COMP/135/2011 12/49 ORDER position to substantiate his contention. (ix) It is true that APML i.e. Adani Power Maharashtra Limited has not made any profits as yet as the project is yet in its development stage and has not started power generation. Once again it is in the realm of the Board of Directors’ commercial decision as to at which stage the interest in the said company should be acquired by the Petitioner Company. The only relevant issue for the consideration of the scheme has to be that the same is not to the detriment of the shareholders of the petitioner company. It is hereby asserted and reiterated that the present scheme is in the interest of the company and its shareholders and not to the detriment to the interest of the shareholders. 8. …..the Transferor Company has complied with the requisite process for amalgamation in compliance with the applicable provisions of Companies Act, Mauritius.” 4.2. With reference to the written submissions th (dated 18 January 2012) filed by the objector- Shareholder Mr. Gandhi in support of his written th objections dated 15 November 2011, the petitioner company has filed further affidavit wherein the Deponent Mr. Rahul Shah, Company Secretary and Authorized Signatory, for the company, stated, inter alia, that: “3………..the shareholder has suggested an alternate mode of presenting the result of the meetings. It is hereby respectfully submitted that the Chairman’s report is presented to the Hon’ble Court in consonance with the statutory format provided vide Form No.39 of the Company Court Rules, 1959. The petitioner is duty bound to present the result of the meeting in the given format only. Further, the bifurcation as per the shareholding pattern shall not impact the result of the meeting and the statutory compliance of Sec.391(2) of the Companies Act, 1956.” 4.3. As regards the petitioner company's submission against the shareholder's objections that the shareholder who has raised objections holds only five shares and therefore has no locus to raise objection, it is necessary and appropriate to observe at the outset that, merely because the shareholder raising objection is in minority Downloaded on : Fri Jan 27 19:33:28 IST 2023