2009 (2) TMI 877

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..... e de-merged company, which proposes to enter into a composite scheme of arrangement between Gallops Realty Private Limited, the applicant de-merged company with Atithya Inn Private Limited, the resulting company, the applicant in the Company Application No.31 of 2009 under Sections 391 394 read with Sections 78 and 100 to 103 of the Companies Act, 1956. It has been stated that the applicant is a .....

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..... priate to spin off the hotel business of Gallops into a separate company and continue with the activity of real estate development. Post arrangement the entire hotel business will be concentrated in Atithya Inn, the resulting company. It has been pointed out that there are only three equity shareholders, four unsecured creditors and no secured creditors of the applicant company. All the equity sh .....

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..... pensed with. Further, considering the submissions made in para 15 of the application, whereby it is pointed out that the restructure of capital in form of reduction of share capital as well as utilization of share premium account is proposed as a consequential and integral part of the composite scheme of arrangement and since it does not involve diminution of liability in respect of unpaid share c .....

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