- (1.) This joint petition filed by the companies above named is coming up finally before us on 16.02.2017 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 Fourteen Petitioners/Transferor Companies with the Transferee Company. A perusal of the petition discloses that initially the application seeking dispensation from convening the meetings of equity shareholders, secured and unsecured creditors of all the Transferor Companies as well as the Transferee Company were filed before the Hon'ble High Court of Delhi in CA No. 66/2016. The Hon'ble High Court of Delhi vide its detailed order dated 19.07.2016 was pleased to dispense with the requirement of convening of the meetings of the equity shareholders Secured and Unsecured Creditors, in view of consents having been obtained and produced before it of the requisite numbers as mandated under the provisions of the Companies Act, 1956 or due to their non-existence as the case may be in relation to all the Petitioner Companies.
(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 19.7.2016.
(3.) On 29.07.2016 the Hon'ble High Court of Delhi ordered Notice in the Second Motion petition in C.P. No. 631/2016 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 of amalgamation, 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 Standards' in English and 'Jansatta' in Hindi editions returnable on 01.12.2016.;