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Tribunal grants dispensation for shareholder and creditor meetings in Company Petition The Tribunal allowed the dispensation of meetings of equity shareholders and unsecured creditors for the applicant companies in Company Petition No. ...
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Tribunal grants dispensation for shareholder and creditor meetings in Company Petition
The Tribunal allowed the dispensation of meetings of equity shareholders and unsecured creditors for the applicant companies in Company Petition No. 180/2018. All shareholders had no objections to the proposed scheme, and unsecured creditors provided consent affidavits. Pursuant to Section 230(9) of the Companies Act 2013, the requirement for meetings of unsecured creditors was waived. The application was granted, instructing the applicant companies to file a petition by a specified date, leading to the disposal of the application.
Issues involved: Dispensing with the meeting of equity shareholders and secured/unsecured creditors, requirement of publication of notice for holding meetings of shareholders/creditors.
Analysis: The Tribunal considered Company Petition No. 180/2018 where the applicant companies sought prayers to dispense with meetings of equity shareholders of transferor and transferee companies, along with secured/unsecured creditors, and the requirement of publication of notice for holding meetings. The counsel for the applicant companies stated that all shareholders had no objection to the proposed scheme. Consequently, the Tribunal allowed dispensing with the meetings of shareholders of the companies involved. It was also mentioned that while there were no secured creditors, unsecured creditors had provided consent affidavits for the proposed scheme. Therefore, under Section 230(9) of the Companies Act 2013, the meeting of unsecured creditors for all companies in the scheme was dispensed with. The application was allowed, directing the applicant companies to file a petition by a specified date, and the application was disposed of accordingly.
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