Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2016 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (5) TMI 1400 - HC - Companies LawDispensation of meetings of Equity Shareholders, Secured Creditors and Unsecured Creditors of the Applicant Company - dispensation of the procedure as envisaged under Sections100 to 103 of the Companies Act, 1956 - Held that: - all the Equity Shareholders, Secured Creditors as well as the Unsecured Creditors of the Applicant Company have approved the Scheme in the form of the written consent letters - dispensation of meetings granted. Since the reduction results due to cancellation of shares by operation of law, it does not involve either diminution of liability in respect of unpaid share capital or payment to any shareholder of any paidup share capital and the order of the Court sanctioning the Scheme shall be deemed to be an order under Section 102 of the Companies Act confirming the reduction - the procedure prescribed under Section 101(2) of the Companies Act, 1956 and under rule 48 to 65 of the Companies (Court) Rules 1959 is not necessary to be followed and the same is hereby dispensed with. Application allowed.
|