TMI Blog2022 (1) TMI 219X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellant : M.R. Thiagarajan, PCS ORDER Anil Kumar B., Member (T) 1. This is an application filed by the Applicant Companies, namely M/s. Sivaraj Spinning Mills Private Limited (for brevity Transferor Company ) and M/S. Sri Lalithambighai Textiles Private Limited (for brevity Transferee Company ) with its Shareholders and creditors under section 230-232 of Companies Act, 2013, and other applicable provisions of the Companies Act, 2013 read with Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 in relation to the Scheme of Arrangement (Demerger) (hereinafter referred to as the SCHEME ) proposed M/s. Sivaraj Spinning Mills Private Limited (for brevity Transferor Company ) and M/S. Sri Lalithambighai Textiles P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cured Creditor and the certificate issued by the Chartered Accountants to this effect is placed at page 262 of the typed set filed along with the Application and consent affidavits given by the Secured Creditor is placed as Annexure of the typed set filed with the application and sought for dispensation with holding of meeting. (iii) There are 219 (Two Hundred and Nineteen) Unsecured Creditors and the certificate issued by the Chartered Accountants to this effect is placed at page 262 to 268 of the typed set filed along with the Application and consent affidavits given by Unsecured Creditors holding 91.48% in value is placed at page no. 269 to 283 of the typed set filed with the application and sought dispensation with holding of meeti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0,000/- (Rupees Fifty Lakh Only) consisting of 50,000 (Fifty Thousand) Equity Shares of ₹ 100/- each. The Issued, Subscribed and Paid up Capital of the Company is ₹ 50,00,000 (Rupees Fifty Lakh Only) consisting of 50,000 (Fifty Thousand) Equity Shares of ₹ 100/- each. 8. From the certificate of incorporation filed, it is evident that the Transferee Company is a Private limited company incorporated under the provisions of Companies Act, 1956 on 29.11.2018. The Authorized Share Capital of the Company is ₹ 5,00,00,000/- (Rupees Five Crore Only) consisting of 5,00,000 (Five Lakh Only) Equity Shares of ₹ 100/- each. The Issued, Subscribed and Paid up Capital of the Company is ₹ 2,00,00,000 (Rupees Two Crore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Transferor Company that there are 15 (Fifteen) Equity Shareholders in the Company whose consents by way of Affidavits have been obtained from all and are placed on record, the necessity of holding the meeting is dispensed with. (ii) With respect to Secured Creditors: Since it is represented by the Transferor Company that there is 1 (One) Secured Creditors in the Company whose consents by way of Affidavits have been obtained and are placed on record, the necessity of holding the meeting is dispensed with. (iii) With respect to Unsecured Creditors: Since it is represented by the Transferor Company that there are 215 (Two Hundred And Fifteen) Unsecured Creditors in the Company on which 91.13% in value of the creditors ..... X X X X Extracts X X X X X X X X Extracts X X X X
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