Disposed
Susree Infracon Private Limited, v. -
Telangana HCCOMPA/73/2012
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from the order text
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SRI JUSTICE RAMESH RANGANATHAN COMPANY…
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SRI JUSTICE RAMESH RANGANATHAN COMPANY…
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THE HON'BLE SRI JUSTICE RAMESH RANGANATHAN
COMPANY APPLICATION No.73 OF 2012
ORDER:
In this application, the applicant (transferor-Company) seeks a direction to dispense with the holding of the meeting of the equity shareholders, and that of the secured and unsecured creditors.
A perusal of the audited balance sheet as at 31.03.2011 shows that the total paid up share capital of the transferorCompany was Rs.1,00,000/- consisting of 10,000 equity shares of Rs.10/- each. These 10,000 equity shares of Rs.10/- each are held by two shareholders
i.e. Smt. Panda Sonia holding 990 shares and Sri Karri Thata Rao holding 10 shares. Both Ms Panda Sonia and Sri Karri Thata Rao have filed their affidavits giving their consent and approval to the scheme of arrangement. Since both the shareholders, who hold the entire paid up capital of the transferor-Company, have given their consent to the scheme of arrangement, the meeting of the shareholders of the transferor-Company is wholly unnecessary.
In so far as creditors are concerned, a perusal of the balance sheet would show that the transferor-Company does not have any secured or unsecured loans. Only Rs.10,000/- was shown as “audit fee” payable under the head ‘current liability. A certificate has been obtained from the auditors M/s Deva & Associates dated 19.02.2012 stating that the statutory audit fee for the financial year 2010-2011, and other fees as per the terms of the appointment letter, have been paid; and there are no outstanding arrears as on date.
Except this amount of Rs.10,000/-, there are no other
secured or unsecured creditors of the transferor-Company and, as even this amount of Rs.10,000/- is accepted by the statutory auditors as having been paid to them, holding of the meeting of the creditors is wholly unnecessary.
The Company Application is, accordingly, disposed of, and the holding of the meeting of the equity shareholders, and of the creditors, of the transferor-Company is dispensed with.
RAMESH RANGANATHAN,J
Date:07.03.2012 MRKR
1 provisions across 1 enactments
Transferor-Company
RAMESH RANGANATHAN
As recorded by the court registry
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