Allowed

M/s Meil Green Power Limited, v. -

Telangana HC3 Mar 2016COMPA/247/2016

Case brief

AI extract

What is this about?

This company application sought dispensation from convening shareholder and creditor meetings for a proposed amalgamation scheme. The court examined the affidavits and consent letters, satisfied itself of the case, and granted the prayer to dispense with the meetings.

What did the court decide?

The requirement of convening meetings of shareholders and unsecured creditors is dispensed with for the proposed scheme of amalgamation.

M/s Meil Green Power Limited, Vs - — Company and Corporate | Telangana HC (2016)

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HONOURABLE SRI JUSTICE S.V.BHATT

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COMPANY APPLICATION No. 247 OF 2016

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DATED 3^RD MARCH, 2016

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In the matter of

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M/s. MEIL Green Power Limited, Hyderabad, rep. by its Director Mr. P.V.Krishna Reddy.

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…..Applicant/Transferor Company

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HONOURABLE SRI JUSTICE S.V. BHATT

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COMPANY APPLICATION No. 247 OF 2016

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ORDER:

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This Company Application, at the instance of M/s. MEIL Green Power Limited/transferor company, is filed under Sections 391 and 394 of the Companies Act, 1956 (for short ‘the Act’) read with Rule 69 of the Companies (Court) Rules, 1959 (for short ‘the Rules’) to dispense with convening the meeting(s) of its shareholders and unsecured creditors.

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The transferor company is a public limited company incorporated under the Act. The Memorandum and Articles of Association of transferor company are annexed to the application as Annexure ‘A1’. With the assistance of learned counsel appearing for the applicant, I have examined the relevant details and are admittedly matters of record. Therefore, I am not proposing to deal with these details. The Board of Directors of transferor company in the meeting held on 01.01.2016 have approved the proposed scheme of

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amalgamation, which is filed as Annexure ‘A5’. The applicant has filed the affidavits of shareholders and unsecured creditors of transferor company accepting the scheme of amalgamation under consideration as Annexure ‘A6’ .

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I have perused the affidavits and consent letters of shareholders and Unsecured creditor, and I am satisfied that the applicant has made out a case for granting the prayer of dispensing with the requirement of convening the meeting of shareholders and unsecured creditors. The proposed scheme, it is stated, is for mutual benefit and to synergize the commercial activities of the applicant company. The consent letters filed show that the parties interested in transferor company have consented to the proposed scheme of amalgamation and the requirement of convening the meeting of the shareholders and unsecured creditors can be dispensed with.

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Company application is, accordingly, ordered.

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JUSTICE S.V.BHATT

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DATED 3^RD MARCH, 2016. Msnrx

M/s Meil Green Power Limited, v. -

Case brief

What is this about?

What did the court decide?

M/s Meil Green Power Limited, v. -

Case brief

What is this about?

What did the court decide?

What the court decided

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Statutes considered

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