Rajeswara Rao Vittanala, Member - (1.) The Company Application bearing CA(CAA) No. 33/230/HDB/2017 (referred to as Company application hereinafter) is filed by M/s. Gowthami Bio-Energies Private Limited, under Sections 230 and 232 and other applicable provisions of the Companies Act, 2013 by seeking the following reliefs: a) To convene meetings of the equity shareholders and unsecured creditors of the Applicant/Transferee Company at the registered office of the Company for consideration of the proposed Scheme consequently appoint a Chairperson for convening and conducting meetings of the equity shareholders and unsecured creditors. b) That the quorum be fixed as 2 (two) equity shareholders and 2 (two) unsecured creditors personally present in the equity shareholders and unsecured creditors meeting. c) The equity shareholders and unsecured Creditors are permitted to exercise their vote at the meetings either in person or through proxies. d) As to the manner of giving the notices of the said meetings, it is sufficient to serve the notices on the equity shareholders and unsecured creditors of the Applicant/Transferee Company by Ordinary Post. e) That the advertisement be directed to be published once in English Edition of The New Indian Express, Tadepallygudem and once in Telugu Edition of Andhra Jyothi, Tanuku Edition. f) As for the time for the Chairperson of the meetings to file their report to the Hon'ble Tribunal of the result of the meetings, the time be fixed as 10 days from the date of the said meetings etc.
(2.) Brief contentions raised in the Company applications are as under: i. M/s. Gowthami Bio-Energies Private Limited (GBPL/Transferee Company) was originally incorporated as a Public Limited Company under the Companies Act, 1956 in the then State of Andhra Pradesh on 26th day of February, 1999 under certificate of Incorporation Number: 01-31221. Later on, it was converted into a Private Limited Company by virtue of special Resolution passed on 18th day of February 2004 and Fresh certificate of Incorporation consequent on its conversion under Section 31/44 of the Companies Act, 1956 was issued by the Registrar of Companies, A.P. on 16th day of March, 2004. The Registered Office of the Transferee Company is situated at P.B. No. 7, Pydiparru, Tanuku - 534211, West Godavari District, Andhra Pradesh. ii. The main objects and nature of business of the Transferee Company, in brief, as set out in the Memorandum of Association, are as follows:- a. To generate, accumulate, transmit, distribute, harness, supply Electricity power or any other energy from conventional, non-conventional or energy sources on a commercial basis by setting up Power Plants for the purpose of light, heat, motive power etc. b. To construct, establish, operate, maintain, manage Power Stations, Boiler Houses, Steam Turbines, Gas Turbines, Diesel Generators, Switch Yards, Transformer Yards, Substations, Transmission lines, Accumulators, Workshops Dams, Reservoirs, etc. required for Hydro Projects, and all such works necessary for Generating, Accumulating, Distributing and Supply of Electricity etc. c. To acquire concessions or licenses granted by or to enter into contracts with Government of India, or any State Governments, Municipal or Local Authorities, company or person in India for the Construction Operation and maintenance of any Electric Power for lighting, heating, signalling, telephonic traction guarantees, deeds and documents as may be proper necessary or expedient etc. d. At present The Transferee Company is engaged in the business of power generation from Bio mass. iii. The authorized, issued, subscribed and paid-up share capital of the Applicant/Transferee Company as on March 31st 2016 is as under:
(3.) M/S. Gowthami Bio-Energies Private Limited closes its financials every year on 31st March. The financial summary of the Transferee Company as at 31st March, 2016 is given below: ;