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2016 (7) TMI 278 - HC - Companies LawDemerger and Transfer of Demerged Undertaking - seeking dispensation and directions for convening meeting - Held that:- As ordered a meeting of the Unsecured Creditors of the Applicant Company shall be convened and held at the registered office of the Applicant Company for the purpose of considering and if thought fit, approving with or without modifications, the Composite Scheme of Arrangement in the nature of demerger and transfer of Trading Undertaking of Priyal International Private Limited to Shroff Wholesome Living Farms Private Limited as well as the Restructure of Capital of in form of Utilization of Security Premium Account of Priyal International Private Limited, the Applicant Demerged Company, as proposed between the company and its creditors. At least 21 clear days before the meeting to be held as aforesaid, Notice convening the said meeting, indicating the day, the date, the place and the time as aforesaid, together with a copy of the Scheme of Arrangement, copy of the Explanatory Statement required to be sent under Section 393 of the Companies Act, 1956 and the prescribed Form of Proxy shall be sent to each of the Unsecured Creditors of the Applicant Company, at their last known address. Also the rules for appointment of chairman, quorum of meeting, voting by proxy and other relevant provision of Companies act should be strictly adhered to.
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