Madhya Pradesh High Court
Foresight Investors Limited vs Northward Value Invest Private Limited ... on 1 November, 2013
1
Comp. Pet. No.15/2013
1/11/2013:
Shri Brahmdatt Singh, learned counsel for the petitioner.
Petitioner is a Private Limited Company and seeks approval of a scheme for amalgamation. This petition has been filed under Section 391 read with Section 394 of the Companies Act seeking dispensing with the requirement of holding a meeting of the Secured and unsecured creditors and the share holders. It is stated that petitioner is a Private Limited Company. It does not have any secured and unsecured creditors. There are only 8 shareholders in the petitioner's Company and all the shareholders have given their approval and resolutions have also been passed by the Board of Directors on 15.9.2013 which is placed on record.
Accordingly it is said that now it is not necessary to hold the General Body Meeting for seeking approval of the scheme from the share holders.
Keeping in view the aforesaid submissions made on affidavit by the authorized signatory of the Company and finding the averments as indicated herein above to be Correct based on the documents available on record, this application is allowed. The requirement on the Company 2 for holding the meetings of the secured and unsecured creditors and shareholders are dispensed with.
Accordingly, this application is allowed. Liberty is granted to the petitioner to file appropriate application seeking approval of the scheme.
With the aforesaid, this application stands allowed and disposed of.
(Rajendra Menon) Judge Mrs.mishra