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TMI Blog2015 (12) TMI 307X X X X Extracts X X X X X X X X Extracts X X X X ..... e, with or without modification, the proposed Scheme of Arrangement is dispensed with. The transferee company has 02 equity shareholders and 01 unsecured creditor. Both the equity shareholders and the sole unsecured creditor have given their consents/no objections in writing to the proposed Scheme of Arrangement. Their consents/no objections have been placed on record. The meeting of the secured creditors of the transferor company shall be held on 26th December, 2015 at 11:00 a.m. at A-11, Meerut Road Industrial Area, Ghaziabad, Uttar Pradesh. Mr.Ankur Arora, Advocate, (Mobile No. 9811929774) is appointed as the Chairperson and Mr. Hari Om Gautam, Advocate, (Mobile No. 9810057143) is appointed as the Alternate Chairperson to conduct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the date appointed for the meetings. - Company Application (Main) No. 157/2015 - - - Dated:- 6-11-2015 - Sudershan Kumar Misra, J. For the Applicants : Mr. Ashutosh Gupta, Advocate ORDER Sudershan Kumar Misra, J. 1. This joint application has been filed under Sections 391, 392 394 of the Companies Act, 1956 read with Rules 6 9 of the Companies (Court) Rules, 1959 by the applicant companies seeking directions of this court to dispense with the requirement of convening the meetings of the equity shareholders of the transferor company and equity shareholders, secured and unsecured creditors of the transferee company and for convening of separate meetings of the secured and unsecured creditors of the transferor company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... record. The audited balance sheets, as on 30th June, 2014 and 31st March, 2014, along with the reports of the auditors, of the transferor company and the transferee company respectively have also been filed. 8. A copy of the Scheme of Arrangement has been placed on record and the salient features of the Scheme have been incorporated and detailed in the application and the accompanying affidavit. It is claimed by the applicants that the proposed amalgamation will result in reduction of various administrative overheads and increase the operating efficiencies of the companies. It is further claimed that the proposed amalgamation will lead to optimum and efficient utilization of capital, resources, assets and facilities; consolidation of bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... convening the meeting of the equity shareholders of the transferor company to consider and, if thought fit, approve, with or without modification, the proposed Scheme of Arrangement is dispensed with. 13. The transferee company has 02 equity shareholders and 01 unsecured creditor. Both the equity shareholders and the sole unsecured creditor have given their consents/no objections in writing to the proposed Scheme of Arrangement. Their consents/no objections have been placed on record. They have been examined and found in order. In view thereof, the requirement of convening the meetings of the equity shareholders and unsecured creditor of the transferee company to consider and, if thought fit, approve, with or without modification, the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onduct the said meeting. The Quorum of the meeting of the unsecured creditors of the transferor company shall be 20 in number and more than 25% in value of the total unsecured debt. 16. In case the quorum as noted above for the above meetings is not present at the meetings, then the meetings shall be adjourned by half an hour, and thereafter the persons present and voting shall be deemed to constitute the quorum. For the purpose of computing the quorum the valid proxies shall also be considered, if the proxy in the prescribed form duly signed by the person entitled to attend and vote at the meetings is filed with the registered offices of the applicant companies at least 48 hours before the meeting. The Chairpersons and Alternate Chairpe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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