- (1.) This Petition filed by Paramount Organochem Private Limited is coming up for final disposal before us on 24.04.2017 for the purpose of the approval of the Scheme of Amalgamation, as contemplated between the companies and its shareholders by way of Amalgamation of Paramount Organochem Private Limited (Petitioner/Transferor Company), with Paramount Aromachem Private Limited (Non-Petitioner/Transferee Company).
(2.) A perusal of the petition discloses that initially the application seeking the directions for dispensing with the meetings of Shareholders, Secured and Unsecured Creditors of the Petitioner Company was filed before the Hon'ble High Court of Delhi in Company Application (Main) 73/2016. The Hon'ble High Court vide its order dated 19.07.2016 was pleased to dispense with the requirement of convening of the meetings of the Shareholders, Unsecured Creditors and Secured Creditors of the Petitioner Company.
(3.) Subsequent to the above order dated 19.07.2016, the Petitioner Company had preferred the instant Petition before the Hon'ble High Court of Delhi which vide order dated 16.09.2016, directed the Petitioner Company under Sections 391 to 394 of the Companies Act, 1956 read with relevant Rules of the Companies (Court) Rules, 1959 in connection with the Scheme of Amalgamation, to issue Notice in the Second Motion petition being C.P. No. 840/2016 to the Registrar of Companies, Regional Director and the Official Liquidator. The Petitioner Companies were also directed vide said order to carry out publication in English Daily 'Financial Express' and Hindi Daily 'Jansatta'. An affidavit dated 10.04.2017 has been filed by the Petitioner Company confirming that notices were duly published in the English Daily 'Financial Express' and in the Hindi Daily 'Jansatta' on 14.10.2016. It is also submitted that since the date of publication of the Notices till the date of filing the affidavit, no objections have been received to the proposed Scheme of Amalgamation.;