Bikki Raveendra Babu, Member - (1.) None present for Petitioners. Order pronounced in open Court. Vide separate sheet. By way of this joint petition under Sections 391 to 394 of the Companies Act, 1956 (Sections 230 to 232 of the Companies Act, 2013), the petitioners are seeking sanction of a proposed Scheme of Amalgamation of M/s. Advent Deal trade Private Limited (the first transferor company) and M/s. Blaise Distributors Private Limited (the second transferor company) and M/s. Drawback Dealers Private Limited (the third transferor company) and M/s. Armaan Barter Private Limited (the fourth transferor company) with Pushpak Fincon Private Limited (the transferee company) and their respective shareholders and creditors ("Scheme" for short).
(2.) The petitioner companies had jointly filed an application, being Company Petition No. 45 of 2016, before the Honourable High Court of Madhya Pradesh, Judicature at Jabalpur, Bench at Indore seeking dispensation of convening the meeting of shareholders on the basis of consent letters and secured and unsecured creditors, as there were no creditors, and also from publication of notice in newspaper and gazette. The Honourable High Court of Madhya Pradesh, Bench at Indore, by order dated 22nd November, 2016, was pleased to dispense with convening of meeting of shareholders, in view of their consent letters and meeting of secured and unsecured creditors of the petitioner companies as there were no secured and unsecured creditors. The Honourable High Court was also pleased to dispense with publication of notice in newspaper and Madhya Pradesh Gazette.
(3.) The petitioner companies thereafter filed a joint petition, being Company Petition No. 49 of 2017, before the Honourable High Court of Madhya Pradesh, Bench at Indore, seeking sanction of the Scheme. Subsequently, the Honourable High Court, vide order dated 20.12.2016, transferred the aforesaid Company Petition to this Tribunal and it came to be renumbered as T.P. Nos. 64 of 2017.;