R. Varadharajan, Member - (1.) This is a joint Petition filed by 11 transferor companies above named, and the transferee company for the purpose of sanction of the scheme of arrangement by way of amalgamation contemplated between the companies under the provisions of Sections 230 to 232 of the Companies Act, 2013 (erstwhile Sections 391 & 394 of Companies Act, 1956).
(2.) Initially, the first motion application was filed before the Hon'ble High Court of Delhi in Company Application (M) No. 149 of 2016 and the order in the said application was delivered on 20.1.2017. By virtue of the said order, the requirement of convening and holding the meetings of equity shareholders and Unsecured Creditors of the applicant company and if thought fit to approve with or without modification, the proposed scheme was dispensed with in view of the written consent/NOC obtained from the requisite majority of equity shareholders and Unsecured Creditors of the applicant companies.
(3.) Subsequent to the above order in view of the Notification of Sections 230-232 as well as the relevant rules having also been notified under which, this Tribunal has now been vested with the power to consider in relation to compromise, arrangements and re-construction including the approval of the scheme of amalgamation as contemplated herein, the matter was transferred and the records have been transmitted by the Hon'ble High Court of Delhi to this Tribunal.;