Bikki Raveendra Babu, Member - (1.) Heard learned Advocate, Ms. Vaibhavi Parikh, for the applicant.
(2.) The applicant, Masibus Automation And Instrumentation Private Limited, by this application under sections 230-232 of the Companies Act, 2013 read with Rules - 3 and 18 of the Companies (Compromise, Arrangements and Amalgamations) Rules, 2016, is seeking dispensation of meetings of equity shareholders and secured creditors and directions for holding meeting of unsecured creditors of the applicant company in respect of a proposed Scheme of Arrangement in the nature of Amalgamation of Masibus Electronics Private Limited ("transferor company") with Masibus Automation And Instrumentation Private Limited ("transferee company") and their respective shareholders and creditors (hereinafter referred to as the "scheme" for short).
(3.) The Applicant is a private limited company. The authorized share capital of the applicant transferee company as on 31st March, 2017, was Rs. 3,00,00,000/- and the issued, subscribed and paid-up share capital of the applicant transferee company as on the said date was Rs. 2,65,00,000/- divided into 26,55,713 equity shares of Rs. 10/- each. Subsequent to 31st March, 2017, there was change in the share capital of the applicant transferee company. The authorised capital of the applicant company was increased on 9th May, 2017 from Rs. 3 crores to Rs. 3.5 crores. As per the provisional Financial Statement as on 20th May, 2017, the authorised share capital of the applicant transferee company was Rs. 3,50,00,000/- and the issued, subscribed and paid up share capital of the applicant transferee company, as on the said date, was 2,65,57,130/- divided into 26,55,713 equity shares of Rs. 10/- each.;