IN RE: SEIL POWERGEARS LTD. Vs. STATE

JUDGEMENT

(1.) THIS is an application under Sections 391(1) and 393 of the Companies Act, 1956 read with Rule 9 of the Companies (Court) Rules, 1956 for directions to dispense with the meeting of the equity shareholders and unsecured creditors of the applicant -transferee company.

(2.) HAVING heard the learned Counsel for the applicant -transferee company and on perusal of the entire record of the application and the additional affidavit, dated 9 -7 -2005, filed by the Director of the applicant -transferee company, I am satisfied that it is a fit case for dispensing with the meeting of the equity shareholders and unsecured creditors of the applicant -transferee company. It is not gainsay that it is not the final order in the matter. The equity shareholders and the unsecured creditors may have ample opportunity, if they have any objection against the Scheme of Amalgamation of Transferor Company -Skipper Electricals (India) Limited with the applicant -transferee company, when the matter will come up for sanction thereof.