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TMI Blog2015 (9) TMI 1588X X X X Extracts X X X X X X X X Extracts X X X X ..... he Companies Act, 1956. The same are hereby dispensed with. As submitted that the reduction of the capital is essentially consequential in nature and is proposed as an integral part of the proposed Scheme of Arrangement and that the same does not involve either diminution of liability in respect of unpaid share capital or payment to any shareholder of any paid-up share capital and the order of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with. - Company Application No. 287 of 2015 - - - Dated:- 28-9-2015 - Vipul M. Pancholi, J. For the Applicant : Vaibhavi K. Parikh, Advocate For the Respondent : -- ORDER 1. The present application has been preferred by Zenith Silk Mills Private Limited (the De-merged Company) under Sections 391 and 394 read with Sections 100 to 103 of the Companies Act, 1956 in a proposed S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t letters, which are placed on record as Annexure D . There was an inadvertent error in the consents letters of the Equity Shareholders and therefore, revised consent letters are placed on record as Annexure I vide an additional affidavit dated 23.09.2015. It is submitted that all the Secure Creditors and Unsecured Creditors of the Applicant De-merged Company have also given their approval to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ders, Secured Creditors and Unsecured Creditors of the Applicant Company for considering and approving the proposed scheme are not necessary and are not required to be held under the provisions of Section 391(2) of the Companies Act, 1956. The same are hereby dispensed with. 5. Vide paragraph 13 of the affidavit in support of the Judges Summons, it has been submitted by the Applicant Company t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eduction of capital. Hence, the same be treated as the special resolution as required under Section 100 of the Companies Act, 1956. It has also been contended that the interests of the Creditors of the Applicant Company are not in any way affected by such reduction. 6. Considering the above submissions, the procedure described under Sections 100 and 101(2) of the Companies (Court) Rules, 1959, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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