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2021 (7) TMI 34 - Tri - Companies LawScheme of Arrangement - seeking for dispensation of the meeting of the Equity Shareholders & Unsecured Creditors of Applicant Companies - Sections 230 & 232 of the Companies Act, 2013, R/w Companies (Compromises, Arrangements and Amalgamations) Rules, 2013 - HELD THAT:- The parties have consented for the Scheme and also for dispensation of their meetings for consideration of the Scheme by the Tribunal. The Statutory Auditors/Chartered Accountants of the Demerged and Resulting Companies have issued Certificates by inter alia certifying the details with regard to Equity Shareholder, Unsecured Creditors/Secured Creditors, and compliance of accounting treatment as prescribed U/s. 133 of the Companies Act, 2013 with reference to the Scheme in question. The Companies have disclosed material information with regard to the Scheme in question. In the normal circumstances, it is the prerogative of concerned Companies to take decisions dictated by commercial expediency and evolve Scheme in their mutual business interest, and the Tribunal is only empowered to examine the Scheme broadly, so as to ensure that the Scheme is prepared in accordance with the provisions law and the interest of all the stakeholders of Companies involved, are taken care of by affording due notice of Scheme, etc. - the case is made out by the Applicants for grant of relief as sought for, by dispensing with meetings of the Equity Shareholders and Unsecured Creditors of all the Applicant Companies. Convening and holding of the meetings of the Equity Shareholders of Demerged and Resulting Companies are hereby dispensed with - Convening and holding of the meetings of the Unsecured Creditors of the Applicant Companies are hereby dispensed with - Application allowed.
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