9911796707
TMI Blog2002 (10) TMI 727X X X X Extracts X X X X X X X X Extracts X X X X ..... ( b )That the Company shall purchase its Equity Shares, on a date fixed by the Board following the Record Date, not more than 1,13,47,534 Equity Shares [representing 40% (forty per cent) of its paid up Equity Capital] from the shareholders whose names appear to the Register of Members as on the Record Date, excluding the Equity Shares of those shareholders from whom the Company receives a written intimation within 30 days from the Record Date of their intention to continue holding the Equity Shares and that in case the Equity Shares required to be purchased by the Company as above exceed 1,13,47,534 [representing 40% (forty per cent) of the Equity Capital], the purchase by the Company shall be on a pro-rata basis. ( c )That the purcha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in clause 4.3 of the Scheme of arrangement cancel the issued, subscribed and paid-up equity share capital of the Company to the extent of Equity Shares purchased by the Company in pursuance of clause 4 of the Scheme of arrangement. The share certificates relating to the Equity Shares purchased by the Company shall be rendered invalid and that on such cancellation as provided in clause 5.1 of the Scheme of arrangement, the issued, subscribed and paid-up equity shares capital shall stand reduced to the extent of face value of the Equity Shares cancelled and that the reduction of the Share Capital, shall be effected as an integral part of the scheme itself and the order of the Court sanctioning the scheme shall be deemed to be an order unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and in accordance with clause 5.1 of the scheme of arrangement and the consequent reduction in share capital of the petitioner-company. ( m )That the petitioner-company do file within 30 days from the date of sealing of the certified copy of the order made herein or within such other time as may be permitted by the Hon ble Court, with the Registrar of Companies, Gwalior, Madhya Pradesh, for registration under sections 391 and 103 of the Companies Act, 1956. ( n )That the petitioner-company shall within 30 days after the date of approval of the minute in terms of prayer ( i ) above or within such other time as may be permitted by the Hon ble Court cause a certified copy of the minute to be delivered to the Registrar of Companies, Gwalior ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e transferee company would be entitled to do the needful in law for filing the order sanctioning the scheme of arrangement with the competent authority as required under the provisions of Companies Act and the competent authority shall proceed to comply with the formalities in letter and spirit. It is further directed the files relating to both the companies shall be consolidated and liberty is granted to any person interested to apply before this Court, if circumstances so warrant, for any direction." 3. In the present petition the petitioner has referred to the approval of the scheme of arrangement by the Board of Directors, the holding of meetings of the equity shareholders and unsecured creditors report of the competent authority of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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