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In Re M/s. Renaissance RTW Asia (P) Limited M/s. RC Colours Private Limited

Scheme of demerger - Held that:- The said Scheme is not prejudicial to the interest of any person or entity, which has a stake/interest in the petitioners. The said scheme as framed is not violative of any statutory provisions. - The proposed scheme, as formulated, is fair, just, sound and is not contrary to any public policy or public interest. No proceedings appear to be pending under the provisions of Sections 231 to 251 of the Companies Act, 1956. All the statutory provisions appear to h .....

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titioners : Mr.Vidhya Shankar for M/s.Ramani & Shankar Mr.K.Raju , CGSC for Regional Director Ministry of Company Affairs ORDER 1. These Company Petitions are preferred under Sections 391 to 394 of the Companies Act, 1956 for seeking a sanction of the Scheme of arrangement (Demerger) (in short the Scheme) concerning M/s.Renaissance RTW Asia (P) Limited (in short Demerged company) and M/s.RC Colours Private Limited (in short Resulting company), with effect from 01.01.2016. The Scheme is appen .....

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rged Company as well as the Resulting Company, approving the scheme, is enclosed as Annexure 'E' to the petitions. 5. A Certificate of the Chartered Accountant has been filed which, inter alia, holds out that the Demerged Company has no secured creditor. The said certificate is marked as Annexure 'G' and is appended to C.P.No.273 of 2016. 5.1. In so far as unsecured creditors are concerned, the Demerged company has 87 unsecured creditors, valued at ₹ 2.22 Crores. A Chartere .....

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series' to C.P.No.273 of 2016. 5.3. By order dated 30.06.2016 in C.A.No.534 of 2016, this Court dispensed with the convening, holding and conducting of the meeting of the shareholders of the demerged company to consider the proposed Scheme, inter alia, for the reason that its equity shareholders had given their consent to it. 6. It is stated that there are no secured creditors as well as unsecured creditors as far as the Resulting Company is concerned. A certificate of the Chartered Accounta .....

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