9911796707
TMI Blog2001 (2) TMI 925X X X X Extracts X X X X X X X X Extracts X X X X ..... and/or vested in the transferee-company A , namely, Gulshan Polyols Ltd., a company incorporated under the Act, with its registered office at 9th Kilometer, Jansath Road, Muzaffarnagar-251001 (U.P.) (the transferee company A ) and the existing Precipitated Calcium Carbonate Division of the applicant-transferor company would be transferred to and/or vested in the transferee company B , namely, Gulshan Chemfill Ltd., a company incorporated under the Act, with its registered office at 11th Kilometer, Begraipur Industrial Area, Muzaffarnagar-251001 (U.P.) (the transferee company B ), and upon hearing Shri Sunil Ambwani, Advocate for the applicants, this Court vide its order dated 2-11-2000 directed that the meetings of the ordinary equity ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 15-11-2000 and in Dainik Jagran published in Hindi from Meerut on 15-11-2000. Copies of the said notices and the relevant statement under section 393 have been annexed to the Chairman affidavits of Chairman under rule 76 of the Companies (Court) Rules, 1959, filed on 16-12-2000. 2. As per report of the Chairman, the meetings of the equity shareholders of Gulshan Sugars Chemicals Ltd. applicant transferor company was held on 23-12-2000 which was the schedule for the said purpose. The report of the Chairman of shareholders meeting has since been submitted to this court on 2-1-2001 and is on record. This Court has perused the report. The report states that the requisite quorum of the meeting being present the meeting was held whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ors of the company either by personally or by proxy, entitled together to the total value of credit of Rs. 21,16,89,131.85, representing 73.93 per cent of the total value of creditors of Rs. 28,63,49,968.02. On a request of IDBI conveying their in-principle approval for the proposed arrangement/demerger and seeking that the term loan of IDBI, be retained in Gulshan Sugars Chemicals Ltd. alone and it should not be allocated/bifurcated to Gulshan Polyols Ltd. and Gulshan Chemfill Ltd. as envisaged in original scheme, a modified scheme of arrangement/demerger was proposed for appropriate allocation of interest bearing funds. The modifications were approved and agreed to by the creditors and that the requisite resolution to accept the modifie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich in para 11 he raised objections, namely, that after transfer of two units of the transferor company to the transferee companies the paid-up share capital of the applicant transferor-company shall reduced, and, therefore, applicant (transferor-company) is required to move an application before this Hon ble Court under rule 85 of the Companies (Court) Rules, as per provisions of section 100/101 of the Companies Act, but the transferor company as per information furnished has relied upon clause (9)( e ) of the modified scheme of demerger and submitted that separate application in accordance with rule 85 of the Rules read with section 100/101 of the Act, is not required as in the case of Radico Khaitan Ltd. which was identical case where th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esent scheme and the Official Liquidator has no objection to the said demerger and the same may be allowed. He further stated that now the petitioner company has complied with necessary requirement, the scheme of demerger may kindly be approved/sanctioned. The application for reduction of paid-up capital of Gulshan Sugar Chemicals Ltd. is thus allowed. No objection has been received from any other person. 5. The applicant transferor-company has also moved an application today, reporting compliance of section 97 of the Act, in regard to increase of authorised capital of Gulshan Polyols Ltd. (transferee-company A ) and Gulshan Chemfill Ltd. (transferee-company B ) may be taken on record in due compliance of the objections raised by th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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