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In Re. : Vadinar Ports And Terminals Limited.

2016 (4) TMI 1259 - GUJARAT HIGH COURT

Scheme of amalgamation - convene separate meetings of the Secured Creditors and Unsecured Creditors of the company to obtain their approval to the proposed Scheme - Company Application No. 188 of 2016 - Dated:- 26-4-2016 - Honourable Smt. Justice Abhilasha Kumari Mr Saurabh Soparkar, Senior Advocate With Mrs Swati Soparkar, Advocate for the Applicant. ORAL ORDER 1. A Composite Scheme of Arrangement is proposed amongst Vadinar Oil Terminal Limited, Vadinar Ports & Terminals Limited, Essar Por .....

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f the Equity Shareholders of the Applicant Company; and (ii) for seeking directions for convening separate meetings of Secured Creditors and Unsecured Creditors of the Applicant Company, for the purpose of considering and approving the proposed Scheme of Arrangement. 3. Heard Mr.Saurabh Soparkar, learned Senior Advocate appearing with Mrs.Swati Soparkar, learned advocate for the Applicant Company. 4. It has been submitted that all the Equity Shareholders have given their approval to the Scheme i .....

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arate meetings of the Secured Creditors and Unsecured Creditors of the company to obtain their approval to the proposed Scheme. In the facts and circumstances, the following directions are issued in this connection: IT IS ORDERED: 6. That separate meetings of the Unsecured Creditors and Secured Creditors of the Applicant Company shall be convened and held at the Refinery Administrative Building, Essar Refinery Site, Okha Highway (SH - 25), Khambalia, Jamnagar 361305, in the state of Gujarat on W .....

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al Limited; and (iii) Essar Bulk Terminal (Salaya) Limited respectively to Essar Ports Limited, and Amalgamation of the residue Undertaking of the Applicant Company with Vadinar Oil Terminal Limited (VOTL), the Transferee Company; as proposed between the company and its Creditors. 7. That at least 21 clear days before the meetings to be held as aforesaid, Notice convening the said meetings, indicating the day, the date, the place and the time as aforesaid, together with a copy of the Scheme of A .....

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Applicant Company. A certificate shall be obtained confirming the total number of dispatches so made. 8. That at least 21 clear days before the meetings to be held as aforesaid, Notice convening the said meetings indicating the day, the date, the place and time as aforesaid be published, stating that copies of the Scheme of Arrangement, the Explanatory Statement required to be furnished pursuant to Section393 of the Companies Act, 1956 and Form of Proxy can be obtained free of charge at the Regi .....

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of the Applicant Company, shall be the Chairman of the aforesaid meetings to be held on 25th May 2016 and in respect of any adjournment or adjournments thereof. 10. That the Chairman appointed for the aforesaid meetings shall issue advertisements and send out notices of the said meetings referred to above. It is further directed, that the Chairman of the meetings shall have all powers under the Articles of Association of the Applicant Company and under the Companies (Court) Rules, 1959 in relati .....

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