TMI Blog2011 (3) TMI 1744X X X X Extracts X X X X X X X X Extracts X X X X ..... hat Nirma Limited, the Resulting Company is a Listed Public Limited Company. It is a leading multi-locational, multi product company and an established player in the fast moving consumer goods segment. The Company has been one of the largest selling detergent brand in Indian Market. As a part of backward integration strategy, the company has set up manufacturing facilities of various products used as raw material or by-products. It is setting up a Cement plant at Dist. Bhavnagar, Gujarat and has also obtained the mining rights in the surrounding areas, all situate in the State of Gujarat. On the other hand, Nirma Credit and Capital Private Limited, the De- merged Company is presently engaged in two separate segments namely Finance and Inves ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... blic notice, the said meeting was duly convened on 16th August 2010 and the proposed scheme was duly approved by the requisite statutory majority of 95.53% in number and 99.99% in value by the Equity Shareholders, present and voting at the said meeting. The result of the said meeting was duly reported to this court vide the report dated 31st August 2010. 4] It has been submitted that in case of the De-merged Company, vide the order dated 7th July 2010, passed in Co. Appl. No. 174 of 2010, the meeting of the Equity Shareholders and Unsecured Creditors of the company were dispensed with in view of the consent letters from all of them placed on record. It has been pointed out that there are no Secured Creditors of the Demerged Company. 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of consideration to the company and not to the shareholders and further it is not always necessary to issue shares. In the present case, as the scheme was vetted by the stock exchange, no objection has been raised either by the stock exchange or by any of the shareholders of either companies. Hence, the observation does not survive. b) The details of the assets and liabilities of the de-merged undertaking have been supplied by petitioners vide letter dated 1st November 2010 and hence the said observation does not survive. (c) The voting by some of the shareholders against the scheme does not vitiate the sanction of the scheme as it has been approved by the statutorily requisite majority of the shareholders and (d) With regard to the ob ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
