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TMI Blog2015 (9) TMI 1597X X X X Extracts X X X X X X X X Extracts X X X X ..... Scheme is granted and minutes drawn under Section 103(1) as referred in para 23 is hereby approved. The petition is disposed of accordingly. - COMPANY PETITION NO. 287 of 2015 In COMPANY APPLICATION NO. 192 of 2015 - - - Dated:- 24-9-2015 - HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI MRS SWATI SOPARKAR, ADVOCATE FOR THE PETITIONER MR DEVANG VYAS, ADVOCATE FOR THE RESPONDENT ORAL ORDER 1.This is a petition filed by Ashima Limited, for the purpose of obtaining the sanction of this court to a Scheme of arrangement for reconstruction and compromise between Ashima Limited and its Equity Shareholders, Preference Shareholders and Secured Creditors, proposed under section 391 to 394 read with Sections 100 to 103 of the Companie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted that since the year 2001 till date, the company made extensive efforts to resolve the financial problems, like a CDR proposal and later a Scheme of Compromise and Arrangement in the year 2004. However, the restructuring process could not move forward for several reasons. The company put very sincere efforts to get the resolution of the problem and worked very closely with its Secured Creditors since 2006 and submitted a number of alternative debt settlement proposals in order to reach a solution. However, a debt restructuring stretched over a longer period of time was not found to be sustainable and hence a One-Time-Settlement of the debt was the only feasible option. 4. Accordingly, the Company has now proposed a composite sch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... postal ballot and evoting for seeking approval from the Public shareholders. 6. It has been further pointed out that vide order dated 1st July, 2015 passed in Co.Appl.No.192 of 2015, separate meetings of the Equity Shareholders, Preference Shareholders and Secured Creditors of the Petitioner Company were directed to be convened for the purpose of obtaining their approval to the scheme. Whereas vide the said order the meeting of the unsecured creditors of the petitioner company was dispensed with in view of the submission that the proposed scheme does not adversely affect the rights and interests of the unsecured creditors. Similarly, since the proposed composite scheme envisages restructuring of share capital as an integral part of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. 9. Notice of the petition has been served upon the Central Government and Shri Devang Vyas, learned Additional Solicitor General appear for the Central Government an affidavit dated 21st September, 2015 has been filed by Mr.Shambhu Kumar Agarwal, the Regional Director, North- Western Region, Ministry of Corporate Affairs, whereby several observations are made. 10. The attention of this court is drawn to the Additional Affidavit dated 21st September 2015 filed by Mr.Hiren Mahadevia, the Company Secretary and authorized signatory of the petitioner company whereby all the above issues have been dealt with. I have further heard submissions made by the learned counsel appearing for the Central Government and Mrs.Swati Soparkar, learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e compromise with the creditors of the company and restructure of Preference share capital. It does not envisage any issue of new shares or payment to any of its NRI or foreign shareholders. In view of the same no provisions of the above referred Act are attracted for the purpose of sanction or implementation of the said Scheme. Hence no directions are required to be issued to the petitioner. (iv) The next observation made vide para 2(e) pertains to the letter dated 3rd September 2015 from the Regional Director to the Income Tax Department in order to obtain their objections if any. Since no response is received within the statutory period of 15 days as envisaged by the relevant circular of the Ministry of Corporate Affairs, it can be pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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