Bikki Raveendra Babu, Member - (1.) These petitions under Sections 230-232 of the Companies Act, 2013 have been filed seeking sanction of a proposed Scheme of Arrangement in the nature of Amalgamation of Masibus Electronics Private Limited (Transferor Company) with Masibus Automation and Instrumentation Private Limited (Transferee Company) and their respective shareholders and creditors ('Scheme' of short).
(2.) The Petitioner Transferor Company viz. Masibus Electronics Private Limited had filed an application before this Tribunal, being C.A. (CAA) 79/NCLT/AHM/2017 seeking dispensation of the meeting of the Equity Shareholders and requisite directions for holding and convening a meeting of Unsecured Creditors of the Petitioner Company. It was stated that there were no Secured Creditors of the Company. This Tribunal vide its order dated 12th July, 2017, dispensed with the meeting of Equity Shareholders of the Petitioner Company and issued directions for convening and holding meeting of Unsecured Creditors.
(3.) The Petitioner Transferee Company viz. Masibus Automation and Instrumentation Private Limited had filed an application before this Tribunal, being C.A. (CAA) 80/NCLT/AHM/2017, seeking dispensation of the meeting of the Equity Shareholders and Secured Creditors and requisite directions for convening and holding a meeting of Unsecured Creditors of the Petitioner Company. This Tribunal vide its order dated 12th July, 2017, dispensed with the meetings of Equity Shareholders and Secured Creditors of the Petitioner Company and issued directions for convening and holding meeting of Unsecured Creditors.;