2025 (5) TMI 1924

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.... certified copy within two weeks. Main Appeal 2. This Appeal is against an impugned Order dated 29th January, 2025. The Appellant is aggrieved of the direction given in sub-para - (i) of para 17 of the impugned Order which says the quorum of the meeting of the equity shareholders shall be 51% in number of the equity shareholders or 51% in value of the equity share capital of the respective companies as on the date of this Order. Further it directs "The proxy(ies) will not be counted for the calculation of the quorum for the above meetings of the Equity Shareholders. In case, the quorum is not present within half an hour from the time appointed for holding the meeting of Equity Shareholders, then the Chairman shall adjourn the meeting to ....

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.... (2) If the quorum is not present within half-an-hour from the time appointed for holding a meeting of the company- (a) the meeting shall stand adjourned to the same day in the next week at the same time and place, or to such other date and such other time and place as the Board may determine; or (b) the meeting, if called by requisitionists under section 100, shall stand cancelled: Provided that in case of an adjourned meeting or of a change of day, time or place of meeting under clause (a), the company shall give not less than three days notice to the members either individually or by publishing an advertisement in the newspapers (one in English and one in vernacular language) which is in circulation at the place where the regist....

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.... through video conferencing and/or other audio- visual means. In case the required quorum as stated above is not present at the commencement of the meeting, the meeting shall be adjourned by 30 (thirty) minutes and thereafter the persons present shall be deemed to constitute the quorum." 7. Further, in "Minda I Connect Pvt. Ltd. vs. Minda Industries Ltd." - Company Appeal (AT) No.134 of 2021 this Tribunal held as under:- "8. Having regard to the fact that the Scheme of Amalgamation is already approved with most of the stakeholders assenting, with Equity Shareholders representing 100% in number and 100% in value of Appellant 1/Company who had given their consent on affidavit; the Secured Creditors of Appellant 1/Company representing 100%....