TMI Blog2013 (4) TMI 881X X X X Extracts X X X X X X X X Extracts X X X X ..... E to the present application. 2. The registered offices of the Applicant companies are situated in Delhi within the jurisdiction of this Court. 3. Details of the dates of incorporation of the Applicant companies and their authorized, issued, subscribed and paid up capital have been enclosed in the present application. 4. Copies of the Memorandum and Articles of Association as well as the latest audited balance sheet of the Applicant companies for the year ended 31st March 2012 have also been enclosed with the application. 5. Learned counsel for the Applicant companies submits that no proceedings under Section 235 to 251 of the Act are pending against the Applicant companies. 6. Copies of the board resolutions passed by the B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 686 (Rupees eight hundred ninety five crores seventy two lakhs seventy eight thousand six hundred and eighty six) is due to be paid. A prayer has been made for dispensation of the requirement of convening the meetings of the unsecured creditors of the Applicant companies. 12. The consents of the unsecured creditors of the Applicant companies were not obtained. However, the requirement of convening meeting of the unsecured creditors of the Applicant Companies is dispensed with in view of the following averments made in the Application: (i) The Transferor company and the Transferee company are part of the Sony Group. Their shares are ultimately held by Sony Corporation, Japan. The Scheme is not prejudicial to the interests of the shareh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (iv) Out of the total unsecured creditors of the Transferor Company, an amount of ₹ 33,89,92,739 relates to the Sony Group companies, which constitutes 90% of the total value of unsecured creditors. (v) Out of the total unsecured creditors of the Transferee company, an amount of ₹ 8,41,03,48,325 relates to the Sony Group companies, which constitutes 94% of the total value of unsecured creditors. 13. In light of the above averments in the application and in view of the decisions cited, the Court is satisfied that the convening of the separate meetings of the unsecured trade creditors of the Applicant companies for approval of the scheme can be dispensed with. It is ordered accordingly. 14. The application stands allo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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