TMI Blog2021 (7) TMI 407X X X X Extracts X X X X X X X X Extracts X X X X ..... n Applicant Resulting/Transferee Company does not arise. Various directions regarding holding and convening of various meetings issued - directions regarding issuance of various notices issued - application allowed. - CA (CAA) No. 40/230-232/NCLT/AHM/2021 - - - Dated:- 29-6-2021 - M.B. Gosavi, Member (J) And Chocklingram Thirunavukkarasu, Member (T) For Appearing Parties: Tirth Nayak, Advocate ORDER 1. The Applicant Companies have filed this joint application under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 (the Act ) seeking dispensation of the meeting of the Equity Shareholders of Applicant Resulting Company/Applicant Transferee Company, while seeking directions for convening and h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anies. b. Streamlining business activities as the companies are presently carrying on different kind of businesses, each of which require different investment, strategy and resources. c. Segregation in the business which would enable independent business opportunities, attract different sets of Investors, Strategic Partners, Lenders and other stakeholders and would bring about synergy of operations and greater internal control on each business process in decision making. d. Create synergies in operational process and efficiencies by reducing the time to market the benefiting customers as well as optimization of operation and capital expenditure. e. Increase competitive strength, cost reduction and efficiencies, productiv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Creditors and 259 (Two Hundred Fifty Nine) Unsecured Creditors in the Applicant Demerged Company. The list of Equity Shareholders, Secured Creditors and Unsecured Creditors as certified by the Chartered Accountant is produced at Annexure - J, Annexure-K and Annexure-L, respectively, with the Application. The Applicant Demerged Company is seeking appropriate directions for holding and convening meetings of the Equity Shareholders, Secured and Unsecured Creditors. 10. It is further stated there are 2 (Two) Equity Shareholders in the Applicant Resulting/Transferee Company and both of them have given their consent affidavits approving the proposed Scheme of Demerger. Consent Affidavits of both the Equity Shareholders are annexed as Annexure- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any application is allowed with following order s/directions. i. The Applicant Demerged Company is directed to convene and hold meetings of Equity Shareholders, Secured and Unsecured Creditors as stated herein below: - a. The meeting of Equity Shareholders of Applicant Demerged Company shall be convened on 6th August 2021 at 10:30 a.m. at 1301, Addor Aspire, Nr. Jhanvi Restaurant, University, Panjarapole Cross Rd, Ahmedabad-380015. b. The meeting of Secured Creditors of Applicant Demerged Company shall be convened on 6th August 2021 at 11:00 a.m. at 1301, Addor Aspire, Nr. Jhanvi Restaurant, University, Panjarapole Cross Rd, Ahmedabad-380015. c. The meeting of Unsecured Creditors of Applicant Demerged Company shall be con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Shareholders of the Demerged Company, Secured Creditors of the Demerged Company and Unsecured Creditors of the Demerged Company at their respective registered or last known addresses either by Registered post or Speed Post/Airmail, E-Mail or by Courier or by Hand Delivery. The Notices shall be sent to the Equity Shareholders of Transferor Company, Secured Creditors of the Transferor Company and Unsecured Creditors of the Transferor Company with reference to the list of the persons appearing on the record of the Demerged Company as on 31/03/2021 iv. Mr. Anuj Aggarwal, CA (Address: 11, Dharamyug Colony, Ved Mandir Road, Near, Ekta Club, Kankaria, Ahmedabad-380022) shall be the Chairman/Chairperson of the aforesaid meeting to be held on 0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urs before the said meeting, vide Rule 10 of the Companies (CAA) Rules, 2016 read with Section 105 of the Act xi. The quorum for the meeting of the Equity Shareholders for Transferor Company shall be shall be as per provisions of Section 230 (6) of the Companies Act, 2013. The quorum for the meeting of the Secured Creditors of the Transferor Company shall be 2. The quorum for the meeting of the Unsecured Creditors of Transferor Company shall be 30. Further if the quorum is not present within half-an hour from the time appointed for holding a meeting of the company, then the quorum present shall be the quorum. xii. The Chairperson shall file an affidavit not less than 7 (seven) days before the date fixed for holding of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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