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2015 (12) TMI 1701 - HC - Companies LawScheme of Arrangement - dispensation of meetings - requirement of convening the meetings of its equity shareholders, secured and unsecured creditors - Held that:- The Board of Directors of the applicant/transferor company and the transferee company in their separate meetings held on 27th August, 2015 and 26th August, 2015 respectively have unanimously approved the proposed Scheme of Arrangement. Copies of the Resolutions passed at the meetings of the Board of Directors of applicant/transferor company and the transferee company have been placed on record. The applicant/transferor company has 02 equity shareholders and 28 unsecured creditors. Both the equity shareholders and 16 out of 28 unsecured creditors, being 57.14% in number and 80% in value, have given their consents/no objections in writing to the proposed Scheme of Arrangement. There consents/no objections have been placed on record. They have been examined and found in order. In view thereof, the requirement of convening the meetings of the equity shareholders and unsecured creditors of the applicant/transferor company, to consider and, if thought fit, approve, with or without modification, the proposed Scheme of Arrangement is dispensed with. There is no secured creditor of the applicant/transferor company, as on 31st August, 2015.
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