https://www.taxtmi.com/caselaws?id=409476 A joint application for a scheme of arrangement in the nature of demerger was allowed, with directions to convene meetings of equity shareholders and unsecured creditors of both applicant companies. The Tribunal dispensed with the meeting of secured creditors of the first applicant company because its sole secured creditor had given written consent to the scheme and waiver, and no meeting of secured creditors was required for the second applicant company because it had none. The application was supported by board approvals, valuation and accounting disclosures, absence of pending investigation or proceedings, and relevant no-objection communications. The directions also covered notice publication, service of explanatory statements, quorum, appointment of a chairperson and scrutinizer, and filing of the meeting report. en-us Tue, 22 Jun 2021 00:00:00 +0530 Fri, 09 Jul 2021 09:32:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409476 A joint application for a scheme of arrangement in the nature of demerger was allowed, with directions to convene meetings of equity shareholders and unsecured creditors of both applicant companies. The Tribunal dispensed with the meeting of secured creditors of the first applicant company because its sole secured creditor had given written consent to the scheme and waiver, and no meeting of secured creditors was required for the second applicant company because it had none. The application was supported by board approvals, valuation and accounting disclosures, absence of pending investigation or proceedings, and relevant no-objection communications. The directions also covered notice publication, service of explanatory statements, quorum, appointment of a chairperson and scrutinizer, and filing of the meeting report. Case-Laws Companies Law Tue, 22 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409476