https://www.taxtmi.com/caselaws?id=327842 A petition under Sections 391 to 394 of the Companies Act, 1956 sought sanction of a proposed demerger scheme. On the material before the Punjab and Haryana High Court, the demerged company had only three equity shareholders, with holders of 95.42% consenting to the scheme, and all unsecured creditors and the sole secured creditor had also consented. The resultant company had only two shareholders, both consenting, and no secured or unsecured creditors. In view of these consents and the absence of any practical purpose in holding meetings, the Court dispensed with the meetings of the equity shareholders and creditors of both companies. en-us Tue, 03 May 2016 00:00:00 +0530 Fri, 20 May 2016 13:21:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327842 A petition under Sections 391 to 394 of the Companies Act, 1956 sought sanction of a proposed demerger scheme. On the material before the Punjab and Haryana High Court, the demerged company had only three equity shareholders, with holders of 95.42% consenting to the scheme, and all unsecured creditors and the sole secured creditor had also consented. The resultant company had only two shareholders, both consenting, and no secured or unsecured creditors. In view of these consents and the absence of any practical purpose in holding meetings, the Court dispensed with the meetings of the equity shareholders and creditors of both companies. Case-Laws Companies Law Tue, 03 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327842