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TMI Blog2013 (1) TMI 173X X X X Extracts X X X X X X X X Extracts X X X X ..... g meeting of Equity Shareholders has been dispensed with - Copy of the certificate confirming the pre and post demerger net worth of HCLSS/Applicant Company-I and HCLT/Applicant Company-II, duly certified by PRYD Associates, Chartered Accountants, have also been enclosed with the Application for convening the meeting of the Unsecured Creditors of the Applicant Company. On becoming the unsecured creditors of Applicant Company-II, the unsecured creditors of Applicant Company –I shall be benefitted with a better liquidity position in comparison to the liquidity position they were previously enjoying as the unsecured creditors of HCLSS/Applicant Company –I - the proposed Scheme will not affect the rights of the unsecured creditors of Applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lication. 4. Copies of the Memorandum and Articles of Association as well as the latest audited Annual Accounts for the year ended 30th June, 2012 of both the Applicant Companies have also been enclosed with the Application. 5. Learned Counsel for the Applicant Companies submitted that no proceedings under sections 235 to 251 of the Companies Act, 1956 are pending against any of the Applicant Companies as on the date of the present Application. 6. The proposed Scheme has been approved by the Board of Directors of both the Applicant Companies. Copies of the Board Resolutions have been filed along with the Application. 7. The status of the Shareholders, Secured and Un-secured Creditors of the Applicant Companies and the consen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons stated therein are as follows: (a) That HCLT/Applicant Company-II is a public listed company who s net worth post demerger is Rs. 6810.06 Cr which in comparison to the pre demerger net worth of Rs. 935.50 Cr. of HCLSS/Applicant Company I is much higher. Copy of the certificate confirming the pre and post demerger net worth of HCLSS/Applicant Company-I and HCLT/Applicant Company-II, duly certified by PRYD Associates, Chartered Accountants, have also been enclosed with the Application. (b) On becoming the unsecured creditors of HCLT/Applicant Company-II, the unsecured creditors of HCLSS/Applicant Company I shall be benefitted with a better liquidity position in comparison to the liquidity position they were previously enjoying as th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Demerged Undertaking being transferred to HCLT/Applicant Company-II, can be comfortably paid from the assets being taken over. In fact after paying off the liabilities, there will be a surplus of Rs. 964.70 Crores left with HCLT after giving effect to the demerger. (b) Also as a result of the demerger the net worth of HCLT/Applicant Company-II will be increased by Rs. 831.81 Crores. The post demerger net worth of HCLT/Applicant Company-II which is approx. Rs. 6810.06 Cr. is much higher vis- -vis the pre demerger net worth of HCLT/Applicant Company-II (Rs. 5978.25 Cr.). Copy of the certificate certifying the pre and post demerger net worth of HCLT/Applicant Company-II, duly certified by PRYD Associates, Chartered Accountants, have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he meeting of Equity Shareholders of the HCLT/ Applicant Company II. They would be paid a fee of Rs.50,000/- each. Mr. Prem, Cell No.9958713230 and Mr. Surender Kumar, Cell No. 9873660764 shall provide secretarial assistance to the Chairperson and the Alternate Chairperson. They shall be paid a fee of Rs. 10,000/- each for this purpose. 15. Mr. Sanjay Sharawat, Advocate, Cell No.9810220522 is appointed as the Chairperson and Mr. Apurv Chandola, Advocate, Cell No.9650982102 is appointed as the Alternate Chairperson for the meeting of Secured Creditors of the HCLT/ Applicant Company II. They would be paid a fee of Rs.50,000/- each. Ms. Vandana Chhibber, Cell No. 9868149282 and Mr Rajender Singh, Cell No. 9968124350 shall provide s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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