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TMI Blog2010 (10) TMI 918X X X X Extracts X X X X X X X X Extracts X X X X ..... ional Director do not survive and the scheme of arrangement would be in the interest of the companies and their members and creditors. Prayers in terms of paragraph 20(a) in the case of Company Petition No. 87 of 2010 and paragraphs 16(a) and (b) in the case of Company Petition No. 88 of 2010 are hereby granted. - COMPANY PETITON NOS. 87 AND 88 OF 2010 - - - Dated:- 7-10-2010 - K.A. PUJ, J. Mrs. Swati Soparkar for the Petitioner. M. Iqbal Shaikh for the Respondent. JUDGMENT These are the petitions filed by the petitioner-companies for sanction of a composite scheme of arrangement in nature of demerger and transfer of treasury segment of Paras Pharmaceuticals Ltd., the demerged company to Sterling Addlife India Ltd., the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or without modification(s), the proposed composite scheme of arrangement in the nature of demerger and transfer of the treasury segment of Paras Pharmaceuticals Ltd., to Sterling Addlife India Ltd. Pursuant to the directions issued vide the aforesaid order, the meeting of the equity shareholders was duly convened on June 5, 2010. The scheme was unanimously approved by all the equity shareholders present and voting at the said meeting. The chairman's report confirming the same was filed along with the chairman's affidavit dated June 8, 2010. 4. The petitions for both the companies were admitted vide order dated June 29, 2010. The public notices for the same were duly advertised in the newspapers The Indian Express English daily and Sandes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earing it has been submitted by Smt. Soparkar, for the petitioner-companies that all the clauses of the scheme are to be read as a composite scheme and the ultimate effect of all such proposals are to be considered. In the light of the said contention, considering the simultaneous effect of the clauses 7.1 and 7.5 of the scheme, and considering the detailed working supplied to the Regional Director, placed on record, it is clear that the number of shares of the resulting company being cancelled (as the same are transferred as a part of the demerged undertaking to the resulting company), and the number of the new shares being issued by the resulting company to the equity shareholders of the demerged company towards the consideration of the s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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