2021 (11) TMI 27

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....plication; b) Modify the order dated 31.08.2021 as stated in para 3(b) of the present application. c) Pass such order or further order(s) as this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the present case." 2. It is stated by the Applicants that vide order dated 31.08.2021, this Bench had allowed the First Motion Application filed by the Applicant Companies. 3. That the present Application has been filed to seek rectification and modification of the order dated 31.08.2021. 4. As for the prayer for rectification, the following have been pointed out by the Applicant Companies: i) "It is mentioned in para 15 (i) that, venue of the meeting is mentioned as "3 August Kranti ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....es, and the members present after 30 minutes shall be deemed to constitute the quorum for the said meeting"; iv) It is mentioned in para 15(ii) that, "the meeting of Secured creditors is scheduled to be held on 20.10.2021, at 12.30 through video conferencing", from which Secured creditors should be replaced with "unsecured creditors". In Para no. 14 of the said order, it is mentioned "that 99.83% 'in value' of the secured creditors of the Transferee Company have given 'no objection to the Scheme on an affidavit, the requirement of convening the meeting of Secured creditors of the Transferee Company is dispensed with; v) In last line of Para No. 18 of said order, it is mentioned that, "...at least 30 da....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....said meeting." 6. After hearing submissions of the Applicant companies and perusing the documents on record, this Bench observes that the Applicants have filed the present Application under Section 420 of Companies Act, 2013. Therefore, we would like to examine whether the reliefs sought by the Applicant Companies fall under the ambit of Section 420 of Companies Act 2013? To adjudicate the same, it is necessary to visit the contents of Section 420(2) of Companies Act, 2013. The same are reproduced below: "420. Orders of Tribunal.- (1) .... (2) The Tribunal may, at any time within two years from the date of the order, with a view to rectifying any mistake apparent from the record, amend any order passed by it, 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, as regards to the mode of issuing notices of the meetings of Unsecured Creditor and Shareholders, while taking note of the large number of Shareholders in the Transferee Company, it is held that the word 'and' used in the following phrase "notices in this regard shall be sent by Courier or Registered Post or Speed Post and E-mail addressed to each of the shareholders of the Transferee Company at the last known address and their e-mail addresses as per its records." shall stand replaced with 'or'. 12. That as regards the quorum for the shareholders' meeting, it is stated by the Applicant Companies that there should be no minimum limit set for the quorum if the initial quorum specified as 4,400 shareholders of the m....