IN RE Vs. CHAURAN SALES PVT LTD

JUDGEMENT

(1.) The Petitioner companies have approached this Tribunal for final disposal of the petition with a prayer for the approval of the Scheme of Amalgamation, as contemplated between all the companies and their shareholders.

(2.) Initially the application seeking the directions for dispensing with the meetings of Shareholders, Secured and Unsecured creditors of the Petitioner Companies was filed before us being CA (CAA) No. 121(ND) 2017. The Tribunal vide its order dated 27.10.2017 had dispensed with the requirement of convening the meetings of the Equity Shareholders and Unsecured Creditors of the Transferor and Transferee Company and the preference shareholder of the Transferor Company No.2 in view of their consent affidavits having been placed on record. However, with respect with the Secured creditors none of the Transferor Companies and the Transferee company had any secured creditors hence there was no necessity of convening the meeting did not arise

(3.) The Petitioner Companies then filed a petition for being CAA/388/ND/2017 for the second motion. On 08.11.2017, we directed the Petitioner Companies to issue Notice in the Second Motion petition to the Registrar of Companies, Regional Director, Income Tax Department, and all other sectoral regulators. The Petitioner Companies were also directed to carry out publication of notices 'Business Standard' (English and Hindi Edition) . An affidavit dated 11.12.2017 has been filed by the Petitioner Companies confirming that notices were duly published in the said Newspapers on 25.11.2017. The affidavit dated 11.01.2018 shows that since the date of publication of the Notices till the date of filing the affidavit, no objections have been received opposing final approval of the Scheme. Further, the affidavit dated 11.12.2017 discloses that copies of petition along with the copies of the Scheme have been duly served on the Registrar of Companies, Regional Director, Northern Region, the Official Liquidator and Income Tax Department, New Delhi in compliance with the order dated 08.11.2017 and in proof of the same acknowledgement issued by the respective offices have also been y enclosed.