TMI Blog2016 (8) TMI 1268X X X X Extracts X X X X X X X X Extracts X X X X ..... notices to its members and creditors by ordinary post is accepted. In case the quorum as noted above for the meetings is not present, then the meetings shall be adjourned by half an hour, and thereafter the persons present and voting shall be deemed to constitute the quorum. For the purpose of computing the quorum, the valid proxies shall also be considered, if the proxy in the prescribed form duly signed by the person entitled to attend and vote at the meetings is filed with the registered office of the applicant company at least 48 hours before the meetings. The Chairpersons and Alternate Chairpersons shall ensure that the proxy registers are properly maintained. The Chairpersons and Alternate Chairpersons shall ensure that notices ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me of Arrangement and Amalgamation between Geometric Limited (hereinafter referred to as the demerged/transferor company); HCL Technologies Limited (hereinafter referred to as the applicant/transferee company no. 1) and 3D PLM Software Solutions Limited (hereinafter referred to as the transferee company no. 2). 2. The registered office of the applicant/transferee company no. 1 is situated at New Delhi, within the jurisdiction of this Court. However, the registered offices of the demerged/transferor company and transferee company no. 2 are situated at Mumbai, outside the jurisdiction of this Court. Learned counsel for the applicant submits that separate applications have been filed by the demerged/transferor company and the transferee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e applicants that the Scheme, inter alia, provides (i) Demerger of the Demerged Business Undertaking of the demerged company and its merger into the applicant/transferee company no. 1, and (ii) amalgamation of the transferor company comprising the remaining undertaking, post demerger, with the transferee company no.2. It is claimed that the proposed demerger will widen the market and expertise and the combined entity will be able to offer its customers a unique blend of services and solutions around PLM, engineering software, embedded software, mechanical engineering and geometry related technologies. 7. So far as the share exchange ratio is concerned, the Scheme provides that, upon coming into effect of this Scheme, the applicant/ tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in order. In view thereof, the requirement of convening the meeting of the secured creditor of the applicant/transferee company no. 1 to consider and, if thought fit, approve, with or without modification, the proposed Scheme of Arrangement and Amalgamation is dispensed with. 11. The applicant/transferee company no. 1 is a listed company and as on 31st March, 2016 has 1,49,951 equity shareholders and a direction is sought to convene and hold their meeting to seek their approval to the proposed Scheme of Arrangement and Amalgamation. Considering the facts and circumstances aforesaid, the meeting of the equity shareholders of the applicant/transferee company no. 1 shall be held on 10th September, 2016 at 10:00 a.m. at Shri Satya Sai Audi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lue of the total unsecured debt. 13. The applicants also seek a direction of this Court to provide to its equity shareholders with the facility to exercise their right to vote by electronic means, in terms of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 and Regulation 44(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and prayed that such voting may be considered as a valid exercise of their vote on the Scheme in accordance with Section 391 of the Companies Act, 1956. Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 makes it mandatory for certain class of companie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... seeking permission to provide to its equity shareholders with the facility to exercise their right to vote by electronic means but on the other hand they also seek permission to send the individual notices to its shareholders by ordinary post, which is contrary to Rule 20(4) of the Companies (Management and Administration) Rules, 2014. Keeping in view the aforesaid provision, I am not inclined to allow the prayer of the applicants to provide to its equity shareholders with the facility to exercise their right to vote by electronic means. However, since there is no bar of sending the notices by ordinary post in a court convened meeting, therefore, the second prayer of the applicants regarding sending of notices to its members and creditors b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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