2016 (5) TMI 1400

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..... ors of the Applicant Company have approved the Scheme in the form of the written consent letters - dispensation of meetings granted. Since the reduction results due to cancellation of shares by operation of law, it does not involve either diminution of liability in respect of unpaid share capital or payment to any shareholder of any paidup share capital and the order of the Court sanctioning th .....

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..... 391 to 394 read with Sections 100 to 103 of the Companies Act, 1956. 2. The present application is filed by Saumya Construction Private Limited, the Applicant Transferee/Demerged/Transferor company. In the Judges Summons taken out, dated 5th May 2016, it has prayed for (i) dispensation of the meetings of the Equity Shareholders, Secured Creditors and Unsecured Creditors of the Applicant Compan .....

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..... nces and the submissions advanced, the same is hereby granted. 4. It has been submitted vide paragraph12 of the affidavit in support of the Judges Summons that insofar as the proposed Restructure of the Capital in form of the Reduction of Issued, Subscribed and Paid up Equity Share Capital of the Applicant Company is concerned, the said reduction of the capital is consequential and is proposed .....

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