Rajeswara Rao Vittanala, Member - (1.) The present Company petition bearing C.P. No. 241 of 2016 (CP(TCAA) No. 20/HDB/2017) is filed by Opportunity Media Private Limited, under Sections 391 and 394 of the Companies Act, 1956 read with Rules, 79, 80, 81 and 9 of the Companies (Court) Rules, 1959, before the Hon'ble High court of Judicature at Hyderabad for the State of Telangana and for the state of Andhra Pradesh, by inter alia seeking the following reliefs: i) Sanction the scheme of amalgamation as per ANNEXURE-H enclosed here to either with any modification or modifications as this Hon'ble Court may decide or without any modification, as to be binding on all the shareholders and creditors of the petitioner company and on the petitioner company. ii) Order that the Petitioner Company shall be dissolved without going through the process of winding up. iii) Order that the petitioner company shall file a certified copy of the order on this petition with the Registrar of Companies, Ministry of Corporate Affairs, Hyderabad within 30 days or such time as this Hon'ble Court may deem fit and fix. iv) Order that all the records of the Petitioner/Transferor Company No. 3 shall be merged with the records of transferee company in the database maintained by Registrar of Companies including Authorised Capital, Charges registered against the Secured Loans availed by the Petitioner company without any further application for such master data correction if any upon the register of Form No. INC28 by the Registrar of Companies.
(2.) The Company petition is transferred to this Tribunal by the Hon'ble High court, on 27/01/2017 pursuant to the Companies (Transfer of Pending Proceedings) Rules, 2016 issued vide Notification dated 07-12-2016 conferring jurisdiction on this Bench to decide this issue in the present case. Hence, we have taken the case on the records of this Bench and heard it on various dates viz., 31-01-2017, 15-02-2017, 01-03-2017, 15-03-2017, 22-03-2017 and 03-04-2017.
(3.) Brief contentions, which are stated in the Company petition and are relevant to resolve the issue involved in this present case, are as under:;