Allowed

Vvss Estates Private Limited, v. -

Telangana HC10 Apr 2013CP/190/2012

Case brief

AI extract

What is this about?

This common order allowed Company Petitions 188 and 190 of 2012 seeking amalgamation of SSVV Estates Private Limited with VVSS Estates Private Limited. The court accepted the proposed scheme for coming into effect immediately and directed the transferor company to be dissolved without separate winding up proceedings.

What did the court decide?

Scheme of amalgamation accepted; Transferor Companies to stand dissolved without winding up; order to be registered with ROC.

Vvss Estates Private Limited, Vs - — Company and Corporate | Telangana HC (2013)

¶1

HON'BLE SRI JUSTICE N.R.L. NAGESWARA RAO

¶2

COMPANY PETITION Nos.188 & 190 OF 2012

¶3

COMMON ORDER:

¶4

These two applications are filed under Sections 391 and 394 of the Companies Act, 1956 (for brevity “the Act”) for amalgamation of the Transferor Company SSVV Estates Private Limited, which is the petitioner in C.P.No.188 of 2012 with the Transferee Company VVSS Estates Private Limited which is the petitioner in C.P.No.190 of 2012.

¶5

Both the companies are doing business in construction of flats, buildings and dwelling houses etc. They have got the authorized share capital of Rs.1,00,000/- each and also subscribed paid up share capital. Both the companies have passed resolutions on 26.03.2012 for amalgamation. Shareholders are said to be three and they have given consent letters and affidavits and there are no secured creditors for both the companies. In the Transferor Company there are three unsecured creditors and in the Transferee Company there are two unsecured creditors and both of them have also given consent letters.

¶6

This Court has dispensed with the meeting of the equity shareholders and also the unsecured creditors in both these applications.

¶7

The petitions were admitted on 30.03.2012 and necessary publications were given in “Business Standard” an English daily and “Andhra Bhoomi” a Telugu daily on 23.11.2012 of Hyderabad Edition.

¶8

The scheme of amalgamation appears to be for the benefit of both the companies. The Official Liquidator and also the Regional Director were given notice and they have also given report of no objection.

¶9

Therefore, in the above circumstances, the Company petitions are allowed and the scheme of amalgamation as proposed is accepted w.e.f 31.03.2012. The Transferor Companies shall stand dissolved without going into the process of winding up

¶10

w.e.f. 31.03.2012. The petitioners shall file certified copy of this order within thirty days of the receipt of the same before the Registrar of Companies, Hyderabad for the purpose of registration and necessary follow up action. Petitioners shall pay a sum of Rs.3,000/- each (Rupees Three Thousand only) towards costs for the Central Government to the learned Assistant Solicitor General.

¶11

Accordingly, both the Company Petitions are allowed.

¶12

_________________________ N.R.L. NAGESWARA RAO, J

¶13

Date: 10.04.2013 Ska/Mas

Vvss Estates Private Limited, v. -

Case brief

What is this about?

What did the court decide?

Vvss Estates Private Limited, v. -

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

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