SHYAM BASIC INFRASTRUCTURE Vs. STATE

JUDGEMENT

(1.) THIS application is filed by Shy am Basic Infrastructure Projects, having its registered office at B2 -D, Shiv Marg, Bani Park, Jaipur -302016 (hereinafter shall be referred to as 'the petitioner transferee company'), under Sections 391 and 394 of the Companies Act, 1956 (for short,' the Act, 1956'); therein the prayer has been made for an order for dispensing with the meetings of the shareholders and creditors of the petitioner Transferee Company in the matter of consideration and approval of the scheme of amalgamation of (1) Shyam Microsat Limited, (2) Rajasthan Telecom Company Limited, (3) Shyam International Limited, (4) Shyam Cellular Infrastructure Projects Limited, and (5) Shyam Telecommunications (P.) Limited (hereinafter shall be referred to as 'the transferor companies'), in the petitioner Transferee Company.

(2.) SHRI Paras Kuhad, the learned Counsel for the petitioner transferee company, contended that the petitioner transferee company has seven shareholders and all have given 'no objection' to dispensing with the meeting of the shareholders thereof; he further submits that there are five creditors of the petitioner transferee company and all have also given no objection to dispensing with the meeting of the creditors thereof.

(3.) AS regards to the shareholders of the petitioner transferee company, the list thereof is at page No. 398 of the application. It is also in the larger interest of the petitioner transferee company as well as the shareholders to call their meeting also for consideration of the scheme of amalgamation of the transferor companies in the petitioner transferee company.