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TMI Blog2016 (5) TMI 1460X X X X Extracts X X X X X X X X Extracts X X X X ..... the demerged and resulting companies, along with copies of the Scheme of Arrangement and the statement under Section 393 of the Companies Act, 1956, shall be sent to the equity shareholders, secured and unsecured creditors of the demerged and resulting companies by ordinary post at their registered or last known addresses at least 21 days before the date appointed for the meetings, in their presence or in the presence of their authorized representatives. Notice of the meetings shall also be published in the Delhi editions of the newspapers Business Standard (English) and (Hindi) editions in terms of the Companies (Court) Rules, 1959 at least 21 days before the date appointed for the meetings. The Chairpersons and Alternate Chairpersons will be at liberty to issue suitable directions to the management of the demerged and resulting companies so that the aforesaid meetings of the equity shareholders, secured and unsecured creditors of the demerged and resulting companies are conducted in a just, free and fair manner. The fee of the Chairpersons and the Alternate Chairpersons for the aforesaid meetings shall be ₹ 50,000/- each in addition to meeting their incidental expenses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 4,32,501/- each aggregating ₹ 2,48,68,80,750/-; (iii) 3,750 redeemable secured non-convertible debentures of ₹ 10,00,000/- each aggregating ₹ 3,75,00,00,000/-; and (iv) 2,250 redeemable secured non-convertible debentures of ₹ 7,90,821/- each aggregating ₹ 1,77,93,47,250/-. 6. The present authorized share capital of the resulting company is ₹ 60,00,00,000/- divided into 6,00,00,000 equity shares of ₹ 10/- each. The issued and subscribed share capital of the company is ₹ 59,76,50,700/- divided into 5,97,65,070 equity shares of ₹ 10/- each. The paid up share capital of the company ₹ 32,87,07,885/- divided into 2,98,82,535 fully paid up equity shares of ₹ 10/- each aggregating ₹ 29,88,25,350/- and 2,98,82,535 partly paid equity shares of ₹ 10/- each, paid up value of ₹ 1/- per share aggregating ₹ 2,98,82,535/-. 7. Copies of the Memorandum and Articles of Association of the demerged and resulting companies have been filed on record. The audited balance sheets, as on 31st March, 2015, of the demerged and resulting companies, along with the report of the auditors, have also been filed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Mr. Shekhar Kumar, Advocate, (Mobile No. 9871008884) is appointed as the Alternate Chairperson to conduct the said meeting. The Quorum of the meeting of the equity shareholders of the demerged company shall be 05 in number and more than 25% in value of the total share capital. 13. The demerged company has 21 secured creditors (including secured debenture holders) and a direction is sought to convene and hold their meeting to seek their approval to the proposed Scheme of Arrangement. Considering the facts and circumstances aforesaid, the meeting of the secured creditors of the demerged company shall be held on 12th July, 2016 at 11:30 a.m. at Ghalib Institute, Mata Sundari Lane, Aiwan-E-Ghalib Marg, Near Bal Bhavan, ITO, New Delhi 110002. Mr.Ankur Arora, Advocate, (Mobile No. 9811929774) is appointed as the Chairperson and Ms. Tina Mago, Advocate, (Mobile No. 9999443522) is appointed as the Alternate Chairperson to conduct the said meeting. The Quorum of the meeting of the secured creditors of the demerged company shall be 05 in number and more than 25% in value of the total secured debt. 14. The resulting company has 07 equity shareholders and a direction is sought to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o seek their approval to the proposed Scheme of Arrangement. Considering the facts and circumstances aforesaid, the meeting of the unsecured creditors of the resulting company shall be held on 12th July, 2016 at 03:00 p.m. at Ghalib Institute, Mata Sundari Lane, Aiwan-E-Ghalib Marg, Near Bal Bhavan, ITO, New Delhi 110002. Mr. Subhiksh Vasudev, Advocate, (Mobile No. 9810710871) is appointed as the Chairperson and Mr.Jitender Bharwaj, Advocate, (Mobile No. 9811672065) is appointed as the Alternate Chairperson to conduct the said meeting. The Quorum of the meeting of the unsecured creditors of the resulting company shall be 25 in number and more than 25% in value of the total unsecured debt. 18. In addition to the aforesaid unsecured creditors, the demerged company and the resulting company have other specified liabilities viz. advance received from customers against confirmed bookings in various real estate projects; advance received from joint development partners; maintenance deposits received from customers; security deposits received from tenants for leasing out of properties; security deposits received from vendor/brokers/employees as performance sureties; provisions for le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the person entitled to attend and vote at the meetings is filed with the registered offices of the demerged and resulting companies at least 48 hours before the meetings. The Chairpersons and Alternate Chairpersons shall ensure that the proxy registers are properly maintained. 20. The Chairpersons and Alternate Chairpersons shall ensure that notices for convening the aforesaid meetings of the equity shareholders, secured and unsecured creditors of the demerged and resulting companies, along with copies of the Scheme of Arrangement and the statement under Section 393 of the Companies Act, 1956, shall be sent to the equity shareholders, secured and unsecured creditors of the demerged and resulting companies by ordinary post at their registered or last known addresses at least 21 days before the date appointed for the meetings, in their presence or in the presence of their authorized representatives. Notice of the meetings shall also be published in the Delhi editions of the newspapers Business Standard (English) and (Hindi) editions in terms of the Companies (Court) Rules, 1959 at least 21 days before the date appointed for the meetings. 21. The Chairpersons and Alternate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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