Manorama Kumari, Member - (1.) This application has been filed by the Applicant Companies namely, P.S. PLYWOOD PRODUCTS PRIVATE LIMITED and (hereinafter referred to as the "Transferor Company) and SARDA PLYWOOD INDUSTRIES LIMITED (hereinafter referred to as the "Transferee Company") for obtaining sanction of this Tribunal regarding Scheme of Amalgamation of the transferor company with the transferee company.
(2.) The instant application has been filed under Section 230 and Section 232 of the Companies Act, 2013 for directions to convene separate meetings of equity shareholders and secured creditors and unsecured creditors, as applicable, of the applicant companies to consider and if thought fit to approve the proposed Scheme of Amalgamation, with or without modification.
(3.) The object of this application is to ultimately obtain sanction of this Tribunal to the proposed Scheme of Amalgamation of P.S. PLYWOOD PRODUCTS PRIVATE LIMITED and SARDA PLYWOOD INDUSTRIES LIMITED. The applicant No. 1 has 11 Equity Shareholders and the applicant No. 2 has 652 1 (Six Thousand Five Hundred and Twenty One only) Equity Shareholders (Approx.) whereas the applicant No. 1 has only 3 (Three) unsecured creditors and the applicant No. 2 has only 3 (Three) secured creditors and 656 (Six Hundred and Fifty Six only) unsecured creditors as on 31.12.2016. There is no secured creditor in applicant No. 1. All the applicant companies have prayed for direction by the Tribunal to convene shareholders' and creditors' meeting.;