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Dispense of Creditor's Meetings

28 April 2018

In case of merger between 2 or more companies, what are the conditions to be fulfilled so that all the companies can avail dispensation of creditors' meeting required under the Act ?

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2 Replies

Deepen (Company Secretary) (144 Points)
Replied 22 May 2018

Based on your query, it may be advised that referring to the section 230 (10) The Tribunal may dispense with calling of a meeting of creditor or class of creditors where such creditors or class of creditors, having at least ninety per cent. value, agree and confirm, by way of affidavit, to the scheme of compromise or arrangement.

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Santhosh Ganesh (AGM - Secretarial ) (136 Points)
Replied 24 May 2018

Obtain a written affidivit from them to the effect that they accord their unconditional consent to the terms of the proposed scheme and they alos authorise the board to make such modifictions which any statutory authoroties may direct in this regard