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2016 (8) TMI 1268 - HC - Companies LawScheme of amalgamation - seeking directions of this court to dispense with the requirement of convening the meeting of its secured creditors and for convening separate meetings of its equity shareholders and unsecured creditors - right to vote by electronic means - Held that:- We are not inclined to allow the prayer of the applicants to provide to its equity shareholders with the facility to exercise their right to vote by electronic means. However, since there is no bar of sending the notices by ordinary post in a court convened meeting, therefore, the second prayer of the applicants regarding sending of notices to its members and creditors by ordinary post is accepted. In case the quorum as noted above for the meetings is not present, then the meetings shall be adjourned by half an hour, and thereafter the persons present and voting shall be deemed to constitute the quorum. For the purpose of computing the quorum, the valid proxies shall also be considered, if the proxy in the prescribed form duly signed by the person entitled to attend and vote at the meetings is filed with the registered office of the applicant company at least 48 hours before the meetings. The Chairpersons and Alternate Chairpersons shall ensure that the proxy registers are properly maintained. The Chairpersons and Alternate Chairpersons shall ensure that notices for convening the aforesaid meetings of the equity shareholders and unsecured creditors of the applicant/transferor company no. 1, along with copies of the Scheme of Arrangement and Amalgamation and the statement under Section 393 of the Companies Act, 1956, are sent to the equity shareholders and unsecured creditors of the applicant/transferor company no. 1 by ordinary post at their registered or last known addresses at least 21 days before the date appointed for the meeting, in their presence or in the presence of their authorized representatives. Notice of the meeting shall also be published in the Delhi editions of the newspapers “Financial Express” (English) and “Navbharat Times” (Hindi) in terms of the Companies (Court) Rules, 1959 at least 21 days before the date appointed for the meetings.
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