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2017 (1) TMI 1301 - HC - Companies LawScheme of Arrangement and Demerger - Held that:- The requirement of convening meeting of the Unsecured Creditor of the Transferor Company to consider and, if thought fit, approve with or without modification, the proposed scheme is dispensed with. The Transferor Company does not have any secured creditors. The Transferee Company has seven equity shareholders. All the equity shareholders have given their written consents/NOCs to the proposed scheme. The said written consents/NOCs have been placed on record. The same have been examined and found in order. In view of the foregoing, the requirement of convening meeting of the equity shareholders of the Transferee Company to consider and, if thought fit, approve with or without modification, the proposed scheme is dispensed with. The Transferee Company does not have any secured or unsecured creditors. In view of the circumstance that the requirement of convening meetings of the shareholders and creditors has been dispensed with, the requirement of publishing notices for meetings in newspapers is also dispensed with.
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