Allowed

M/s. InfoSTEP India Private Limited, v. -

Telangana HC2 Mar 2016COMPA/221/2016

Case brief

AI extract

What is this about?

Justice S.V. Bhatt allowed the application of M/s. Infostep India Private Limited to dispense with a shareholder meeting for a scheme of amalgamation with M/s. Delta Technology, as shares were consented to via affidavits, subject to filing creditor consents.

What did the court decide?

Dispensation with holding a meeting of shareholders for the proposed scheme of amalgamation, subject to filing creditor consent letters.

M/s. InfoSTEP India Private Limited, Vs - — Company and Corporate | Telangana HC (2016)

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IN THE HIGH COURT OF JUDICATURE AT HYDERABAD FOR THE STATE OF TELANGANA AND THE STATE OF ANDHRA PRADESH

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[Original Jurisdiction]

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WEDNESDAY THE SECOND DAY OF MARCH TWO THOUSAND AND SIXTEEN

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PRESENT

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HONOURABLE SRI JUSTICE S.V. BHATT

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COMPANY APPLICATION NO. 221 OF 2016

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IN THE MATTER OF THE COMPANIES ACT, 1956

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AND

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IN THE MATTER OF SECTION 391 AND 394 OF THE COMPANIES ACT AND IN THE MATTER OF SCHEME OF AMALGAMATION

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Between:

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M/s. Infostep India Private Limited [Transferor Company] … Applicant

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With

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M/s. Delta Technology & Management Services Pvt.Ltd. [Transferee Company] … Respondent

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The Court made the following: [order follows]

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HONOURABLE SRI JUSTICE S.V. BHATT

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COMPANY APPLICATION NO. 221 OF 2016

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O R D E R :

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M/s. Infostep India Private Limited, applicant/Transferor Company prays for dispensing with the holding of meeting of shareholders of Transferor Company for considering the proposed scheme of amalgamation. The Transferor Company has entered into a scheme of amalgamation with M/s. Delta Technology and Management Services Private Limited/Transferee Company. The share capital is Rs.5,00,000/- divided into 50,000 equity shares of Rs.10/- each. The Transferor Company holds 99.997% paid-up equity shares and one Narendranath Chebrolu holds one equity share representing .003% share holding. Along with the company applicant annexures ‘A’ to J-1 to J-2 have been filed. With the assistance of learned counsel for applicant, I have considered the aspects which have bearing on the prayer of the applicant. The applicant as annexure J-1 and J-2 placed on record the consent of the share holders for the proposed scheme of amalgamation.

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2. Learned counsel for the applicant submits that the

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consent letters of secured and unsecured creditors will be filed

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along with the petition filed for amalgamation.

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3. The statement is accepted and recorded. Having perused

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the annexures referred to above, I am satisfied the purpose of conducting the meeting of share holders on the proposed scheme of amalgamation is unnecessary in view of the affidavits given by

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both the share holders.

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4. The application is ordered subject to the condition of

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Transferor Company filing the consent letters of

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secured/unsecured creditors with amalgamation petition.

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 ___________________ JUSTICE S.V. BHATT

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02/03/2016 I s L

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HONOURABLE SRI JUSTICE S.V. BHATT

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COMPANY APPLICATION NO. 221 OF 2016

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Date: 02/03/2016 Circulation No. Court Master: I s L

M/s. InfoSTEP India Private Limited, v. -

Case brief

What is this about?

What did the court decide?

M/s. InfoSTEP India 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

Case details

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