IN RE Vs. SARNA RAJ TEXTILES PRIVATE LIMITED

JUDGEMENT

(1.) The present petition has been filed by the companies above named for the purpose of the approval of the scheme of arrangement, as contemplated between the companies and its shareholders by way of amalgamation of the Transferor/ Petitioner Company with the Transferee/ Petitioner Company. A perusal of the petition discloses that initially the application seeking the dispensation of the meetings of equity shareholders, secured and unsecured creditors was filed before the Hon'ble High Court of Delhi in Co. App (M) No. 44 of 2013.

(2.) The Hon'ble High Court of Delhi vide its order dated 15.04.2013, was pleased to dispense with the requirement of convening the meetings of the equity shareholders, secured and unsecured creditors of the Petitioner Companies in view of their consents having been obtained and produced before it or there was none therefore the necessity of convening the meeting did not arise as the case may be.

(3.) Under the circumstances, the Petitioner Companies had filed their joint petition for sanction of the Scheme of Amalgamation before the Hon'ble High Court of Delhi under the erstwhile provisions, subsequent to the order of dispensation of the meeting ordered by the Hon'ble High Court of Delhi as stated in paragraph 2 above.