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2012 (12) TMI 800 - 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 that the Un-secured Creditors of both the Applicant Companies have given their written consents/NOC to the proposed Scheme. Accordingly, the requirement of convening meeting of their meeting is also dispensed with. There is no requirement of convening the meetings of the Secured Creditors of the Applicant Companies as they do not have any - application of demerger so allowed.
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