R. Varadharajan, Member - (1.) This petition filed by the companies above named is coming up finally before us on 04.09.2017 for the purpose of the approval of the scheme of arrangement as contemplated between the companies and its shareholders by way of amalgamation of the Transferor/Petitioner Company No. 1 with the Transferee/Petitioner Company No. 2. A perusal of the petition discloses that initially the application seeking the dispensation of the meetings of equity shareholders, secured and unsecured creditors were filed before the Tribunal in CA(M) 30/PB/2017. The Tribunal vide its order dated 10.04.2017 and as modified vide order dated 24.04.2017, was pleased to dispense with the requirement of convening the meetings of the equity shareholders and secured creditors of the Petitioner Companies in view of their consents having been obtained and produced before it or there was none therefore the necessity of convening the meeting did not arise as the case may be. In relation to the unsecured creditors of the Petitioner Companies, the Tribunal directed the petitioner companies to convene the meeting for obtaining their approval for the sanction of the scheme.
(2.) Under the circumstances, the petitioners have filed their joint petitions for sanction of the Scheme of Amalgamation before the Tribunal under the present provisions, subsequent to the order of dispensation and convening of the meetings ordered by the Tribunal on 10.04.2017 and as modified as stated above.
(3.) On 21.07.2017, the Tribunal ordered Notice in the Second Motion petition in CAA 127/ND/2017 moved by the petitioners under Sections 230-232 of the Companies Act, 2013 in connection with the scheme of amalgamation, to the Registrar of Companies, Regional Director, Official Liquidator, Income Tax Authorities and RBI. The Petitioners were also directed vide said order to carry out publication in the newspapers "Statesman" in English (Delhi Edition) and "Jansatta" in Hindi (Delhi Edition).;