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2012 (12) TMI 833 - DELHI HIGH COURTScheme of Arrangement for de-merger - Held that:- The proposed Scheme has been approved by the Board of Directors of both the Applicant Companies. In view of the written consents/NOC given, the requirement of convening meetings of Shareholders of the Demerged Company and the Resultant Company are dispensed with. As both the Un-secured Creditors of the Resultant Company have given their written consents/NOC to the proposed Scheme accordingly, the requirement of convening meeting of Un-secured Creditors of the Resultant Company is also dispensed with. No requirement of convening the meetings of the Secured/Un-secured Creditors of the Applicant Demerged Company & secured creditor in the Applicant Resultant Company as they do not have any - application of demerger so allowed.
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