IN RE Vs. DYNASTY PLASTICS PRIVATE LIMITED

JUDGEMENT

(1.) Dynasty Plastics Private Limited (Transferee Company) has filed this application under section 230 to 232 of the Companies Act, 2013 seeking necessary directions for convening and holding of meeting of equity shareholders of the applicant company and also seeking dispensation of meetings of secured and unsecured creditors of the applicant company for the purpose of considering and if thought fit, approving, with or without modification, a Scheme of Amalgamation of Mantri Plast Private Limited (Transferor Company) with Dynasty Plastics Private Limited (Transferee Company) and their respective shareholders ["Scheme" for short].

(2.) The applicant is a private limited company. Issued, subscribed and paid up equity share capital of the applicant company is Rs. 34,14,000/- divided into 3,41,400 equity shares of Rs. 10/- each. The Board of Directors of the applicant company has approved the Scheme of Amalgamation by passing a resolution in its Meeting held on 3rd June, 2017(Annexure-E).

(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 July 7, 2017 issued by the statutory auditors of the Company is filed as Annexure-F.