2020 (2) TMI 1333

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hi, Hemant Sethi & Co. ORDER V. Nallasenapathy, 1. The Applicant Companies submit that the present Scheme is a Scheme of Arrangement between Clover Technologies Private Limited ('The Demerged Company') with Clover Infotech Private Limited ('The Resulting Company') and their respective Shareholders. This Scheme of Arrangement is proposed to carry out demerger of the Business Undertaking of Clo....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....oftware after analyzing the users needs and problems. Custom software also includes made-to-order software based on orders from specific users. Also, included are writing of software of any kind following directives of the users; software maintenance, web-page design]. 3. The Applicant Companies submit that the rationale for the scheme is that the management of the Group believes that the demerge....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....plicant Company there are 2 (Two) Equity Shareholders. Both the Equity Shareholders have given their consent affidavits which are annexed to the additional affidavit filed on 3rd January 2020. 6. In view of the fact that all the Equity Shareholders of the First Applicant Company have given their consent affidavits, the meeting of the Equity Shareholders of the First Applicant Company is hereby di....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hereby directs that notice be given to all the Secured and Unsecured Creditors of the Applicant Companies under Section 230(3) of the Companies Act, 2013 with a direction that they may submit their representations, if any, to the Tribunal and copy of such representations shall simultaneously be served upon the Applicant Companies. 10. The Applicant Companies are directed to serve notices along wi....