2009 (5) TMI 551

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..... equity shareholders, secured creditors and unsecured creditors for considering the Scheme of demerger. This Court vide order dated 15-5-2008 made in Company Application No. 350 of 2008 has directed to hold meetings of the shareholders and creditors on 13-6-2008. It is stated on behalf of the petitioner that the meetings were adjourned from time to time and finally the adjourned meetings were held by the Chairman of the respective meetings on 15-12-2008. As there was some delay in filing the Chairman Report in respect of each meetings, the petitioner filed OJ Civil Application No. 6 of 2009 seeking enlargement of time to file Chairman Report in respect of each of the meetings. This Court vide order dated 16-1-2009 made in Company Petition N .....

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..... o. 349 of 2008. 4. The petitioners thereafter filed Company Petitions seeking sanction of the Scheme of Arrangement. 5. This Court vide order dated 16-1-2009 made the order of admission of both the petitions and directed issuance of notice to the Regional Director. This Court also directed publication of notice in Gujarati Daily 'Loksatta' 'Jansatta' and English Daily 'Indian Express' both Ahmedabad editions. It is stated that as there was some delay in publication of the advertisements, Civil Application Nos. 59 and 60 of 2009 came to be filed seeking orders as to fresh date of final hearing of both the Company Petitions. This Court vide common order dated 19-2-2009 directed fixing of final hearing of both the petitions on 30-3-2009. 6. .....

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..... servation, it is stated that this observation pertains to the details of the assets and liabilities of CFS Division of the demerged company that are going to be transferred to and vested in the resulting Company. Mr. Pahwa states on affidavit that as per clause 1.8 of the Scheme, all the assets of CFS Division of the demerged Company are to be transferred into the resulting Company. Even otherwise, it is stated that the list of the fixed assets of CFS Division of the demerged company is contained in Schedule XII of the balance sheet as at 31-3-2008, a copy of which is annexed at Annexure B to Company Petition No. 5 of 2009. Mr. Pahwa also submits that as per the requirements of Rule 84 of the Companies (Court) Rules, 1959 read with Form No. .....

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