The court allowed an applicant to dispense with convening a shareholders' meeting for amalgamation proceedings. It ruled unnecessary to hold the meeting when all two shareholders gave explicit consent to the proposed scheme of amalgamation.
Dispensing with the convening of the meeting of equity shareholders of the applicant company.
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THE HON’BLE SRI JUSTICE RAMESH RANGANATHAN COMPANY APPLICATION NO.406 OF 2012
ORDER:
This is an application filed by M/s. Amaravati Thermal Power Private Limited (hereinafter called the transferor), requesting this Court to dispense with the convening of the meeting of the equity shareholders of the applicant company. The balance sheet of the transferor company as at 31.03.2011 shows that its issued, subscribed and paid up capital was Rs.5,00,000/- consisting of 50,000 equity shares of Rs.10/- each fully paid up. The entire paid up share capital of the transferor company is held by two shareholders, both of whom have given their letters of consent to the proposed scheme of amalgamation. As both the shareholders have given their consent to the proposed scheme of amalgamation, holding of the meeting of the shareholders of the transferor company is wholly unnecessary, I consider it appropriate, therefore, to dispense with the holding of the meeting of the shareholders of the transferor company.
Company Application No.406 of 2012 is disposed of accordingly.
Date: 18.04.2012 ____________________________ RAMESH RANGANATHAN, J
MRKR
1 issue framed by the court
Whether the convening of an equity shareholders' meeting can be dispensed with when all shareholders have consented to the amalgamation scheme?
1 provisions across 1 enactments
M/s. Amaravati Thermal Power Private Limited
RAMESH RANGANATHAN
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
