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TMI Blog2021 (1) TMI 721X X X X Extracts X X X X X X X X Extracts X X X X ..... or the purpose of considering and if, thought fit, approving, with or without modification(s), the Scheme of Arrangement - the meetings of the unsecured creditors of applicant company no. 2 and applicant/transfree company no. 3 shall be held on 10.10.2020 at 4:00 PM and 5:00 PM respectively at registered office of transfree company i.e. at Plot no. 5520, Road No. 55 GIDC, Sachin Surat or through video conferencing for the purpose of considering and if, thought fit, approving, with or without modification(s), the Scheme of Arrangement. Various directions regarding the meetings, issued - application allowed. X X X X Extracts X X X X X X X X Extracts X X X X ..... n-Banking Finance Companies ("NBFC"). 7. The counsel of the applicant also submitted that notice of the Competition Commission of India do not require as applicant companies do not fulfill the prescribed criteria of Competition Act, 2002 and it is also clarified that all the three companies are not a listed companies. 8. The learned Counsel for the Applicant Companies filed details of Shareholders, Secured Creditors and Un-secured Creditors detailed below: i. The applicant/Transferor Company No. 1 have 2 (two) Equity Shareholders holding aggregate 1,49,000 shares for ₹ 10 each share. The Consent Affidavits of both the share holders have been obtained. ii. The applicant/Transferor Company No. 2 have 2 (two) Equity Shareholders holding aggregate 1,49,000 shares for ₹ 10/- share. The Consent Affidavits of both the share holders have been obtained. iii. The applicant/transfree company no. 3 have 5 (five) Equity Shareholders holding aggregate 4,99,000 share for ₹ 10/- each. The Consent Affidavits of all the five share holders have been obtained. iv. The applicant/Transferee Company Nos.3 have one Secured Creditor and the debt amount to the tune of & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00 P.M., 2:00 PM and 3: 00 A.M. respectively at registered office of transfree company i.e. at Plot no. 5520, Road No. 55 GIDC, Sachin Surat or through video conferencing for the purpose of considering and if, thought fit, approving, with or without modification(s), the Scheme of Arrangement. 14. The meetings of the unsecured creditors of applicant company no. 2 and applicant/transfree company no. 3 shall be held on 10.10.2020 at 4:00 PM and 5:00 PM respectively at registered office of transfree company i.e. at Plot no. 5520, Road No. 55 GIDC, Sachin Surat or through video conferencing for the purpose of considering and if, thought fit, approving, with or without modification(s), the Scheme of Arrangement. 15. The meeting of the secured creditor of the applicant/transfree company no. 3 shall be held on 10.10.2020 at 4:00 PM at registered office of transfree company i.e. at Plot no. 5520, Road No. 55 GIDC, Sachin Surat or through video conferencing for the purpose of considering and if, thought fit, approving, with or without modification(s), the Scheme of Arrangement. 16. At least one month before the date of aforesaid meetings, an advertisement about convening of the said meeti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e voting through valid proxy has been dispensed by the Ministry of Corporate affairs vide circular no. 14/2020 dated 08.04.2020, hence, meeting of members of shareholders and any class of creditors shall not be conducted or counted though proxy. 22. The quorum for the aforesaid meetings of the Shareholders and Unsecured Creditors of the Applicant Companies Nos. 2 shall be 1 and quorum of the unsecured creditors of applicant company no. 3 shall be 2, Authorised Representatives shall also be counted for the purpose of quorum. 23. In case the quorum as noted above for the meetings of the Unsecured Creditors and Shareholders of the Applicant Companies Nos. 1 to 3 is not present in the meetings, then the meetings shall be adjourned for half an hour and thereafter the person present shall be deemed to constitute the quorum. 24. The number and value of the Shareholders and Unsecured Creditors shall be in accordance with the records or registers of the Applicant Companies and where the entries in the records or registers are disputed, the Chairperson of the meetings shall determine the number or value, as the case may be for purpose of the meetings. 25. The Transferee company has only ..... X X X X Extracts X X X X X X X X Extracts X X X X
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