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TMI Blog2020 (11) TMI 682X X X X Extracts X X X X X X X X Extracts X X X X ..... alace Private Limited ("First Applicant/ Transferor Company") to vest/transfer in/to Click Hotels Private Limited ("Second Applicant/Transferee Company") ('Scheme') and their respective Shareholders. 3. Learned Counsel for the Applicant Companies states that the Board of Directors of the First Applicant Company and Second Applicant Company have approved the Scheme at their respective Board Meetings held on June 17, 2020. 4. Learned Counsel for the Applicant Companies states that the Appointed Date of the Scheme is July 1, 2020, and the Effective Date is such date as may be approved by this Tribunal. 5. Learned Counsel for the Applicant Companies states that the First Applicant Company is primarily engaged in: (1) Hotels, restaurants, hol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng: (a) enhanced strategic flexibility and (b) enhanced dedicated management focus to accelerate growth of both business activities; (5) the demerger will enable potential investors to separately hold investments which best suit their investment strategies and risk profiles; (6) the demerger will provide varied source of funds for the rapid growth of both business activities; and and (7) the demerger of Demerged Undertaking would result in issuance of equity shares to the shareholders of the Company by the Transferee Company, thereby, resulting in unlocking and maximizing shareholder value. 7. The First Applicant Company as well as the Second Applicant Company have 4 (Four) Equity Shareholders, all of whom have given their consent to the S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Second Applicant Company are dispensed with. 11. The Learned Counsel for the Applicant Companies submits that the First Applicant Company 12 (Twelve) Unsecured Creditors (constituting approximately 96 % of value unsecured creditors of the First Applicant Company) have given consent and approval for the Scheme annexed at Exhibit C(1) to C(12). Similarly, the Second Applicant Company 2 (Two) Unsecured Creditors (constituting approximately 97 % of total number of unsecured creditors of the Second Applicant Company) have given consent and approval for the Scheme annexed at Exhibit D (1) to D(2). In view thereof, the meeting of unsecured creditors of the Applicant Company is dispensed with. 12. Pursuant to section 230(5) of the Companies Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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