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2015 (12) TMI 1722 - PUNJAB AND HARYANA HIGH COURTScheme of demerger - directions to convene meeting of the Equity Shareholders of Resulting Company/ Petitioner Company II and secured and unsecured creditors of the Resulting Company and Equity Shareholders, secured and unsecured creditors of Demerged Company/ Petitioner Company I - Held that:- The Scheme is for the benefit of all the members of the companies. The creditors of the companies are in no way affected or prejudiced by the approval of the scheme. In this view of the aforesaid factual matrix, when all the Equity Shareholders and unsecured creditors of the Quatrro Business Support Services Private Limited (Demerged Company/ Petitioner Company I) and secured and unsecured creditors of the Quatrro Global Services Private Limited (Resulting Company/ Petitioner Company II) have given their consent to the Scheme of Arrangement, I do not find any reason to decline the prayer to dispense with their meeting. Accordingly, their meeting is dispensed with. There is no secured creditor of petitioner company I. As far as the prayer of counsel for the petitioner regarding convening the meeting of Equity Shareholders of the petitioner company II, is concerned, the prayer is justified. Accordingly, it is directed that a meeting of Equity Shareholders of the petitioner company II be convened accordingly. The scheme put up in the meeting of the Equity Shareholders shall be approved/ decided by the majority in number and by minimum 75% in value of the Equity Shareholders present and voting either in person or proxy.
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