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2016 (3) TMI 1259 - HC - Companies LawScheme of Arrangement in the nature of Demerger - Held that:- Chairman appointed for the aforesaid meetings shall issue advertisements and send out notices of the said meetings referred to above. It is further directed, that the Chairman of the meetings shall have all powers under the Articles of Association of the applicant Company and under the Companies (Court) Rules, 1959 in relation to conduct of meetings, including an adjournment of the meetings, and/or an amendment to the Scheme or resolution, if any, proposed at the meetings by any person(s) and to ascertain the decision of the meetings on a poll. That the quorum for the said meetings shall be 10(Ten) for the meeting of the Equity Shareholders, 3 (Three) for the meeting of the Secured Creditors, and 10(Ten) for the meeting of Unsecured Creditors present in person or through authorized representative or through proxy. That voting by proxy is permitted provided that the proxy in the prescribed form and duly signed by the person entitled to attend and vote at the aforesaid meetings, or by his authorised representative, is filed with the applicant Company at its registered office at Dalpur, not later than 48 hours before the said meeting. That the value of the vote of each Equity Shareholder of the Company shall be as per the entries in the Registers of the Company and that of the creditors as per the entries in the books of accounts of the applicant Company and where the entries in the records or registers are disputed, the Chairman of the meetings shall determine the value or number for the purposes of the meetings and his decision in that behalf would be final. That the Chairman shall report to this Court, the result of the said meetings within 14 (fourteen) days of the conclusion of the meetings and the said Report shall be verified by his affidavit.
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