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TMI Blog2020 (12) TMI 423X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Arrangements) Rules, 2016, by inter alia seeking to dispense with the convening and holding the meeting of the Shareholders, Unsecured Creditors of the Applicant Company No. 1 and Shareholders, Secured and Unsecured Creditors of the Applicant Company No.2; and to direct for convene the meeting of the Secured Creditors of the Applicant Company No. 1 to be held on such date and time as this Tribunal deems fit etc. 2. Brief facts of the case, as mentioned in the Application, which are relevant to the issue in question, are as follows: (1) Dhansri Estates Private Limited (hereinafter referred as the Transferor/ Demerged Company/ Applicant Company No. 1) was incorporated on 26.04.1996 with the Companies Act, 1956 bearing CIN: U ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eir respective Affidavits with similar declaration, for approval of the proposed Scheme. (3) P. Sreenivasulu & Associates, Chartered Accountants, have issued a Certificate dated 10.08.2020 by certifying that there are 2 (two)Secured Creditors in the Applicant Company No. 1 as on 31st July 2020 viz., PNB Housing Finance Limited amount due of Rs. 53,54,000/- and PNB Housing Finance Ltd., amounting to Rs. 53,53,983/-. The Applicant Company No. 1 seeks to convene the meeting of the Secured Creditors of the Applicant Company No. 1 for the proposed Scheme. (4) P. Sreenivasulu & Associates, Chartered Accountants, have issued a Certificate dated 10.08.2020 by certifying that there are 03 (three) Unsecured Creditors in the Applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Shareholders of the Applicant Company No.2 as on 31st July 2020 viz., Pratap Thumboochetty holding 3,330 Equity Shares of Rs. 10/- each, Surendran Thumboochetty holding 3,300 Equity Shares of Rs. 10/- each, and Nirmal Thumboochetty holding 3,400 equity shares of Rs. 10/- each. Accordingly, Mr. Pratap Thumboochetty has filed an Affidavit dated 27.08.2020, by inter alia stating that he is holding 3,300 Equity Shares of Rs. 10/- each and has accorded unconditional consent to the proposed Scheme. Similarly, other two Shareholders have filed their respective Affidavits with similar declaration, for approval of the proposed Scheme. (7) P. Sreenivasulu & Associates, Chartered Accountants, have issued a Certificate dated 10.08.2020 by cert ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng concern to Aspera on the agreed terms and condition etc. (12) It is further stated that no investigations, proceedings are contemplated/ pending against the Applicant Companies u/s 235-251 of the Companies Act, 1956 or u/s 210-226 of the Companies Act 2013 . 3. Heard Shri. P.Chinnappa, Learned Counsel for the Applicant Companies, through Video Conference. We have carefully perused the pleadings of the party and extant provisions of the Companies Act, 2013 and the Rules made thereunder, and the Law on the issue. 4. Shri. P. Chinnappa, learned Counsel for the Applicant Companies, while pointing out various averments made in the Company Application, has further submitted that the Scheme in question is made in the best ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pensed with convening and holding the meetings of the Shareholders and Unsecured Creditors of the Applicant Companies. (ii) The meeting of the Secured Creditors of the Applicant Company No. 1 is directed to be convened and held on 07.01.2021 at 11 am at No. 5/19, SRT. /Cunningham Road, Bengaluru - 560 052, for the purpose of considering and, if thought fit, approving with or without modification(s) the proposed Scheme of Arrangement. (iii) Mr. RammurthyKaringula (Mr.Rammurthy.K) Advocate, having address Flat No.404, Harihara Enclave 15th Cross, 1st Main, HR Layout, Sector 6, Bangalore Contact No. 9440412810/9030412810 Email ID : [email protected] is hereby appointed as Chairperson, and Shri C.S.Pramod. S,PCS having ..... X X X X Extracts X X X X X X X X Extracts X X X X
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