Court Dispenses Shareholder and Creditor Meetings, Notices Sent to Secured Creditors

The Court dispensed with the meetings of Equity Shareholders, Preference Shareholders, Secured Creditors, and Unsecured Creditors due to high consent percentages and lack of compromise offers. Individual notices were to be sent to Secured Creditors for their views. The Court also dispensed with the publication of notice in the Official Gazette. The Applicant's substantial net worth post-Arrangement was considered sufficient to discharge liabilities.

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Issues:
Dispensing with meetings of Equity Shareholders, Preference Shareholders, Secured Creditors, Unsecured Creditors, and publication of notice in the Official Gazette.

Equity Shareholders:
The Applicant sought dispensation of the meeting of Equity Shareholders due to 99.95% consent. The Chartered Accountant certified the list of Equity Shareholders. The Court dispensed with the meeting based on the consent and certification.

Preference Shareholders:
Dispensation of the meeting of Preference Shareholders was requested as 87.96% gave consent. The Chartered Accountant certified the list of Preference Shareholders. The Court dispensed with the meeting based on the consent and certification.

Secured Creditors:
The Applicant requested dispensation of the meeting of Secured Creditors, as there were only 4 and no compromise was offered. The Applicant agreed to send individual notices to Secured Creditors for their views. The Court dispensed with the meeting but required informing the Court of the Secured Creditors' opinions.

Unsecured Creditors:
The meeting of Unsecured Creditors was requested to be dispensed with as their rights were unaffected by the proposed Scheme. The Applicant's substantial net worth post-Arrangement was deemed sufficient to discharge liabilities. The Court dispensed with the meeting as no compromise was offered to Unsecured Creditors.

Publication of Notice:
The Court ordered the dispensation of publication of notice in the Official Gazette. The application was allowed in the terms mentioned, based on the submissions and documents presented.

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