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        Court allows Scheme of Arrangement without separate proceedings for Transferee Company.

        In Re : Torrent Pharmaceuticals Limited

        In Re : Torrent Pharmaceuticals Limited - TMI Issues:
        1. Dispensation of separate proceedings for the applicant Transferee Company under a Scheme of Arrangement involving Amalgamation.
        2. Compliance with Listing Agreement requirements for a listed public limited Company.
        3. Approval and consent of Secured Creditors for the proposed Scheme.

        Issue 1: Dispensation of separate proceedings for the applicant Transferee Company under a Scheme of Arrangement involving Amalgamation:
        The judgment deals with a Scheme of Arrangement proposing the Amalgamation of a Transferor Company with a Transferee Company. The Transferee Company, being the sole Holding Company, sought dispensation of separate proceedings as the Equity Shares of the Transferor Company held by it would be automatically cancelled without issuing new shares. The Court referred to past judgments and legal positions to conclude that no separate proceedings were necessary for the Transferee Company. The Capital Structure of the Transferee Company would remain unchanged, ensuring no impact on the rights of existing shareholders. The Court relied on precedents and settled legal positions to support its decision.

        Issue 2: Compliance with Listing Agreement requirements for a listed public limited Company:
        The judgment addressed the compliance of a listed public limited Company with the Listing Agreement requirements in the context of the proposed Scheme. Despite being a listed Company, no new shares were to be issued under the Scheme, leading to the conclusion that certain procedural requirements, such as Postal Ballot and evoting for seeking approval from Public shareholders, were not necessary. The Court referred to a previous judgment to support this decision, highlighting the submission of Undertaking and Auditor's Certificate to SEBI as sufficient compliance.

        Issue 3: Approval and consent of Secured Creditors for the proposed Scheme:
        The judgment also discussed the approval and consent of Secured Creditors for the proposed Scheme. It was noted that the Net worth of the Transferee Company pre and post the Scheme remained stable, ensuring no prejudicial impact on the creditors. The Scheme did not involve any arrangement with creditors, and consent letters from all Secured Creditors were obtained in compliance with loan agreements. The Court granted dispensation for creditor meetings based on the submissions made and the facts presented, ultimately disposing of the application accordingly.

        In conclusion, the judgment thoroughly analyzed and addressed the issues related to the dispensation of separate proceedings, compliance with Listing Agreement requirements, and approval of Secured Creditors for the proposed Scheme of Amalgamation, providing detailed reasoning and legal references to support the decisions made by the Court.

        Topics

        ActsIncome Tax
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