9911796707
TMI Blog2007 (11) TMI 403X X X X Extracts X X X X X X X X Extracts X X X X ..... petitioner confirmation/sanction by this Court has been sought to the scheme of arrangement between afore- said transferor and transferee-companies. Scheme of arrangement is Annexure-1 to this petition. The main feature of the scheme of arrangement is to demerge/disinvest the Jindal Invest Division of the transferor-company into the transferee-company. Earlier Company Application No. 06 of 2007 w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said report, sufficient number of creditors were present and they voted in favour of the scheme of arrangement and the percentage of favourable votes of the creditors present was 99.81 per cent. According to the said report, not a single vote was cast against the scheme of arrangement. 3. The date of hearing of this company was advertised in the newspapers Statesman (English) published from De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egional Director is that Para 23 of the scheme is contrary to the valuation report as it provides under the said para for allotment of shares of the transferee-company to the transferor-company, whereas the valuation report states that allotment of shares of transferee-company will be to the shareholders of the transferor-company. Shares of a company are held by shareholders and not the company. M ..... X X X X Extracts X X X X X X X X Extracts X X X X
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