IN RE Vs. INFIBEAM INCORPORATION LTD

JUDGEMENT

(1.) Infibeam Incorporation Limited (Transferee Company) has filed this application under section 230 to 232 of the Companies Act, 2013 seeking dispensation of meeting of Secured Creditors of the applicant transferee company and for directions to convene and hold meetings of Equity Shareholders and Unsecured Creditors, for the purpose of considering and, if thought fit, approving, with or without modification, a Scheme of Amalgamation of Avenues India Private Limited (Transferor Company) with Infibeam Incorporation Limited (Transferee Company)

(2.) The applicant is a public limited company. Paid up equity share capital of the applicant company is Rs. 54,27,83,390/-. The Board of Directors of the applicant company approved the Scheme of Amalgamation by passing Board Resolution dated 13th July, 2017 in 4 its Board Meeting.

(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 certificate of the auditors issued under Section 133 of the Companies Act, 2013 is filed and produced vide Annexure-I to the application.