2016 (4) TMI 1259

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..... ent application is filed by Vadinar Ports & Terminals Limited, the Applicant Demerged Company1 and Amalgamating/Transferor Company2. In the Judges' Summons taken out, dated 19th April 2016, it has prayed (i) for seeking dispensation of the meeting of the Equity Shareholders of the Applicant Company; and (ii) for seeking directions for convening separate meetings of Secured Creditors and Unsecured Creditors of the Applicant Company, for the purpose of considering and approving the proposed Scheme of Arrangement. 3. Heard Mr.Saurabh Soparkar, learned Senior Advocate appearing with Mrs.Swati Soparkar, learned advocate for the Applicant Company. 4. It has been submitted that all the Equity Shareholders have given their approval to the Scheme .....

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..... Bulk Terminal Limited; and (iii) Essar Bulk Terminal (Salaya) Limited respectively to Essar Ports Limited, and Amalgamation of the residue Undertaking of the Applicant Company with Vadinar Oil Terminal Limited (VOTL), the Transferee Company; as proposed between the company and its Creditors. 7. 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 Form of Proxy shall be sent by a Courier/ Registered post/ Speed post, addressed to each of the Secured Cred .....

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..... 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. 11. That the quorum for the said meetings shall be 5 (Five) for the meeting of the Unsecured Creditors and 1(One) for the meeting of the Secured Creditors of persons present in person or through authorized representative or through proxy. 12. That voting b .....

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