2015 (11) TMI 1707

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..... osed between the Applicant Company and its Shareholders and Creditors. Smt. Swati Soparkar, advocate for the applicant company has made the submissions for (i) praying for dispensation of the meetings of the Equity Shareholders and Preference Shareholders of the Applicant Company; and (ii) seeking directions for convening separate meetings of the Secured and Unsecured Creditors of the Applicant Company. 2. It has been submitted that the Applicant being a closely held limited company, has a very small number of Equity Shareholders and Preference Shareholders. All the Equity as well as Preference Shareholders of the Company have approved the scheme in form of the written consent letters. All these consent letters are annexed with the Applic .....

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..... 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 pre-paid letter posted under Book Post, addressed to each of the Secured Creditors and Unsecured Creditors of the Applicant Company, at their last known address. 6. That at least 21 clear days before the meeting to be held as aforesaid, Notice convening the said meetings indicating the day, the date, the place and time as aforesaid be published, stating that copies of the Scheme of Arrangement, the Explanatory Statement required to be furnished pursuant to Section 393 of the Companies Act, 1956 and Form of Proxy can be ob .....

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..... erson entitled to attend and vote at the aforesaid meeting, or by his authorised representative, is filed with the Applicant Company at its registered office at Ahmedabad , not later than 48 hours before the said meeting. 11. That the value of the vote of each Secured Creditor and Unsecured Creditor of the Company shall be as per the entries in the books of accounts of the company and where the entries in the records are disputed, the Chairman of the meeting shall determine the value or number for the purposes of the meeting and his decision in that behalf would be final. 12. That the Chairman do report to this Court, the result of the said meetings within 14 days of the conclusion of the meetings and the said Report shall be verified b .....

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