Court Dispenses Shareholder and Creditor Meetings for Scheme Approval

The court dispensed with the meetings of Equity Shareholders, Preference Shareholders, Secured Creditors, and Unsecured Creditors for considering a Composite Scheme of Arrangement. All shareholders and creditors provided consent, and the Chartered Accountant certified the shareholder and creditor lists. The court acknowledged the absence of Secured Creditors and exempted their meeting. Additionally, the publication of notice in the Official Gazette was also dispensed with. The application for dispensation of meetings and publication was allowed as per the court's order.

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Issues involved: Application for dispensation of meetings of Equity Shareholders, Preference Shareholders, Secured Creditors, and Unsecured Creditors for considering a Composite Scheme of Arrangement.

Equity Shareholders Meeting:
The Judges Summons sought dispensation of the Equity Shareholders meeting as all shareholders had given their consent. The Chartered Accountant certified the list of Equity Shareholders. The Court dispensed with the meeting based on the consent letters and the certificate.

Preference Shareholders Meeting:
Similar to the Equity Shareholders, the Preference Shareholders meeting was dispensed with as all shareholders provided consent, and the Chartered Accountant certified the list of Preference Shareholders. The Court ordered the dispensation of this meeting.

Secured Creditors Meeting:
Since there were no Secured Creditors for the Transferor Company, the meeting for Secured Creditors was dispensed with. The Court acknowledged the absence of Secured Creditors and exempted the meeting accordingly.

Unsecured Creditors Meeting:
The Unsecured Creditors meeting was dispensed with as all creditors had given their consent, supported by a Chartered Accountant's certificate verifying the list of Unsecured Creditors. The Court ordered the dispensation of this meeting based on the provided documentation.

Publication of Notice:
The Court ordered the dispensation of the publication of notice in the Official Gazette. The application for dispensation of meetings and publication was allowed in the above terms as per the Court's order.

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