CP(CAA) No. 13/NCLT/AHM/2017 and CA 446/2016. Case: In Re: India Utilities & Power Ltd. Vs. Company Law Board

Case Number:CP(CAA) No. 13/NCLT/AHM/2017 and CA 446/2016
Party Name:In Re: India Utilities & Power Ltd. Vs
Counsel:For Appellant: S.N. Soparkar, Senior Advocate, Megha Jani and Tanaya Shah, Advocates
Judges:Bikki Raveendra Babu, Member (J)
Issue:Company Law
Judgement Date:April 12, 2017
Court:Company Law Board
 
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Order:

Bikki Raveendra Babu, Member (J), (Ahmedabad Bench)

  1. By this petition under Section 230 to 232 of the Companies Act, 2013, the petitioner-company is seeking sanction of a scheme of Amalgamation of Basis Point Commodities Private Limited (transferor company No. 1), Victory Insurance Brokers Private Limited (transferor-company No. 2) and India Utilities And Power Limited (transferor-company No. 3) with Reliance Industries Holding Private Limited (transferee-company).

  2. The petitioner filed Company Application No. 525 of 2016 before the Honourable High Court of Gujarat, at Ahmedabad, praying for dispensation of meetings of equity shareholders, preference shareholders and unsecured creditors by stating that there were no secured creditors. The Honourable High court, by its order dated 12th December, 2016, dispensed with the meetings of equity shareholders, preference shareholders and unsecured creditors, while making an observation that there were no secured creditors of the petitioner-company.

  3. Thereafter the petitioner-company filed the present petition before this Tribunal seeking sanction of the scheme. It is stated in the petition that petitions seeking sanction of the scheme in respect of Reliance Industries Holding Private Limited (transferee-company) as well as Basis Point Commodities Private Limited (transferor-company No. 1) and Victory Insurance Brokers Private Limited (transferor-company No. 2) have been filed before the National Company Law Tribunal, Mumbai Bench, Mumbai.

  4. This Tribunal, by order dated 23rd February, 2017, directed the petitioner-company to issue notice of hearing of the petition by way of advertisement in English daily "Indian Express", Ahmedabad edition and Gujarati daily "Sandesh", Ahmedabad edition, not less than 10 days before the date fixed for hearing calling for objections from the public, if any, on or before the date of hearing and also to issue individual notices to shareholders and unsecured creditors not less than 10 days before the date of hearing, informing the date of hearing and calling for their objections, if any, to the scheme. This Tribunal also directed issuance of notice to (i) the Central Government through Regional Director, Gujarat, (ii)the Income Tax Authority, (iii) the Registrar of Companies, Gujarat, Ahmedabad and (iv) the Official Liquidator, asking them to file their representations, if any, within 30 days from the date of receipt of notice with a condition that in case no representation is...

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