POWER BUILD ELECON GEARS LTD Vs. STATE

JUDGEMENT

(1.) THE present petitions are filed seeking sanction of Scheme of Amalgamation of Power Build Elecon Gears Limited with Power Build Limited.

(2.) POWER Build Elecon Gears Limited, the Transferor Company, filed Company Application No.543 of 2008 seeking dispensation of the meetings of shareholders, secured creditor(s) and unsecured creditors on the ground that consents of all the shareholders and the sole secured creditor was obtained. The petitioner had also obtained 94.01% consents of unsecured creditors. This Court vide order dated 14.10.2008 made in Company Application No.543 of 2008 ordered dispensation of meeting of the shareholders, secured and unsecured creditors of the petitioner Company.

(3.) POWER Built Limited filed Company Application No.544 of 2008 seeking dispensation of the meetings of shareholders on the ground that consent of all the shareholders has been obtained. It was stated that this being Transferee Company, meeting of the creditors was not required to be held. This Court vide order dated 14.10.2008 made in Company Application No.544 of 2008 ordered dispensation of meeting of the shareholders and also observed that this being Transferee Company, meeting of creditors is not required to be held.