TMI Blog2021 (2) TMI 309X X X X Extracts X X X X X X X X Extracts X X X X ..... RDER K. Anantha Padmanabha Swamy, Member (J) 1. The present Joint Company Application bearing CA(CAA)No.86/230/HDB/2020 is filed by Premier Solar Powertech Private Limited (Demerged Company) and Brightstone Developers Private Limited (Resulting Company) under section 230 to 232 of the Companies Act, 2013 read with the Companies (Compromises, Arrangements and Amalgamation) Rules, 2016. The Applicant Companies inter-alia seeking an order to dispense with convening of the meetings of the Equity Shareholders, Secured, Unsecured and Trade Creditors of both the Applicant Companies for consideration of the Scheme of Demerger and Arrangement between Applicant Companies and their respective shareholders and creditors as envisaged under the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... into 57,17,832 equity shares of ₹ 10/- each. The main objects of the Resulting Company are to plan and execute an integrated programme on development and deployment of solar energy technologies to achieve commercialization. To own, operate and manage, or to operate and manage as an agent, any type of power stations, (both grid connected and off-grid / distributed) and promote research and development, select suitable sites for solar power stations and ancillary facilities of every kind and description, ensure proper evacuation of power from such stations by providing for associated transmission facilities required for the purpose or otherwise and undertake all measures required therefore or incidental to any or all of the above etc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to Demerges its Investment Undertaking. 5. It is further stated that the Board of Directors of the Applicant Companies in their Board Meetings held on 20.09.2020 respectively approved the Scheme of Demerger and Arrangement between Demerged Company and Resulting Company subject to the approval of their shareholders and creditors. (Page No.222-229) 6. It is stated that no proceedings/Investigation pending against the Applicant Companies. 7. The Demerged Company has filed certificate of Practicing Company Secretary stating that as on 30.05.2020 there are three (3) Equity Shareholders holding 1,80,000 shares in the Demerged Company and all the three Equity Shareholders has given their consent in the form of affidavits agreeing to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Heard the submissions made in this regard by Shri Y. Suryanarayana, Learned Counsel for the Applicant Companies. 14. It is noted that all the Equity Shareholders of Demerged Company has given consent affidavit agreeing to the proposed Scheme and hence the meeting of Equity Shareholders of the Demerged Company is dispensed with. 15. It is noted that all the Secured Creditors of Demerged Company has given consent affidavit agreeing to the proposed Scheme and hence the meeting of Secured Creditors of the Demerged Company is dispensed with. 16. It is noted that all the Unsecured Creditors of Demerged Company has given consent affidavit agreeing to the proposed Scheme and hence the meeting of Unsecured Creditors of the Demerged Company ..... X X X X Extracts X X X X X X X X Extracts X X X X
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