Grace Advisory Services Private Limited v. KSW Business Ventures (P) Limited

1. This is first motion joint application under section 391 to 394 of the Companies Act, 1956 (“Act”) in connection with the Scheme of Amalgamation (“Scheme”) of Grace Advisory Services Private Limited (hereinafter referred to as Transferor Company) with KSW Business Ventures (P) Limited (hereinafter referred to as Transferee Company) (hereinafter collectively referred to as Applicant Companies). A copy of the proposed Scheme is enclosed with the Application. 2014:DHC:6010 Co. Appl.

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2. The registered offices of the Applicant Companies are situated within the National Capital Territory of Delhi, within the jurisdiction of this Court.

3. The details of the dates of incorporation of the Applicant Companies, its authorized, issued, subscribed and paid up capital have been enclosed with the Application.

4. The copy of the Memorandum and Articles of Association as well as the Annual Accounts for the year ended 31st March 2014 of the Applicant Companies has also been enclosed with the

5. Learned Counsel for the Applicant Companies submits that no proceedings under sections 235 to 251 of the Act are pending against the Applicant companies as on the date of the present Application.

6. The proposed Scheme has been approved by the Board of Directors of the Applicant Companies. Copies of the Board Resolutions have been filed along with the Co. Appl.

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7. The status of the Shareholders, Secured and Unsecured Creditors of the Applicant Companies and the consents obtained by them for the proposed Scheme are as follows:

8. A prayer has been made for dispensation from the requirement of convening the meetings of the Shareholders, Secured and the Unsecured Creditors of the Applicant Companies.

9. In view of the written consent/NOC given by all the Shareholders of the Transferor Company and Transferee Company, the requirement of convening meeting of Shareholders of Transferor Company and Transferee Company are dispensed with. Company No. of Share holders Consent Given No. of Secured Creditors Consent Given No. of Unsecured Creditors Consent Given Transferor Company

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10. Since there are no Secured Creditors in Transferor Company and Transferee Company, therefore the requirement of convening meeting of Secured Creditors of Transferor Company and Transferee Company does not arise.

11. In view of the written consent/NOC given by all Unsecured Creditors of the Transferor Company and Transferee Company, the requirements of convening meeting of the Un-secured Creditors of Transferor Company and Transferee Company are dispensed with.

12. The Application stands allowed in the aforesaid terms. Order Dasti.