M/S.Madras Sugars Limited v.
Comp.A.No.633 of 2016 RAJIV SHAKDHER, J.
1.This is an application moved for dispensing with the convening and holding of a meeting of the equity share holders of the applicant/transferor company.
1.1 The applicant/transferor company claims to be wholly owned subsidiary of M/S.SVB Holdings Private Limited. The applicant/transferor company has obtained the consent to the proposed scheme of amalgamation, whereby it is proposed to amalgamate the said entity with Bannari Amman Sugars Limited i.e., the transferee company. The consent obtained from the aforementioned holding company has been filed and available at page 152 of the typed set of documents. 2.The record also shows that the applicant/transferor company has secured creditors of a value of Rs.288,40,91,641/-. The secured creditors are banks and, are five in number. The certificate of the Chartered Accountants, which is dated 01.07.2016, is appended as Annexure 'H' at page 155 of the typed set of documents.
3.This apart, the applicant/transferor company has also unsecured creditors, which are classified into three categories : the first category comprises of unsecured loans; the second category comprises of sundry creditors, who have supplied materials and rendered services; the third category comprises of sundry creditors, who have given advances towards supply of sugar.
3.1 The applicant/transferor company has provided details both in terms of value and number, which form part of the certificate given by the Chartered Accountant, and is appended at page 156 of the paper book. The said certificate is dated 01.07.2016. Furthermore, the details of all three categories of unsecured creditors, to which, reference is made above, is provided at pages 157 to 178.
3.2 The first category, which, as indicated above, comprises of unsecured loans, is valued at Rs.225,53,13,602/-. The second category of unsecured creditors is valued at Rs.9,31,98,687/-. The last category of sundry creditors is valued at Rs.8,36,89,376/-.
3.3 It is stated that as on 21.03.2015, the turnover of the applicant/transferor company is Rs.124 Crores and it has earned a profit of Rs.0.55 Crores. I am informed by the learned counsel for the applicant/transferor company on being queried that the said profit is arrived at prior to making adjustments for tax, though, after accounting for depreciation.
4.Having regard to the aforesaid circumstances, the prayer made in the application is allowed.
4.1 The application is, accordingly, disposed of. Comp.A.No.634 of 2016 5.Learned counsel for the applicant says that there is a typographical error in the application. He seeks to withdraw the same with liberty to file a fresh application.
6.Accordingly, the application, is dismissed as withdrawn, with liberty as prayed for.
28.07.2016 kj
RAJIV SHAKDHER,J.
Kj Comp.A.Nos.633 and 634 of 2016 28.07.2016