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TMI Blog2016 (3) TMI 1249X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 would act as special purpose vehicles which would absorb the industrial business and the investment division respectively. This, in nutshell, are the broad contours of the proposed scheme. A prayer has been made to dispense with the requirement of convening meetings of the shareholders of the applicants and unsecured creditors of the transferee/demerged company. The letters of consent submitted by the shareholders have been seen and examined. They are found in order. Similarly, letters of consent of the unsecured creditors of the transferee/demerged company have been seen and found in order. Accordingly, the prayer made for dispensing with the requirement of convening meetings of the aforementioned class of persons is allowed - CO. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ision, which is situate on an industrial plot located in the Okhla Industrial Area, on which, it proposes to set up a packaging industry. 1.4 The scheme envisages the amalgamation of applicant no.1/ transferor company with applicant no.2/ transferee company. It also envisages, thereafter, the demerger of the industrial division, which would, merge with resulting company no.1; while the investment business would get demerged,and thereafter, would stand merged with resulting company no.2. The high end business centre would, however, remain with applicant no.2/ transferee company. In other words, the resulting company no.1 and resulting company no.2 would act as special purpose vehicles which would absorb the industrial business and the inv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ALL NIL N.A. Resulting Company No. 2 2 ALL NIL N.A. 7. Further, it is noted that the applicants do not have any secured creditors, there is, therefore, as is obvious, no requirement of convening the meetings with respect to that class of creditors. 7.1 A prayer has been made to dispense with the requirement of convening meetings of the shareholders of the applicants and unsecured creditors of the transferee/demerged company. The letters of consent submitted by the shareholders have been seen and examined. They are found in order. Similarly, letters of consent of the unsecured creditors of the transfe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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