IN RE Vs. BHARAVI LABORATORIES PRIVATE LIMITED

JUDGEMENT

(1.) The Petitioner Company is the wholly owned subsidiary of the Transferee Company. The present Company Scheme Petition has been filed under section 232 of the Companies Act, 2013 for approving a scheme of amalgamation between the Petitioner and Transferee Company.

(2.) Petition admitted and fixed for hearing and final disposal on April 27, 2017.

(3.) Learned Advocate for the Petitioner Company states that in pursuance of Order dated December 9, 2016 passed in CSD No. 1018 of 2016, the convening and holding of the meetings of the Equity Shareholders of the Petitioner Company and the Transferee Company was dispensed with in view of the consent given by the 100% Equity Shareholders of the respective companies. There were no Secured Creditors in the Petitioner Company, therefore the question of convening meeting of Secured Creditors did not arise. The meeting of the unsecured creditors was also dispensed with in view of the consent given by the unsecured creditors which are annexed as Exhibits '0-2' to '0-4' of the Affidavit in support of the Summons for Directions. The Petitioner has also given an undertaking to issue individual notice of the date of hearing of the Petition by Registered A.D. to all its unsecured creditors and also to publish the same in two local newspapers.