- (1.) This joint petition filed by the companies above named is coming up finally before us for the purpose of the approval of the scheme of Amalgamation, as contemplated between the companies and its shareholders by way of amalgamation of the Transferor Company with Transferee Company. A perusal of the petition discloses that initially the application seeking the directions for convening the meeting of equity shareholders, secured and unsecured creditors of both the transferor and transferee company for dispensation were filed before the Hon'ble High Court of Delhi in CA No. 81/2016.The Hon'ble High Court of Delhi vide its order dated 27th July, 2016 was pleased to dispense with the requirement of convening of the meetings of the equity shareholders, in view of consents having been obtained and produced before it and in relation to secure and unsecured creditors of all the Transferor, Transferee Companies, the meetings of the respective category was dispensed with, either based on consents having been obtained and produced or due to their non-existence as the case may be.
(2.) Under the circumstances, the petitioners have filed their joint petitions for sanction of the Scheme of Amalgamation before the Hon'ble High Court of Delhi under the erstwhile provisions, subsequent to the order of dispensation of the meeting ordered by the Hon'ble High Court of Delhi on 27.07.2016.
(3.) On 08.08.2016 the Hon'ble High Court of Delhi ordered Notice in the Second Motion petition in C.P. No. 678/2016 moved by the petitioners under Sections 391 to 394 of the Companies Act, 1956 read with relevant Rules of the Companies (Court) Rules, 1959 in connection with the scheme arrangement, to the Regional Director and the Official Liquidator. The Petitioners were also directed vide the said order to carry out publication in the newspapers 'Business Standard' English edition as well as Hindi edition returnable on 15.02.2017.;