1. Heard Mr.Pavan S. Godiawala, learned counsel appearing for the applicant.
2. The present application is filed seeking dispensation of the meeting of equity shareholders and unsecured creditors of the applicant-company for considering and if thought fit with or without modification the scheme in the nature of amalgamation of Komal Marketing Pvt. Ltd. with GSEC Limited pursuant to obtaining of individual consent letter in writing and resolution approving the scheme from both the equity shareholders and consent letters from the unsecured creditors of the applicant-company.
3. It is submitted that the applicant-company is the wholly owned subsidiary company of GSEC Limited. There are two equity shareholders in the applicant-company. One is GSEC Limited (Holding company) and another is an individual member. The holding company-GSEC Limited has tendered the resolution and individual member has tendered the consent letter approving the scheme and waiving the right to attend the meeting of equity shareholder. Further, the practicing Company Secretary has given the certificate certifying the consent letter and resolution and the same are produced by the applicant-company.
4. There are three unsecured creditors and all the three unsecured creditors have tendered individual consent letters approving the scheme and waiving their right to attend the meeting of unsecured creditors which are also certified by Chartered Accountant produced with the application. The applicant has also produced today, the individual affidavits of all the three unsecured creditors which are taken on record.
5. Considering the consent letters, resolution and documents produced, the prayers, as prayed for, are allowed. It is hereby ordered that the meetings of equity shareholders and unsecured creditors are dispensed with. The application stands disposed of accordingly.
(R.M.CHHAYA, J.) Hitesh Top