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

....or the Applicant(s): Mr Hemant Sethi, 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 demer....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ultancy includes providing the best solution in the form of custom software 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 th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e Scheme is fixed as 1st April, 2019. 5. The Applicant Companies submit that in the First Applicant 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 conse....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....3 as there is no compromise or arrangement with any of the secured and unsecured Creditors. This bench 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 s....