TMI Blog2020 (2) TMI 1330X X X X Extracts X X X X X X X X Extracts X X X X ..... gh Court, Bombay pursuant to Section 230(5) of the Companies Act, 2013 - The said Applicant Companies to file affidavit of service in not less than seven (7) days before the date fixed for holding of meetings, in the Registry proving dispatch of notices to the Equity Shareholders, Unsecured Creditors and the Regulatory Authorities as stated in clauses above, publication of notices in newspapers and do report to this Tribunal that the directions regarding the issue of notices have been duly complied with. - C.A. (CAA)/MB/370/2020 - - - Dated:- 6-2-2020 - Hon'ble Acting President Mr. B.S.V. Prakash Kumar And Hon'ble Member (Technical) Mr. V. Nallasenapathy For the Applicant(s): Mr. Rajesh Shah with Mr. Ahmed M Chunawala i/b M/s. Rajesh Shah Co., Advocate for the Applicant Companies. ORDER B.S.V. Prakash Kumar, 1. The Counsel for the Applicant Companies states that the present Scheme is a Scheme of Amalgamation of Radha Riddhi Enterprises Private Limited, (the First Transferor Company) and Shree Sainath Agro Fields Private Limited, (the Second Transferor Company) with SMG Realties Private Limited, (the Transferee Company) and their respective Shareh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he aforesaid Meetings, for both the Applicant Companies, shall be advertised in two local newspapers viz. Indian Express in English and Loksatta in Marathi, both circulated in Nagpur, not less than 30 (Thirty) days before the date fixed for the meeting. 8. Mr. Mahendra Thakur, Authorised Signatory, failing whom, Mr. Sandeep Meghe, Director of the Applicant Company No.1 is appointed as the Chairperson for the meeting of Equity Shareholders of the Applicant Company No.1. The Scrutinizer for the meeting shall be Mr. Sushil Kawadhkar, Practicing Company Secretary, (Certificate of Practice No. 5765 and Membership Number F 5725). 9. Mr. Ajay Karande, Authorised Signatory, failing whom, Mr. Mahendra Thakur, Director of the Applicant Company No. 2 is appointed as the Chairperson for the meeting of Equity Shareholders of the Applicant Company No.2. The Scrutinizer for the meeting shall be Mr. Sushil Kawadhkar, Practicing Company Secretary, (Certificate of Practice No. 5765 and Membership Number F 5725). 10. Mr. Praful Vaidya, Authorised Signatory, failing whom, Mr. Mahendra Thakur, Director of the Applicant Company No. 3 is appointed as the Chairperson for the meeting of Equity ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amounting to ₹ 1,14,83,861/- (Rupees One Crore Fourteen Lakhs Eighty-Three Thousand Eight Hundred Sixty One Only) only as per the Auditors Certificate annexed to the Company Scheme Application at Exhibit O . The Counsel further submits that since the scheme is an arrangement between the Applicant Company No.1 and their respective shareholders, the rights of the Secured Creditor will/are not be affected by the Scheme and post Scheme, the assets of the Applicant Company No. 1 will be sufficient to discharge its liabilities. This bench hereby directs the Applicant Company No.1 to issue notice to its Secured Creditor as required under section 230 (3) of the Companies Act, 2013 with a direction that they may submit their representations, if any, to the Tribunal and copy of such representations shall simultaneously be served upon the Applicant Company No. 1. 18. That Counsel for the Applicant Company No. 2 submits that there are 2 (Two) Secured Creditors amounting to ₹ 1,47,21,862/- (Rupees One Crore Forty-Seven Lakhs Twenty-One Thousand Eight Hundred Sixty Two Only) only as per the Auditors Certificate Annexed in the Company Scheme Application at Exhibit P . The Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... heme and post Scheme, the assets of the Applicant Company No. 2 will be sufficient to discharge its liabilities. This bench hereby directs the Applicant Company No.2 to issue notice to its Unsecured Creditors as required under section 230 (3) of the Companies Act, 2013 with a direction that they may submit their representations, if any, to the Tribunal and copy of such representations shall simultaneously be served upon the Applicant Company No. 2. 22. That Counsel for the Applicant Company No. 3 submits that there are 9 (Nine) Unsecured Creditors amounting to ₹ 2,62,45,941 (Rupees Two Crore Sixty-Two Lakhs Forty Five Thousand Nine Hundred Forty One Only) only as per the Auditors Certificate Annexed in the Company Scheme Application at Exhibit T . The Counsel further submits that since the scheme is an arrangement between the Applicant Company No. 3 and their respective shareholders, the rights of the Unsecured Creditor will/are not be affected by the Scheme and post Scheme, the assets of the Applicant Company No. 3 will be sufficient to discharge its liabilities. This bench hereby directs the Applicant Company No. 3 to issue notice to its Unsecured Creditors as require ..... X X X X Extracts X X X X X X X X Extracts X X X X
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