IN RE Vs. MOONCITY DISTRIBUTORS 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 the companies and its 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. 51(PB) 2017. The Tribunal vide its order dated 04.07.2017 had dispenselwith the requirement of convening the meetings of the Shareholders of all the applicant companies and unsecured creditors of the Transferor Companies 1&2 in view of their consent affidavits having been obtained and placed on record or there was none therefore the necessity of convening the meeting did not arise. Further, we directed to convene the meeting on 18.08.2017 of 1 Secured Creditors of all the applicant companies and Unsecured Creditors of the Transferee Company. Subsequently, meetings were held on 18.08.2017as per the directions issued by this Tribunal and the Scheme was approved unanimously. The report of the Chairman is on record.

(3.) The Petitioner Companies then filed a petition for being CAA/241/PB/2017 for the second motion. On 14.11.2017, 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 cany out publication of notices in English Daily 'Business Standard' (Delhi Edition) and Amar Ujala (Hindi, Delhi NCR) . An affidavit has been filed by the Petitioner Companies confirming that notices were duly published in both the Newspapers on 20.11.2017 in Business Standard and on 21.11.2017 in Amar Ujala. The affidavit also shows that since the date of publication of the Notices till the date of filing the affidavit, no objections have been received for final approval of the Scheme of Amalgamation. Further, the affidavit dated 30.11.2017 also discloses that copies of petition along with the copy of the Scheme have been duly served on the Registrar of Companies, Regional Director, Northern Region and J the Official Liquidator and Income Tax Department, New Delhi in compliance with the order dated 14.11.2016 and in proof of the same acknowledgement made by the respective offices have also been enclosed.