TaxTMI 
TaxTMI 
2016 (5) TMI 823
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....JAIN, J. This petition is filed under Sections 391 to 394 of the Companies Act, 1956 [for short 'the Act'], duly supported by affidavits of Demerged Company and Resultant Company, seeking dispensation of the convening of meetings of their Equity Shareholders and Creditors for sanctioning of the Scheme of Demerger (Annexure P-14) [for short 'the Scheme'] vide which "Demerged Undertaking" of Sun-N....
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....oved the Scheme in their respective meetings held on 08.12.2015/12.12.2015 vide Resolutions attached as Annexures P-3 (Colly) and P-9 (Colly), respectively. The authorised share capital of the Sun-N-Shade Sunvisors Private Limited (Applicant/Demerged Company) as on 8.12.2015 is Rs. 2,10,00,000/- divided into 21,00,000 Equity shares of Rs. 10/- each. The issued, subscribed and paid up Share capita....
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....xed with the aforesaid Annexure P-4 (Colly). The Sun-N-Shade Sunvisors Private Limited (Applicant/Demerged Company) has 24 (Twenty Four) Unsecured Creditors as per the list, certified by the Director of the Company and Ashwani & Company, Chartered Accountants annexed at Annexure P-5 (Colly) and all of them have given their consents to the Scheme, the same are also annexed with the aforesaid Annex....
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....editors of the Sun-N-Shade Production Private Limited (Applicant/Resultant Company) as certified by the authorised signatory of the Company and Ashwani & Company, Chartered Accountants vide certificates annexed at Annexure P-11 (Colly) and P-12 (Colly), respectively. Keeping in view of the matter, reasons stated above, and the consent to the Scheme given by the majority of Shareholders of the appl....