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2016 (5) TMI 1395 - HC - Companies LawScheme of arrangement - dispensing with the meeting of the Equity Shareholders, Preference Shareholders, Secured and Unsecured Creditors of the Applicant Transferee Company - Held that:- (a) The meeting of the Equity Shareholders of the Applicant Transferee Company is dispensed with in view of the consent letters of 99.95% of the Equity Shareholders and the Chartered Accountant’s certificate certifying the list of Equity Shareholders. (b) The meeting of the Preference Shareholders of the Applicant Transferee Company is dispensed with in view of the consent letters of 87.96% of the Preference Shareholders and the Chartered Accountant’s certificate certifying the list of Preference Shareholders. (c) The meeting of the Secured Creditors is dispensed with in view of the fact that there 4 (Four) Secured Creditors and no compromise is sought to be offered to the Secured Creditors and the Secured Creditors of the Applicant Company will be paid in the ordinary course of business. However, the Applicant Transferee Company shall send individual notices to the Secured Creditors and on receipt of the views/opinion of the Secured Creditors, this Court shall be informed of the same. (d) The meeting of the Unsecured Creditors of the Applicant Transferee Company is dispensed with, in view of the fact that the rights and interest of the Unsecured Creditors is not affected by the proposed Scheme of Arrangement and as no compromise or arrangement is offered to the Unsecured Creditors.
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