IN RE Vs. TRANS POLYURETHANE PVT LTD

JUDGEMENT

(1.) This petition under Sections 230 to 232 of the Companies Act, 2013 has been filed seeking sanction of a Composite Scheme of Amalgamation and Arrangement between Airavat Industries Private Limited (First Transferor Company I) and Abbie Infraventures Private Limited (First Transferee Company or Second Transferor Company) and Satec Solar Energy Private Limited (Third Transferor Company) and Satec Envir Engineering (India) Private Limited (Second Transferee Company / Resulting Company) and Trans Polyurethane Private Limited (Demerged Company) and their respective Shareholders and Creditors ("Scheme" for short) .

(2.) The Petitioner Company herein had filed an application being CA (CAA) No. 89 of 2017 before this Tribunal, seeking dispensation of separate meetings of Equity Shareholders, Secured Creditors and Unsecured Creditors of the Petitioner Company. This Tribunal, vide its order dated 17th August, 2017, dispensed with convening and holding of the meeting of the h Equity Shareholders, Secured and Unsecured Creditors of the F j Petitioner Company, meetings of the Equity Shareholders and Unsecured Creditors of the Petitioner Company in view of the consent letters given by them. This Tribunal also observed that there was no need to hold the meeting of Secured Creditors as there were no Secured Creditors of the Petitioner Company as on the date of filing of the application. This Tribunal also directed the Petitioner Company to issue statutory notice in Form No. CAA3 to (i) the Central Government. through the Regional Director, North Western Region, Mumbai (ii) the Registrar of Companies, Goa and (iii) the Income-tax authorities, concerned, asking them to make representations, if any, within a period of 30 days from the date of receipt of such notice, and in case no representation is received by the Tribunal within the stipulated period of 30 days, it should be presumed that the authorities have no representation to make.

(3.) Pursuant to the notice, no representations in respect to the Composite Scheme have been filed by any of the Statutory Authorities.