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Amazon Textile Private Limited.

2016 (4) TMI 1260 - GUJARAT HIGH COURT

Scheme of Arrangement in the nature of Demerger - dispensation of the meeting of the Equity Shareholders of the Applicant Company; and convening the meeting of the Unsecured Creditors of the Applicant Company. Scheme allowed. - Company Application No. 200 of 2016 - Dated:- 27-4-2016 - Honourable Smt. Justice Abhilasha Kumari Mrs Swati Soparkar, Advocate for the Applicant. ORAL ORDER 1. A Scheme of Arrangement in the nature of Demerger and Transfer of Manufacturing Undertaking of Amazon Textiles .....

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uring the course of the day. 3. The present application is filed by Amazon Textiles Private Limited, the Applicant Demerged company. In the Judges Summons taken out, dated 21st April 2016, it has prayed for (i) dispensation of the meeting of the Equity Shareholders of the Applicant Company; and (ii) seeking directions for convening the meeting of the Unsecured Creditors of the Applicant Company. 4. It has been submitted that all the Equity Shareholders of the Company have approved the Scheme in .....

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itted that there are no Secured Creditors as confirmed by the certificate from the Chartered Accountant. However, the applicant has prayed to convene a meeting of the Unsecured Creditors of the company to obtain their approval to the proposed Scheme. IT IS ORDERED: 6. That a meeting of the Unsecured Creditors of the Applicant Company shall be convened and held at Arvind Premises, Naroda Road, Ahmedabad380025 in the State of Gujarat on Monday, the 13th June 2016 at 10.00 a.m., for the purpose of .....

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h a copy of the Scheme of Arrangement, copy of the Explanatory Statement required to be sent under Section 393 of the Companies Act, 1956 and the prescribed Form of Proxy shall be sent by a courier, addressed to each of the Unsecured Creditors of the Applicant Company, at their last known address. A list of the creditors with their names and addresses shall be placed on record. 8. That at least 21 clear days before the meeting to be held as aforesaid, Notice convening the said meeting indicating .....

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;Indian Express' and the Gujarati daily newspaper 'Gujarat Samachar', both Ahmedabad editions. 9. Shri Ramnik Bhimani, the Authorised Officer of the Applicant Company and failing him Shri Jayesh Thakkar, the Authorised Officer of the Applicant Company, shall be the Chairman of the aforesaid meeting to be held on 13th June 2016 and in respect of any adjournment or adjournments thereof. 10. That the Chairman appointed for the aforesaid meeting shall issue advertisements and send out no .....

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