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2016 (10) TMI 1108 - HC - Companies LawScheme of Arrangement involving transfer of “Windmill Division” by way of reconstruction in nature of 'Slump Sale' - Held that:- All the Equity Shareholders of the applicant Company as on date, being the holding Company and its nominee, have approved the scheme in form of written consent letters. All these consent letters are annexed with the application as Exhibit' D'. There are no Secured Creditors of the applicant Company. The certificates confirming the status of the Equity Shareholders as well as the receipt of consent letters from all of them and status of Secured Creditors of the Company are annexed collectively as Exhibit' E'. In view of the same, the dispensation is sought from convening the meetings of the Equity Shareholders of the applicant Company and considering the facts and circumstances and the submissions, the same is hereby granted. The amalgamating Transferor Company is a profit making Company with substantially high positive net worth. The Transferee Company shall continue its operations and shall fulfill all its liabilities towards Unsecured Creditors in normal course of business. In view of the same, the approval of the Unsecured Creditors of the Transferee Company is not necessary and hence not obtained. The application is hereby disposed of.
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