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2018 (11) TMI 197 - HC - Companies LawScheme of compromise compromise and arrangement between the respondent Company and its members and creditors - meeting with the stakeholders - quorum of meeting - what would be the best interest of the respondent Company and its creditors and allottees - Held that:- For the purpose of computing the quorum, the valid proxies received from the total applicants herein shall also be considered, if the proxy in the prescribed form duly signed by the person entitled to attend and vote at the respective meetings is filed. The Chairpersons and Alternate Chairpersons shall ensure that the proxy registers are properly maintained. The Chairpersons and Alternate Chairpersons shall ensure that notices for convening the aforesaid meetings, along with copies of the proposed Scheme and the statement under Section 393 of the Act along with the proxy form, shall be sent to all the applicants herein by speed post at their registered or last known addresses at least 21 (twenty one) days before the date appointed for the respective meetings, in their presence or in the presence of their authorized representatives. Notice of the meetings shall also be published in Delhi and Haryana editions of the newspaper, namely, ‘Business Standard‟, (both in English and Hindi) in terms of the Companies (Court) Rules, 1959, at least 21 (twenty one) days before the date appointed for the respective meetings. The Chairpersons and Alternate Chairpersons will be at liberty to issue suitable directions to the applicant in order to ensure that the aforesaid respective meetings are conducted in a just, free and fair manner. The fee of the Chairpersons and the Alternate Chairpersons for all the meetings shall be ₹ 1,00,000/- each, in addition to meeting their incidental expenses, to be borne by the applicants in advance. The Chairpersons shall file their reports within 2 (two) weeks from the date of holding of the aforesaid respective meetings.
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