Dispensation granted for shareholder meetings to consider Scheme of Arrangement

The Court granted dispensation for meetings of Equity Shareholders, Preference Shareholders, Secured Creditors, and Unsecured Creditors of the Transferor Company to consider a Scheme of Arrangement. Dispensation was approved as all shareholders consented, no Secured Creditors were present, and Unsecured Creditors' rights were unaffected. The Court also dispensed with the publication notice requirement in the Official Gazette.

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Issues involved: Application for dispensing with meetings of Equity Shareholders, Preference Shareholders, Secured and Unsecured Creditors of the Transferor Company for considering a Scheme of Arrangement.

Equity Shareholders Meeting Dispensation:
The Applicant sought dispensation of the Equity Shareholders meeting, as all shareholders had given consent. The Chartered Accountant certified the list of Equity Shareholders. The Court granted dispensation based on the provided documents.

Preference Shareholders Meeting Dispensation:
Dispensation of the Preference Shareholders meeting was requested due to all shareholders giving consent. The Chartered Accountant certified the list of Preference Shareholders. The Court approved the dispensation based on the submissions.

Secured Creditors Meeting Dispensation:
Dispensation of the Secured Creditors meeting was sought as there were no Secured Creditors. The Chartered Accountant certified the absence of Secured Creditors. The Court dispensed with the meeting accordingly.

Unsecured Creditors Meeting Dispensation:
The Applicant requested dispensation of the Unsecured Creditors meeting, stating that their rights and interests would not be affected by the proposed Scheme. The Chartered Accountant certified the current status of Unsecured Creditors. The Court dispensed with the meeting as no compromise or arrangement was offered to the Unsecured Creditors.

Publication Notice Dispensation:
The Court ordered the dispensation of publication notice in the Official Gazette. The application was allowed in the terms mentioned, granting dispensation for all the requested meetings and publication notice.

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