IN RE Vs. PARI STOCK TRADING PVT LTD

JUDGEMENT

(1.) These petitions under section 230-232 of the Companies Act, 2013 have been filed seeking sanction of a proposed scheme of Arrangement (herein after referred to as "Scheme") in the nature of merger/ amalgamation of Pari Stock Trading Private Limited (herein after referred to as "transferor company") and Heritage Khirasara Palace Private Limited (" herein after referred to as "transferee company") and their respective shareholders and all concerned.

(2.) The petitioner transferor company filed an application before the HonlDle High Court of Gujarat, being Company Application no. 517 of 2016, seeking dispensation of the meetings of the Equity Shareholders and Unsecured Creditors of the said company. There was no Secured Creditor of the petitioner transferor company as on the date of filing the application. The Hon*ble Gujarat High Court, vide order dated 14.12.2016, dispensed with the meetings of Equity Shareholders and Unsecured Creditors. In the said order it was inadvertently mentioned that the petitioner transferor company did not have any unsecured creditors. The petitioner, therefore, moved an application before the HonTDle High Court and requested for rectification of the order dated 14.12.2016. The amended order of the HonTDle High Court dated 18.04.2017 has been placed on record vide additional affidavit which says that the petitioner transferor company does not have any secured creditors.

(3.) The petitioner transferee company had also filed an application before the Hontrte High Court of Gujarat, being Company Application 518 of 2016, seeking dispensation of the meetings of the Equity Shareholders, Secured Creditors and Unsecured Creditors of the applicant Company. The HonTDle Gujarat High Court, vide order dated 14.12.2016, dispensed the meetings of the Equity Shareholders, Secured Creditors and Unsecured Creditors of the petitioner transferee Company, for considering the proposed Scheme of merger.