2016 (4) TMI 1262 - HC - Companies Law

Scheme of Demerger - resulting Company, seeking dispensation of the meetings of the Shareholders and Unsecured Creditors of the applicant Company (there being no Secured Creditors) - Held that - Considering the consent letters of the Shareholders and Unsecured Creditors and considering the certificate of the Chartered Accountant, annexed with the application, the meetings of the Shareholders and Unsecured Creditors of the applicant Company, for considering the proposed Scheme of Demerger, are dispensed with and so also the advertisement in the newspaper and Publication in Government Gazette are dispensed with.

Summary

The Gujarat High Court, in 2016, allowed the Resulting Company to dispense with meetings of Shareholders and Unsecured Creditors for a proposed Scheme of Demerger. All Shareholders and Unsecured Creditors provided consent, certified by a Chartered Accountant. The application was disposed of without the need for advertisement or publication in the newspaper or Government Gazette.