Dispensation granted for equity shareholders & unsecured creditors meetings, secured creditors meeting directed by court. The court granted dispensation of meetings for equity shareholders and unsecured creditors of the de-merged company based on their consent and supporting ...
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Dispensation granted for equity shareholders & unsecured creditors meetings, secured creditors meeting directed by court.
The court granted dispensation of meetings for equity shareholders and unsecured creditors of the de-merged company based on their consent and supporting Chartered Accountant certifications. All unsecured creditors also consented. Meetings were dispensed with, along with the advertising requirements. The court directed a meeting of secured creditors to be held at the company's office, chaired by Mr. Purshottam Gandevikar. Mr. Girish Gandevikar was designated as backup chair. The chairman was to report the meeting outcome to the court, with notice publication in specified newspapers. The application was disposed of, concluding the legal proceedings.
Issues: Dispensation of meetings of shareholders, preference shareholders, and unsecured creditors; directions for convening a meeting of secured creditors.
Dispensation of meetings of shareholders, preference shareholders, and unsecured creditors: The applicant, a de-merged company, sought dispensation of meetings of shareholders, preference shareholders, and unsecured creditors. The equity and preference shareholders provided their consent, supported by a Chartered Accountant's certification. Similarly, all unsecured creditors also consented to the proposed scheme, with a Chartered Accountant's report confirming the same. Considering the consent letters and the Chartered Accountant's certificate, the court dispensed with the meetings of equity shareholders and unsecured creditors, along with the requirement for advertisement in newspapers and publication in the Government Gazette.
Directions for convening a meeting of secured creditors: The judgment mandated the holding of a meeting of secured creditors at the applicant company's registered office on a specified date. The responsibility of chairing the meeting was assigned to Mr. Purshottam Gandevikar, with Mr. Girish Gandevikar as a backup in case of absence. It was further directed that the chairman would submit a report of the meeting to the Court. The notice of the meeting was instructed to be published in specific English and Gujarati daily newspapers. The application was disposed of, concluding the legal proceedings.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
