IN RE Vs. SHREE JANKI FASHIONS PVT LTD

JUDGEMENT

(1.) These petitions under Sections 230-232 of the Companies Act, 2013 have been filed seeking sanction of a proposed Scheme of Arrangement in the nature of amalgamation of Shree Janki Fashions Private Limited (Transferor Company) with Shree Ranisati Processors Private Limited (Transferee Company) ["Scheme" for short.].

(2.) The petitioners herein filed a common application, being CA(CAA) No. 78/NCLT/AHM/2017, before this Tribunal, seeking dispensation of meetings of Equity Shareholders of the petitioner companies in view of the consent affidavits filed by all the Equity shareholders and directions to convene and hold meetings of Secured and Unsecured Creditors of the petitioner companies. This Tribunal, vide order dated 19.07.2017, dispensed with the meetings of Equity Shareholders of the petitioner companies and issued directions for holding the meetings of Secured and Unsecured Creditors of the petitioner companies. This Tribunal also directed issuance of notices to Regional Director, Registrar of Companies, Income Tax Authority and Official Liquidator (only in the case of the transferor company) stating that representations, if any, to be made by them, should be made within a period of 3 0 days from the date or receipt of such notice.

(3.) Pursuant to the order dated 19.07.2017, the petitioners sent notice to the statutory authorities. As per the directions contained in the order dated 19.07.2017, meetings of Secured and Unsecured Creditors of Shree Janki Fashions Pvt Ltd were held on 04.09.2017 at 11.00 a. m. and 11.30 a.m., respectively and meetings of Secured and Unsecured Creditors of Shree Ranisati Processors Pvt Ltd were held on 04.09.2017 at 12.00 p.m. and 12.30 p.m., respectively. The Chairman's Report confirms that the Secured and Unsecured Creditors have unanimously approved the Scheme.