IN RE Vs. QA INFOTECT PVT LTD

JUDGEMENT

(1.) Qa Infotech Private Limited (Demerged Company) and QA Infotech Software Services Private Ltd (Resulting Company) have filed this joint application under section 230 to 232 of the Companies Act, 2013 seeking dispensation of meetings of Equity F Shareholders and Unsecured Creditors in case of both the companies and for the dispensation of the meeting of Secured Creditors of the Demerged Company for the purpose of considering and if thought fit, approving, with or without modification, a Scheme of Arrangement in the nature of Demerger of the software business of QA Infotech Private Limited (Demerged Company) into QA Infotech Software Services Private Ltd (Resulting Company) .

(2.) The applicant 1 (Demerged Company) is a private limited company. Paid up equity share capital of the Applicant Company is Rs. 1,50,00,000/-. The Board of Directors of the Applicant Company has approved the Scheme of Arrangement by passing Board Resolution in its Meeting held on 24.10.2017.

(3.) The Applicant Company 1 has stated that accounting treatment specified in the Scheme is in conformity with the accounting standards prescribed in the Companies Act, 2013 and a certificate dated 24.10.2017, issued by the Auditors of the Company is annexed as Annexure H.