TMI Blog2017 (1) TMI 909X X X X Extracts X X X X X X X X Extracts X X X X ..... n placed on record. The same has been examined and found in order. In view of the foregoing, the requirement of convening the meeting of the unsecured creditor of the Transferor Company/Applicant to consider and, if thought fit, approve with or without modification, the proposed scheme is dispensed with.Further, a prayer has also been sought in the present application, seeking dispensation of the requirement of publishing the notices for meetings in newspapers. - CO. APPL. (M) 152/2016 - - - Dated:- 16-1-2017 - MR. SIDDHARTH MRIDUL J. Transferee Company/Non-Applicant Through: Mr. Kunal Sabharwal, Advocate. SIDDHARTH MRIDUL, J. 1. The present is an application filed, under Sections 391 to 394 of the Companies Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2015, is ₹ 1,12,100/-, divided into 11,210 Equity Shares of ₹ 10/- each fully paid. 7. The Authorised Share Capital of Transferee Company, as on 31.03.2015, is ₹ 12,00,00,000/- divided into 1,20,00,000 Equity Shares of ₹ 10/- each. The Issued, Subscribed and Paid Up Share Capital of the Transferee Company, as on 31.03.2015, is ₹ 5,21,15,600/- divided into 52,11,560 Equity Shares of ₹ 10/- each fully paid. 8. Copies of the Memorandum of Association and Articles of Association of the Transferor Company/Applicant and the Transferee Company have been filed and the same are on record. The audited balance sheets, as on 31.03.2015 of the Transferor Company/Applicant and the Transferee Company, alo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vii. Achieving greater efficiency in cash management of the Transferee entity, and unfettered access to cash flow generated by the combined business which can be deployed more efficiently to fund organic and inorganic growth opportunities, to maximize shareholder value. 11. Upon the proposed scheme coming into effect, since the Transferor Company/Applicant is the wholly owned subsidiary of the Transferee Company, no shares of the Transferee company shall be allotted in lieu or exchange of its holding in the Transferor Company and the Issued, Subscribed and Paid-Up Share Capital of the Transferor Company shall stand cancelled/extinguished. 12. The proposed scheme has been approved by the Board of Directors of the Transferor C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d on record. The same has been examined and found in order. 18. In view of the foregoing, the requirement of convening the meeting of the unsecured creditor of the Transferor Company/Applicant to consider and, if thought fit, approve with or without modification, the proposed scheme is dispensed with. 19. Further, a prayer has also been sought in the present application, seeking dispensation of the requirement of publishing the notices for meetings in newspapers. 20. In view of the circumstance that the requirement of convening meetings of the equity shareholders and sole unsecured creditor has been dispensed with, the requirement of publishing the notices for meetings in newspapers is also dispensed with. 21. Directed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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