2011 (3) TMI 1722 - HC - Companies Law

Summary

Issues involved: Application for dispensation of meetings of equity shareholders, unsecured lenders, and unsecured creditors u/s 391(1) of the Companies Act, 1956, and convening a meeting of secured creditors.

Equity Shareholders, Unsecured Lenders, and Unsecured Creditors: The application sought dispensation of meetings for these classes as individual consent letters were obtained, approving the scheme. With the submission of necessary documents and consent letters, the court dispensed with the meetings and the notice requirements in newspapers and government gazette.

Secured Creditors: While most secured creditors consented to the scheme, one creditor did not waive the right to attend the meeting. The court directed the convening and holding of a meeting for secured creditors, appointing a Chairman and setting the quorum. Notice for the meeting was to be hand-delivered to all secured creditors, with the Chairman required to report the meeting's outcome to the Court within 15 days.

The application was disposed of with the above directions, ensuring compliance with the Companies Act, 1956, and the specific requirements for convening meetings of different classes of creditors and shareholders.