Bikki Raveendra Babu, Member - (1.) These petitions have been filed by the petitioner-companies for sanctioning of an Arrangement in the nature of Amalgamation of Rubberking Tyres India Private Limited (transferor-company) and Rubberking Tyre Quality Products Private Limited (transferee-company) and their respective shareholders and creditors ("scheme" for short).
(2.) The petitioner of T.P. No. 24 of 2017, i.e. Rubberking Tyre Quality Products Private Limited, filed Company Application No. 477 of 2016, praying for dispensation of meeting of shareholders. The Honourable High Court, by its order dated 7th November, 2016, dispensed with the meeting of shareholders of the petitioner transferee-company. It is stated in the order of the Honourable High Court that there are no secured or unsecured creditors of the transferee-company. Further, the procedure prescribed in Section 101(2) and the procedure prescribed in Rules 46 to 65 of the Companies (Court) Rules, 1959 have also been dispensed with by the Honourable High Court.
(3.) The petitioner in T.P. No. 25 of 17, Rubberking Tyres India Private Limited (transferor-company), filed Company Application No. 478 of 2016 on the file of the Honourable High Court of Gujarat seeking dispensation of meeting of equity shareholders of the company. The Honourable High Court, by its order dated 7th November, 2016, dispensed with the convening of meeting of equity shareholders of the petitioner transferor-company. The Honourable High Court also mentioned in the said order that the transferor-company had undertaken to place on record the written consent letters from all its secured creditors. Considering the said undertaking, the Honourable High Court dispensed with the meetings of secured and unsecured creditors of the transferor-company.;