IN RE Vs. TRANS POLYURETHANE PVT LTD

JUDGEMENT

(1.) By this application under Section 230 to 232 of the Companies Act, 2013, the applicant is seeking dispensation of meetings of equity shareholders and unsecured creditors of the applicant first transferee company in respect of a composite scheme of amalgamation and arrangement between Airavat Industries Private Limited (First Transferor Company) 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 (Applicant/Demerged Company) and their respective shareholders (" Composite Scheme" for short).

(2.) The applicant company is a private limited company. Issued, subscribed and paid up share capital of the applicant company is Rs. 3,50,00,000/-. The Board of Directors of the applicant company has approved the Composite Scheme of Arrangement by passing resolution in its Meeting held on 20th March, 2017.

(3.) The applicant has stated that accounting treatment specified in the Scheme is in conformity with the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 and a certificate issued by the Statutory Auditors of the applicant company confirming the same is produced at Annexure "G".