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TMI Blog2017 (1) TMI 829X X X X Extracts X X X X X X X X Extracts X X X X ..... DER 1. These Company Petitions are preferred under Sections 391 to 394 of the Companies Act, 1956 for seeking a sanction of the Scheme of arrangement (Demerger) (in short the Scheme) concerning M/s.Renaissance RTW Asia (P) Limited (in short Demerged company) and M/s.RC Colours Private Limited (in short Resulting company), with effect from 01.01.2016. The Scheme is appended as Annexure 'D' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s appended to C.P.No.273 of 2016. 5.1. In so far as unsecured creditors are concerned, the Demerged company has 87 unsecured creditors, valued at Rs. 2.22 Crores. A Chartered Accountant's certificate confirming the same is appended as an additional document. It is averred that out of the 87 unsecured creditors, 4 unsecured creditors, valued at Rs. 1.90 crores, have given their consent to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is appended as Annexure 'G' to C.P.No.274 of 2016. 6.1. The affidavits of the equity shareholders of the resulting company giving their consent to the scheme is appended as Annexure 'F series' to C.P.No.274 of 2016. 6.2. By order dated 30.06.2016 in C.A.No.535 of 2016, this Court dispensed with the convening, holding and conducting of the meeting of the shareholders of the resul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not contrary to any public policy or public interest. No proceedings appear to be pending under the provisions of Sections 231 to 251 of the Companies Act, 1956. All the statutory provisions appear to have been complied with. 11. Consequently, there shall be an order approving the scheme of arrangement (Demerger) between M/s.Renaissance RTW Asia (P) Limited (Demerged company) and M/s.RC Colours ..... X X X X Extracts X X X X X X X X Extracts X X X X
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