IN RE Vs. STARGATE REALTY PRIVATE LIMITED

JUDGEMENT

(1.) Under consideration is a joint Application filed under Sections 230 to 232 of the Companies Act, 2013. The prayer made is to dispense with convening, holding and conducting of the meeting of equity shareholders, secured/unsecured creditors in relation to the 1st Transferor Company, 2nd Transferor Company and Transferee Company.

(2.) M/S. Stargate Realty Private Limited i. The 1st Transferor Company viz., M/s. Stargate Realty Private Limited has two equity shareholders. The list of shareholders is placed at page 237 of the typed set filed with the Application. The consent affidavits given by both the equity shareholders are placed at pages 240 to 245 of the typed set filed with the Application, wherein it has been deposed that they do support the Scheme and consent to dispense with convening, holding and conducting the meeting of equity shareholders. Therefore, the meeting of the equity shareholders of the 1st Transferor company is allowed to be dispensed with. ii. There is no secured creditor in relation to the 1st Transferor Company. The certificate issued by the Charted Accountant to this effect is placed at page 258 of the typed set filed with the Application. iii. There are 6 unsecured creditors in relation to the 1st Transferor Company. The certificate issued by the Charted Accountant to that effect is placed at page 259 of the typed set filed with the Application. The consent Affidavits of the unsecured creditors are placed at pages 264 to 281 respectively of the typed set filed with the Application. Therefore, the meeting of the unsecured creditors is allowed to be dispensed with under clause (9) of the Section 230 of the Companies Act, 2013.

(3.) M/S. N. Sankar Properties and Holdings Private Limited i. As regards the 2nd Transferor Company viz., M/s. N. Sankar Properties and Holdings Private Limited, it has two equity shareholders and one preference shareholder. The list of shareholders is placed at page 238 of the typed set filed with the Application. The / consent affidavits given by both equity shareholders and preference shareholder are placed at pages 246 to 251 of the typed set filed with the Application, wherein it has been deposed that they do support the Scheme and consent to dispense with convening, holding and conducting the meeting of equity shareholders. Therefore, the meeting of the equity shareholders of the 2nd Transferor Company is allowed to be dispensed with. ii. There is no secured creditor in relation to the 2nd Transferor Company. The certificate issued by the Charted Accountant to this effect is placed at page 260 of the typed set filed with the Application. iii. As regards, the unsecured creditors, there are two unsecured creditors who have given their consent affidavits. The certificate of the Chartered Accountant to that effect and the consent Affidavits of the unsecured creditors are placed at pages 261 and 282 to 287 respectively of the typed set filed with the Application. Therefore, the meeting of the unsecured creditors is allowed to be dispensed with under clause (9) of the Section 230 of the Companies Act, 2013.