https://www.taxtmi.com/caselaws?id=411929 The application under Sections 230(1) and 232(1) of the Companies Act, 2013 for a Scheme of Arrangement involving multiple companies was approved. The Scheme, concerning amalgamation, safeguards creditors' rights and ensures a positive net worth post-amalgamation. Meetings for Secured/Unsecured Creditors were directed, while Equity shareholders' meetings were waived due to obtained consents. Specific procedures for meetings, including virtual attendance and voting, were outlined. The application specified voting eligibility criteria and mechanisms, with a three-fourths majority required for Scheme resolution passage. Notices under Section 230(5) are to be served, and compliance affidavits must be filed before meetings. The application was disposed of pending fulfillment of formalities. en-us Fri, 13 Aug 2021 00:00:00 +0530 Tue, 07 Sep 2021 08:04:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411929 The application under Sections 230(1) and 232(1) of the Companies Act, 2013 for a Scheme of Arrangement involving multiple companies was approved. The Scheme, concerning amalgamation, safeguards creditors' rights and ensures a positive net worth post-amalgamation. Meetings for Secured/Unsecured Creditors were directed, while Equity shareholders' meetings were waived due to obtained consents. Specific procedures for meetings, including virtual attendance and voting, were outlined. The application specified voting eligibility criteria and mechanisms, with a three-fourths majority required for Scheme resolution passage. Notices under Section 230(5) are to be served, and compliance affidavits must be filed before meetings. The application was disposed of pending fulfillment of formalities. Case-Laws Companies Law Fri, 13 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411929