates dated 9.10.2017 issued by their Chartered Accountants certifying compliance with Section 133 of the Companies Act, 2013.