- (1.) This joint petition filed by the companies above named is coming up on finally 01.03.2017 for the purpose of the approval of the scheme of arrangement (for brevity refereed as "Scheme"), as contemplated between the companies and its shareholders by way of amalgamation of the M/s. Agrim Marketing Private Limited (Transferor No. 1 Company), M/s. Aradhna Infradev Private Limited (Transferor No. 2 Company, M/s. Athens Computer Technologies Private Limited (Transferor No. 3 Company), M/s. Balram Retails Private Limited (Transferor No. 4 Company), M/s. Gajodhari Chemicals Private Limited (Transferor No. 5 Company) and M/s. S.E. Micro Housing Finance Private Limited (Transferor No. 6 Company) with M/s. Bhavya Electronics & Networks Private Limited(Transferee Company).
(2.) A perusal of the petition discloses that initially the application seeking the directions for dispensing with convening and holding of meeting of equity shareholders, secured and unsecured creditors of both the transferor and transferee company was filed before Hon'ble High Court of Delhi being C.A. No. 55/2016. The Hon'ble High Court of Delhi vide its order dated 8th April 2016, had dispensed with the requirement of convening of the meetings of the equity shareholders Unsecured creditors/lenders, in view of consents having been obtained and placed on record. In relation to secured creditors and trade creditors, the requirement of convening of the meetings, was also dispensed with, as there were no secured creditor and trade creditor in the petitioner companies as on date.
(3.) Under the circumstances, the petitioners have filed their joint petitions for sanction of the Scheme of Arrangement before the Hon'ble High Court of Delhi on 21.04.2016 under the erstwhile provisions, subsequent to the order of dispensing with the meeting ordered by the Hon'ble High Court of Delhi on 08.04.2016.;