Telangana High Court
COMPA/1629/2014 of M/s. Nucleus Realty Properties India Private Limited Vs - on 31 December 2014
A.RAJASHEKER REDDY COMPANY APPLICATION No.1629 of 2014 O R D E R: This Company Application is filed under Section 391 and 394 of the Companies Act, 1956 (for short ‘ the Act’) for dispensing with the convening of the meetings of the shareholders of the applicant-company. Heard.
HON'BLE SRI JUSTICE A.RAJASHEKER REDDY
COMPANY APPLICATION No.1629 of 2014
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O R D E R:
This Company Application is filed under Section 391 and 394 of the Companies Act, 1956 (for short‘the Act’) for dispensing with the convening of the meetings of the shareholders of the applicant-company.
Heard.
The applicant is a private limited company and it was incorporated on 07.02.2014. Its authorizedshare capital is Rs.1,00,000/-, divided into 10,000 equity shares of Rs.10/- each and the issued, subscribedand paid up capital is Rs.1,00,000/- divided into 10,000 equity shares of Rs.10/- each. The applicantpleaded that it is proposing to de-merge itself into another company by name M/s Oorjita Projects PrivateLimited (transferee/resulting company); that by the resolution of the Board of Directors of the applicant,dated 11.12.2014, the proposed scheme of demerger was approved; and that the Appointed date is01.04.2014.
The applicant further pleaded that it has two shareholders and all of them have given their Noobjection affidavits (at page Nos.129 to 131) for the proposed scheme of demerger. It has, therefore,sought for dispensing with the holding of meeting of its shareholders.
In view of the No objection affidavits given by the shareholder, this Court is of the opinion that nopurpose will be served by ordering the holding of the meetings of the shareholders of the applicant.
Accordingly, the holding of the meeting of the shareholders of the applicant-company to consider theproposed scheme of demerger is dispensed with.
The Company Application is, accordingly, allowed.
31.12.2014tk
REDDY, J