TMI Blog2019 (5) TMI 1808X X X X Extracts X X X X X X X X Extracts X X X X ..... MOHAPATRA, MEMBER (TECHNICAL) For the Applicants: Mr. Rakesh Kumar, Advocate ORDER M.M. KUMAR PRESIDENT 1. This is an application filed by the applicant companies under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 (for brevity 'The Act') read with Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 (for brevity 'The Rules') in relation to the Scheme (for brevity the SCHEME ) proposed between the applicants. 2. An Affidavit in support of the application sworn for and on behalf of all Applicant Companies has been filed by one Ms. Sumati Maharia, Mr. Dalip Nagar and Mr. Satish Kumar Sharma being the authorized representative. 3. It is represented t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant Company No.3, it has been represented that company has 32 Shareholders, 29 out of which holding 94.69% have placed their consent affidavits on record. It is submitted that the Company has 19 Secured Creditors, 1 1 out of which holding 92.790/0 in value have already placed their consent affidavits on record and 575 Unsecured Creditors who have not placed their consent-affidavits on record. In relation to the shareholders, Applicant Company No.3 seeks a direction for convening the meetings for the purpose of obtaining their approval to the proposed Scheme. 7. The above application has been placed before us and this Tribunal proceeds to entertain the same. We have perused the application and the connected documents filed along with the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... directions with respect to calling, convening and holding of the meetings of the Shareholders, Secured and Unsecured Creditors or dispensing with the same which are as follows:- A. In relation to the Transferor/ Applicant No. 1: i. With respect to Shareholders: It is represented by the Company that 95.41% of the Shareholders in the Company have already placed their consent affidavits on record. Hence, the necessity of convening and holding a meeting is obviated. ii. With respect to Secured Creditors: Since it is represented by the Company that there is all Secured Creditors in the Company have placed their consent-affidavits on record, therefore the necessity of convening and holding a meeting is obviated. iii. With respec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith respect to Secured Creditors: It is represented by the Company that there are 92.790/0 secured Creditors in the Company have already placed their consent affidavits on record. Hence, the necessity of convening and holding a meeting is obviated. iii. With respect to Unsecured Creditors: iv. It is represented by the Company that there are 575 Unsecured Creditors in the Company. Meeting to be held on 06.07.2019 at 02.00 P.M. at PHD Chamber of Commerce and Industry, PHD House, 4/2, Siri Institutional Area, August Kranti Marg, New Delhi-110016. The Quorum of the meeting shall be 200. D. In case the Quorum as noted above for the above meetings of the applicant companies are not present, in the meetings, then the meetings shall be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance before the scheduled date of the meeting, indicating the day, date, place and time as aforesaid, together with a copy of scheme 'Of arrangement, a copy of explanatory statement. The prescribed form of proxy shall be sent along with and in addition to the above documents, any other documents as may be prescribed under the Act may also be duly sent with the notice. H. That the applicant companies shall publish advertisement with a gap of at least 30 clear days before the aforesaid meetings, indicating the day, date, place and time as aforesaid, to be published in the English Daily 'Business Standard' and Hindi Daily 'Jansatta' stating the copies of Scheme, the Explanatory Statement required to be furnished pursuant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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