IN RE Vs. SAI SPONGE (INDIA) PRIVATE LIMITED

JUDGEMENT

(1.) This is a petition filed jointly by the petitioners, namely (1) Sai Iron (India) Private Limited, the Petitioner No. 2 abovenamed ("SIIPL") ("The Transferor Company") , and (2) Sai Sponge (India) Private Limited, the Petitioner No. 1 abovenamed ("SSIPL") ("The Transferee Company") for sanctioning the scheme of amalgamation, a copy of which has been annexed and marked as Annexure "A" to this petition.

(2.) The object of this petition is to obtain sanction of this Tribunal to a Scheme of Amalgamation (hereinafter referred to as "said Scheme" or "Scheme") proposed to be made between the Transferee Company, Sai Sponge (India) Private Limited and the Transferor Company, Sai Iron (India) Private Limited and their respective shareholders whereby and whereunder the entire undertaking of the Transferor Company as a going concern together with all its assets and liabilities will stand transferred to and vested in the Transferee Company with effect from 1st April, 2016 in a manner as provided in the duly approved by the shareholders of the petitioner companies at their respective meetings presided over by the Chairperson appointed under the order dated 9th May, 2017 passed by the Hon'ble Tribunal in C.A. No.162 of 2017. Copies of said scheme of amalgamation and said order dated 9th May, 2017 have been annexed with the petition and marked as Annexures "A" and "B".

(3.) On hearing the practicing Company Secretaries, appearing for the petitioners, it appears that pursuant to the order dated 9th May, 2017 passed by the Tribunal in C.A (CA) No.162/KB of 2017, meeting of Equity Shareholders of both the petitioners were directed to be held and meeting of Secured Creditors and Unsecured Creditors of the both the petitioner companies were dispensed with by the said order of the Hon'ble Tribunal.