Bikki Raveendra Babu, Member - (1.) Gr Infratech Private Limited (Transferor Company) and GR Infraprojects Limited (Transferee Company) have filed this joint application under section 230 to 232 of the Companies Act, 2013 seeking dispensation of meetings of Equity Shareholders of both Applicant companies, preference shareholders of Applicant Company 1 and directions to convene and hold meetings of Secured Creditors and Unsecured Creditors of Applicant Company 2 for the purpose of considering and if thought fit, approving, with or without modification, a Scheme of Amalgamation of GR Infratech Private Limited (Applicant company 1) with GR Infraprojects Limited (Applicant Company 2) ["Scheme" for short].
(2.) Applicant company 1 (Transferor Company) is a private limited company. Paid up equity share capital of the said company is Rs. 13,35,00,000/- divided into 1,00,000 equity shares of Rs.10/- each and 1,32,50,000 9.5% Non-Cumulative Preference Shares of Rs. 10/- each. The Board of Directors of the applicant company has approved the Scheme of Amalgamation by passing Board Resolution in their Meeting held on 11th September, 2017.
(3.) Applicant company 1 has stated that the accounting treatment specified in the Scheme is in conformity with the accounting standards prescribed in the Companies Act, 2013 and a certificate dated 30.10.2017 issued under Section 133 of the Companies Act, 2013 by the auditors of the Company is filed as Annexure H to the application.;