9911796707
TMI Blog2016 (5) TMI 1395X X X X Extracts X X X X X X X X Extracts X X X X ..... t of Preference Shareholders. (c) The meeting of the Secured Creditors is dispensed with in view of the fact that there 4 (Four) Secured Creditors and no compromise is sought to be offered to the Secured Creditors and the Secured Creditors of the Applicant Company will be paid in the ordinary course of business. However, the Applicant Transferee Company shall send individual notices to the Secured Creditors and on receipt of the views/opinion of the Secured Creditors, this Court shall be informed of the same. (d) The meeting of the Unsecured Creditors of the Applicant Transferee Company is dispensed with, in view of the fact that the rights and interest of the Unsecured Creditors is not affected by the proposed Scheme of Arrangement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at Annexure K (Colly.) . A Certificate by the Chartered Accountant is annexed at Annexure J certifying the list of Equity Shareholders. 4. It is submitted by Ms.Dharmishta Raval, learned advocate for the applicant, that the convening and holding the meeting of the Preference Shareholders of the Applicant Transferee Company for the purpose of considering and, if thought fit, approving, with or without modification(s), the proposed Scheme of Arrangement, be dispensed with in view of the fact that 87.96% of the Preference Shareholders have given their consent. The consent letters are annexed at Annexure L (Colly.) . A Certificate by the Chartered Accountant is annexed at Annexure J certifying the list of Preference Shareholders. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the proposed Scheme of Arrangement as the assets of the Transferee Company, post Scheme, will be far more than its liabilities and as such, sufficient to discharge the liabilities. A Certificate by the Chartered Accountant is annexed at Annexure N certifying that the Applicant Transferee Company will have substantial networth post Arrangement to discharge all its liabilities of the Unsecured Creditors. 7. This Court has heard learned counsel for the applicant and considered the documents produced along with the Judges Summons with the affidavit. The following order is passed: (a) The meeting of the Equity Shareholders of the Applicant Transferee Company is dispensed with in view of the consent letters of 99.95% of the Equity ..... X X X X Extracts X X X X X X X X Extracts X X X X
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