Amalgamation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2012 whether the high court can santion the scheme of compromise or arrangement without holding the meeting of the members/creditors?

CS. DISHA SHAH

CS. DISHA SHAH (Expert)
Follow

25 June 2012 Hello,
Ya High Court can.
High court can dispense the meetings of members/creditors base on the Affidavit of Director, C.A. Certificate,and consent of the members/creditors.

Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2012 Thank you Disha, but can u explain in detail? waiting for ur answer.

Upgrade to CAclubindia Pro. Subscribe Now!

CS. DISHA SHAH

CS. DISHA SHAH (Expert)
Follow

25 June 2012 Ya sure,,
see, High Court has power to waive the meetings and, for that High Court check that the whether director's affidavit in Company Application, then, court will check the C.A. Certificate containing the details of the Company's members, secured / unsecured creditors and depositors,, and consent of the members/ creditors also very imp,, consent itself saying that they hv no objection ,, they have read the scheme of amalgamation and approve the same and request the High Court to waive the meeting of their for the purpose of sanction of Amalgamation Scheme.

If u submit all these three documents properly and High Court satisfy for its genuineness, the High Court will waive the meetings and pass an order for waiver of the meetings.

I try to explain you but still if u hv any doubt u can ask. I will reply.