2017 (11) TMI 1711

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....A) 50(PB)/2017 - -<br>Corporate Laws<br>CHIEF JUSTICE M.M.KUMAR Hon&#39;ble President and Shri R. Varadharajan, For the Applicant: Shri S.P. Singh, Advocate ORDER The present application presents a piquant situation. Earlier a joint application registered as CA(CAA) 50(PB)/2017 was filed and in the first Motion we have passed an order on 01.06.2017 for holding of various meetings, appoint....

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....der, the quorum fixed for the meeting of Secured Creditors of Transferee Company was 18 in number. The meeting which was scheduled for, at 10:00 AM could commence only at 10:55 AM because of the non-availability of the scrutinizer. The meeting was postponed for half an hour since the requisite quorum was not available. Thereafter, the meeting was reconvened at 11.25 AM, however, the scrutinizer ha....

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....rson issuing the proxy had a proper authority. Therefore, no vote was allowed to be cast in case of Secured Creditors in the absence of proper proxies. Report of the scrutinizer in form of letter was received after 10 days on 29th July, 2017. The scrutinizer report/ letter is annexed herewith and marked as Annexure-D. That the final result of the poll worked out under my supervision along with ....

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....nd the consent affidavit in terms of Section 230 (6) of the Companies Act have been placed on record. 4. Having heard the learned Counsel, we are of the view that the Scheme of Amalgamation, which was presented at the stage of First Motion has not met the approval of the Creditors as per the report of the Chairperson and scrutinizer. The meetings of Creditors were convened on the request made b....