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2016 (5) TMI 1396 - HC - Companies LawSanction of the Composite Scheme of Arrangement - Held that - The Court had dispensed with the requirement of convening the meetings of the Equity Shareholders and Preference Shareholders. Similarly, the requirement of convening and holding of the meeting of the Secured Creditors was ordered to be dispensed with. This court directed the Petitioner Company to send individual notices to the Secured Creditors of the Petitioner Company. Similarly, the requirement of convening and holding of meeting of the Unsecured Creditors was ordered to be dispensed with. The petition is admitted. The same shall be posted for final hearing on 22nd June, 2016. Notice of the petition to be published in the Ahmedabad editions of the Gujarati daily newspaper Jai Hind and the English daily newspaper DNA .
Issues:
Petition for sanction of Composite Scheme of Arrangement between companies - Dispensing with requirement of convening meetings of shareholders and creditors - Admission of petition - Directions for final hearing and notices. Analysis: The judgment pertains to a petition filed by Shalby Limited seeking sanction of a Composite Scheme of Arrangement involving two transferor companies and the petitioner transferee company along with their respective shareholders. The court noted that the requirement of convening meetings of equity shareholders, preference shareholders, secured creditors, and unsecured creditors was dispensed with in a previous order dated 3rd May, 2016. The court directed the petitioner company to send individual notices to the secured creditors. The court then admitted the petition and scheduled it for final hearing on 22nd June, 2016. Notice of the petition was ordered to be published in specified newspapers, and notice to the Central Government was directed to be sent in compliance with section 394(A) of the Companies Act, 1956 through the Regional Director, Ministry of Corporate Affairs. The publication of the notice in the Official Gazette was dispensed with, and direct service was permitted in addition to the normal mode of service.
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