9911796707
TMI Blog2015 (7) TMI 1250X X X X Extracts X X X X X X X X Extracts X X X X ..... etween Ashima Limited and its Equity Shareholders, Preference Shareholders and Secured Creditors. Mr. Bandish Soparkar, learned advocate appearing with learned advocate Smt. Swati Soparkar for the applicant company has made the submissions for (i) seeking directions for convening the separate meetings of Equity Shareholders, Preference Shareholders and Secured Creditors of the Applicant Company,(ii) praying for dispensation of the meeting of the Unsecured Creditors of the Applicant Company and (iii) for seeking dispensation of the procedure under Sections 100 and 101(2) of the Companies Act as well as prescribed under Rules 48 to 65 of the Companies (Court) Rules, 1959. 2. It has been submitted vide para 15 of the affidavit in support of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payment to any shareholder of any paidup share capital and the order of the Court sanctioning the Scheme shall be deemed to be an order under Section 102 of the Companies Act confirming the reduction. It has been submitted that the approval granted to the present scheme by the Equity Shareholders and Preference Shareholders of the Applicant Company at the respective meetings convened as directed herein, shall be treated as the Special Resolution as required under Section 100 of the Companies Act, 1956. It has been contended that the interests of the creditors of the Applicant Company are not in any way affected by such reduction. In view of this, considering the said submission, the procedure prescribed under Sections 100 and 101(2) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Preference Shareholders and Secured Creditors of the Applicant Company, at their last known address. The lists of shareholders and secured creditors with their names and addresses shall be placed on record by the Applicant Company. A certificate shall be obtained from the Postal Department confirming the total number of dispatches so made. 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 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 obtained free of charge at the Register ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribed form and duly signed by the person entitled to attend and vote at the aforesaid meetings, or by his authorized representative, is filed with the Applicant Company at its registered office at Ahmedabad, not later than 48 hours before the said meeting. 12. That the value of the vote of each Equity Shareholder and Preference Shareholder of the Company shall be as per the entries in the Registers of the Company and that of the creditors as per the entries in the books of accounts of the Applicant Company and where the entries in the records or registers are disputed, the Chairman of the meetings shall determine the value or number for the purposes of the meetings and his decision in that behalf would be final. 13. That the Chairman ..... X X X X Extracts X X X X X X X X Extracts X X X X
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