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12. It may be seen that the overwhelming majority of the equity shareholders (sic) of the transferor-company shall be transferred to and vested in the transferee-company with effect from April 1, 1989. It is averred that in the sanction of the said scheme of amalgamation will be for the benefit of the two companies and their respective equity shareholders and secured and unsecured creditors.

13. In pursuance of the direction given by this court in Company Application No. 75 of 1990, notices of the said meetings were duly sent to the persons concerned on January 23, 1990, by the chairman along with a copy of the proposed scheme of amalgamation and a statement under section 393 of the Companies Act also in the form of proxy. The notice of the meeting was duly advertised in accordance with the order of the court in the Times of India, Bangalore edition and Kannada Prabha, Bangalore edition. The chairman, Shri Narayana Shetty, has also filed his affidavit of service on January 31, 1990, before this court.