2015 (7) TMI 1250

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... appearing with learned advocate Smt. Swati Soparkar for the applicant company has made the submissions for (i) seeking directions for convening the separate meetings of Equity Shareholders, Preference Shareholders and Secured Creditors of the Applicant Company,(ii) praying for dispensation of the meeting of the Unsecured Creditors of the Applicant Company and (iii) for seeking dispensation of the procedure under Sections 100 and 101(2) of the Companies Act as well as prescribed under Rules 48 to 65 of the Companies (Court) Rules, 1959. 2. It has been submitted vide para 15 of the affidavit in support of the Judges' Summons that the proposed scheme envisages the compromise only with the Secured Creditors of the Company and the rights a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....er Section 102 of the Companies Act confirming the reduction. It has been submitted that the approval granted to the present scheme by the Equity Shareholders and Preference Shareholders of the Applicant Company at the respective meetings convened as directed herein, shall be treated as the Special Resolution as required under Section 100 of the Companies Act, 1956. It has been contended that the interests of the creditors of the Applicant Company are not in any way affected by such reduction. In view of this, considering the said submission, the procedure prescribed under Sections 100 and 101(2) of the Companies Act, 1956 as well as prescribed under Rule 48 to 65 of the Companies (Court) Rules 1959, are hereby dispensed with. 4. Whereas u....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tors with their names and addresses shall be placed on record by the Applicant Company. A certificate shall be obtained from the Postal Department confirming the total number of dispatches so made. 7. That at least 21 clear days before the meetings to be held as aforesaid, Notice convening the said meetings indicating the day, the date, the place and time as aforesaid be published, stating that copies of the Scheme of Arrangement, the Explanatory Statement required to be furnished pursuant to Section 393 of the Companies Act, 1956 and Form of Proxy can be obtained free of charge at the Registered Office of the Applicant Company and/or at its Advocate's office i.e. 301, Shivalik10 Opp. SBI Zonal Office, S.M. Road, Ambavadi, Ahmedabad380....