LAWS(JHAR)-2015-11-139

ADITYA BIRLA CHEMICALS (INDIA) LTD , PALAMAU Vs. NIL

Decided On November 24, 2015
Aditya Birla Chemicals (India) Ltd , Palamau Appellant
V/S
NIL Respondents

JUDGEMENT

(1.) Heard learned counsel for the parties.

(2.) This petition under Sections 391 to 394 of the Companies Act, 1956 has been filed by the petitioner "Aditya Birla Chemicals (India) Limited" in the matter of Scheme of Amalgamation of Aditya Birla Chemicals (India) Limited (Transferor Company) and Grasim Industries Limited (Transferee Company) and their respective shareholders and creditors (Scheme) and the approval of the said Scheme of Amalgamation in this regard. The registered office of the petitioner-Transferor Company is located at Garhwa Road, P.O. Rehla, District Palamau within the territorial jurisdiction of this Court, whereas the registered office of the Transferee Company namely Grasim Industries Limited is located at Birlagram, Nagda, District Ujjain, Madhya Pradesh and it has been submitted by the counsel for the petitioner that the Transferee Company has filed a separate petition before the High Court of Madhya Pradesh, bench at Indore, which has, by its order dated 9th October, 2015, approved the said Scheme, subject to the outcome of this petition filed by the petitioner before this Court.

(3.) In the first stage proceedings, this Court,vide orders dated 1st May, 2015 and 22nd May, 2015 in Company Petition No. 5 of 2015 had directed the meetingof the equity shareholders and unsecured creditors of the petitioner Company and further dispensed the requirement of meeting of secured creditors in view of no objection given by secured creditors to the scheme. The report of the Chairman had been filed disclosing that the shareholders and unsecured creditors had approved the scheme in the meeting.