9911796707
TMI Blog2016 (5) TMI 1460X X X X Extracts X X X X X X X X Extracts X X X X ..... to as the demerged company) and MGF Developments Limited (hereinafter referred to as the resulting company). 2. The registered offices of the demerged and resulting companies are situated at New Delhi, within the jurisdiction of this Court. 3. The demerged company was originally incorporated under the Companies Act, 1956 on 18th February, 2005 with the Registrar of Companies, NCT of Delhi & Haryana at New Delhi under the name and style of Emaar MGF Land Private Limited. The company changed its name to Emaar MGF Land Limited and obtained the fresh certificate of incorporation on 13th August, 2007. 4. The resulting company was incorporated under the Companies Act, 1956 on 16th September, 1996 with the Registrar of Companies, NCT of Delhi & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 07,885/- divided into 2,98,82,535 fully paid up equity shares of Rs. 10/- each aggregating Rs. 29,88,25,350/- and 2,98,82,535 partly paid equity shares of Rs. 10/- each, paid up value of Rs. 1/- per share aggregating Rs. 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. 8. A copy of the Scheme of Arrangement has been placed on record and the salient features of the Scheme have been incorporated and detailed in the application and the accompanying affidavits. It has been submitted by the applicants tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions passed at the meetings of the Board of Directors of the demerged and resulting companies have been placed on record. 12. The demerged company has 16 equity shareholders 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 equity shareholders of the demerged company shall be held on 12th July, 2016 at 01:30 p.m. at Ghalib Institute, Mata Sundari Lane, Aiwan-E-Ghalib Marg, Near Bal Bhavan, ITO, New Delhi - 110002. Mr. K. K. Nangia, Advocate, (Mobile No. 9910390945) is appointed as the Chairperson and Mr. Shekhar Kumar, Advocate, (Mobile No. 9871008884) is appointed as the Alternate Chairperson to con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is appointed as the Chairperson and Mr.Akshay Chandra, Advocate, (Mobile No. 9910401230) is appointed as the Alternate Chairperson to conduct the said meeting. The Quorum of the meeting of the equity shareholders of the resulting company shall be 03 in number and more than 25% in value of the total share capital. 15. The resulting company has 01 secured creditor and a direction is sought to convene and hold its meeting to seek its approval to the proposed Scheme of Arrangement. Considering the facts and circumstances aforesaid, the meeting of the secured creditor of the resulting company shall be held on 12th July, 2016 at 10:30 a.m. at Ghalib Institute, Mata Sundari Lane, Aiwan-E-Ghalib Marg, Near Bal Bhavan, ITO, New Delhi - 11000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... businesses. He, therefore, seeks exemption for the aforesaid categories of creditors/liabilities for convening their meetings. In support of his submission, learned counsel placed reliance on judgments of this court in the matter of International Institute of Planning and Management Private Limited (CA(M) 87/2010); and Share India Securities Limited (CA(M) 155/2009) wherein under similar circumstances, dispensation of the meetings has been granted. Considering the case laws on the subject and the submissions made at the bar, the requirement of obtaining the consents/no objections of the customers, joint development partners, tenants, vendors/brokers etc., as prayed for by the applicants, is dispensed with. 19. In case the quorum as noted ..... X X X X Extracts X X X X X X X X Extracts X X X X
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