IN RE Vs. AKSHARA ESTATES PRIVATE LIMITED

JUDGEMENT

(1.) This application has been filed by the Applicant Companies, namely, Akshara Estates Private Limited,Albatross Bhumi Agents Private Limited, Anandaswarup Land Developer Private Limited, Ananya Heights Private Limited, Aryan Hi-Rise Private Limited, BalgopalVyapaar Private Limited, BanshidharVinimay Private Limited, Bengal Bay Infraport Private Limited, Bengal Bhumi Agents Private Limited, Bengal Greenery House Private Limited, Bengal Land Conglomerate Private Limited, Bengal Portland Infra Developers Private Limited, Brahma Bhumi Agents Private Limited, Cactus Land Developers Private Limited, Creative Dealtrade Private Limited, Dazzle Realtors Private Limited, Ganga Tradelink Private Limited, Genius Commodeal Private Limited, Jai Pahadimata Barter Private Limited, Kailash ParvatCommotrade Private Limited, Laksh Estates Private Limited, Legend Earth Movers Private Limited, MakhanchorVinimay Private Limited, Orchid Land Conglomerate Private Limited, PashupatiVinimay Private Limited, Quest Earth Movers Private Limited, RanthambhorTradelink Private Limited, Ranthambhor Trading Private Limited, Ratnagiri Landagents Private Limited, Sanskriti Land Conglomerate Private Limited, SawariyaTradelink Private Limited, Sunshine Commodeal Private Limited, Swastic Land Conglomerate Private Limited and Bengal Heavy Engineering Private Limited (hereinafter referred to as the "Transferor Companies") with Bengal Shipyard Limited (hereinafter referred to as the "Transferee Company") for obtaining sanction of this Tribunal regarding Scheme of Amalgamation of the above mentioned companies.

(2.) The instant application has been filed under Section 230 read with Section 232 of the Companies Act, 2013 for dispensation of the meeting of the equity shareholders of the Transferor Companies, directions to call a meeting of the equity shareholders of the Transferee Company, and for dispensation of meeting of unsecured creditors of all the applicant companies. The applicant companies do not have any secured creditors.

(3.) Applicants submitted that the Board of Directors of the applicant companies have, at their respective Board Meetings by a resolution passed unanimously approved the said Scheme of Amalgamation to merge/amalgamate the Transferor Companies with the Transferee Company.