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COMA/478/2011 2/ 2 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
COMPANY
APPLICATION No. 478 of 2011
=========================================================
TISSUE
TEXTILES (INDIA) PRIVATE LIMITED - Applicant(s)
Versus
.
- Respondent(s)
=========================================================
Appearance
:
MRS
SWATI SOPARKAR for
Applicant(s) : 1,
None for Respondent(s) :
1,
=========================================================
CORAM
:
HONOURABLE
MR.JUSTICE K.M.THAKER
Date
: 14/10/2011
ORAL
ORDER
Upon
the application of the abovenamed company by summons dated 11th
October 2011, filed under Section 391 to 394 of the Companies Act,
1956, upon hearing Smt.Swati Soparkar, advocate for the applicant
company and upon reading of the affidavit dated 5th
October 2011, filed in support of the Judges’ summons for directions
and other relevant annexures attached in support of the contents of
the affidavit filed by the deponent, (Exhibit ‘C’ being a copy of the
proposed scheme of Arrangement), and considering the following
submissions,
The
Applicant in the above-referred Company Application viz. Tissue
Textiles (India) Private Limited is the Transferor Company which
proposes to enter into an arrangement in the nature of amalgamation
with Palomar Textiles Limited.
It
has been pointed out that all the Equity shareholders and Unsecured
Creditors of the applicant company have given their consent in
writing approving the scheme of arrangement. The said consents are
annexed as Annexure ‘D’ and ‘E’ respectively to the application. It
has been pointed out that there are no secured creditors of the
applicant company as on date. The certificates confirming the status
of shareholders and creditors are collectively annexed as Annexure
‘F’ to the application.
It
is hereby ordered that in view of the aforesaid facts and
circumstances, the meting of the Equity shareholders and Unsecured
creditors of the applicant company as required to be held under
provisions of Section 391(2) of the Companies Act, 1956, are not
necessary to be held and are hereby dispensed with.
The
application is hereby disposed off.
(K.M.THAKER,
J.)
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