Bikki Raveendra Babu, Member - (1.) This joint petition has been filed by the petitioner-companies for sanctioning of a proposed scheme of Arrangement in the nature of Amalgamation of V.K. Agro Industries Private Limited (Transferor Company) with V.K. Art & Design Private Limited (Transferee Company) ["Scheme" for short].
(2.) The petitioners herein had filed an application in the Honourable High Court of Madhya Pradesh, Indore Bench, being Company Petition (Application) No. 48 of 2016, for dispensing with the convening and holding of the meetings of the equity shareholders and unsecured creditors of the petitioner-companies. The Honourable High Court, vide its order dated 9th December, 2016, dispensed with the convening and holding of the meetings of equity shareholders and unsecured creditors of the petitioner-companies. The Honourable High Court, vide its aforesaid order dated 9th December, 2016, also dispensed with publication of notice in newspaper and Madhya Pradesh Gazette. The Hon'ble High Court also observed that there are no secured creditors in both the companies.
(3.) The petitioner-companies, thereafter, on 26th December, 2017, filed the present petition before this Tribunal seeking sanction of the Scheme. This Tribunal by order dated 17th March, 2017, while admitting the Petition, ordered that notice of hearing shall be advertised in English daily "Free Press" and verna cular daily "Nai Duniya", both Indore editions, not less than 10 days before the date fixed for hearing calling for their objections, if any, on or before the date of hearing. This Tribunal also ordered issuance of notice to the following statutory authorities in form No. CAA-3 intimating the date of hearing:- (A) Central Government through Regional Director, Gujarat. (B) Income Tax Authority. (C) Registrar of Companies. (D) Official Liquidator.;