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TMI Blog2016 (3) TMI 1259X X X X Extracts X X X X X X X X Extracts X X X X ..... ent application has been filed by the above named applicant Demerged Company, by Summons dated 21st March, 2016. 2. Smt. Swati Soparkar, learned advocate appears for the applicant Company. Submissions are made for (i) seeking directions for convening separate meetings of the Equity Shareholders, Secured Creditors and Unsecured Creditors of the applicant Company; and (ii) seeking dispensation of the procedure as envisaged under Sections 100 to 103 of the Companies Act, 1956. 3. It has been submitted vide Paragraph12 of the affidavit in support of the Judges' Summons that the proposed Restructure of the Capital in the form of the utilization of the Securities Premium Account of the Demerged Company, amounting to reduction of the capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with or without modifications, the Composite Scheme of Arrangement in the nature of Demerger and transfer of Ceramic division of City Tiles Limited to Airona Tiles Limited and consequential restructure of the share capital in form of Utilization of Security Premium Account of City Tiles Limited, the applicant Demerged Company, as proposed between the Company and its shareholders and creditors. 6. That at least 21 clear days before the meetings to be held as aforesaid, Notice convening the said meetings, indicating the day, the date, the place and the time as aforesaid, together with a copy of the Scheme of Arrangement, copy of the Explanatory Statement required to be sent under Section 393 of the Companies Act, 1956 and the prescribed For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dvertisements and send out notices of the said meetings referred to above. It is further directed, that the Chairman of the meetings shall have all powers under the Articles of Association of the applicant Company and under the Companies (Court) Rules, 1959 in relation to conduct of meetings, including an adjournment of the meetings, and/or an amendment to the Scheme or resolution, if any, proposed at the meetings by any person(s) and to ascertain the decision of the meetings on a poll. 10. That the quorum for the said meetings shall be 10(Ten) for the meeting of the Equity Shareholders, 3 (Three) for the meeting of the Secured Creditors, and 10(Ten) for the meeting of Unsecured Creditors present in person or through authorized representat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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