Bikki Raveendra Babu, Member - (1.) This Application is filed jointly by the Applicant Companies under Sections 230 to 232 of the Companies Act, 2013 (hereinafter referred to as 'the Act') read with Companies (Compromise, Arrangement and Amalgamation) Rules, 2016 (hereinafter referred to as 'the rules') seeking dispensation of meetings of equity shareholders as well as directions for holding meetings of secured and unsecured creditors of the applicant companies in respect of a scheme of amalgamation of Shree Janki Fashions Private Limited ("Transferor Company") with Shree Ranisati Processors Private Limited ("Transferee Company").
(2.) The Issued, Subscribed and Paid up Share Capital of the Transferor Company is Rs. 98,71,000/- as on 31st March 2016 and the Issued, Subscribed and Paid up Share Capital of the Transferee Company is Rs. 1,99,10,000/- as on 31st March 2016.
(3.) According to the Applicant Companies, both the companies are in the business related to trading and manufacturing of textile products. The present scheme is proposed with a view to availing synergic benefits and advantages. According to the applicants, upon amalgamation, resources would be combined under one roof with same management and there shall be drastic reduction of expenses and centralized management.;