Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2015 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (9) TMI 1589 - GUJARAT HIGH COURTScheme of Arrangement in the nature of De-merger - Held that:- There are no Secured Creditors of the Applicant Company. In support of the above submission, the Certificates from the Chartered Accountant are collectively annexed as Annexure “F” confirming the status of the Equity Shareholders and Creditors of the Company as well as confirming the receipt of the consent letters from all the Equity Shareholders as well as the Creditors. It is, accordingly, prayed that the meetings of the Equity Shareholders and Unsecured Creditors is not essential for the consideration and approval of the said scheme, as required to be held under the provisions of Section 391(2) of the Companies Act, 1956. Considering the above submissions, it is hereby held that meeting of the Equity Shareholders and Unsecured Creditors of the Applicant Company for considering and approving the proposed scheme are not necessary and are not required to be held under the provisions of Section 391(2) of the Companies Act, 1956. The same are hereby dispensed with.
|