1. Mr.Nandish Chudgar, learned counsel appearing for Nanavati Associates, seeks permission to delete Para-28 of the petition. Permission granted.
2. The present petition is filed by the petitioner-Resulting Company viz. Aarti Industries Limited seeking sanction, with or without modification(s), Scheme of Arrangement between Anushakti Chemicals and Drugs Limited ( ACDL or the Demerged Company ) Aarti Industries Limited ( AIL or the petitioner company or the Resulting Company ) and their respective Shareholders and Creditors (the Scheme of Arrangement or The Scheme ) as particularly set out in the petition.
3. It has been submitted that earlier, the petitioner had filed Company Application No.333 of 2012 for seeking directions for convening meeting of the Equity Shareholders of the petitioner Company and for dispensation of meetings of the Secured and Unsecured Creditors of the petitioner Company. In the said application, the Petitioner had undertaken to serve individual notices of hearing of the petition to the Secured and Unsecured Creditors of the Company. By an order dated 22.10.2012, this Court, inter-alia, dispensed with the meetings of Secured and Unsecured Creditors and had issued directions for convening the meeting of the Equity Shareholders of the Petitioner Company to be held at Registered Office of the Company office on 04.12.2012.
4. It has been submitted that pursuant to the said order dated 22.10.2012, the meeting of the Equity Shareholders of the Petitioner Company was held on 04.12.2012, wherein the Scheme came to be approved by the Equity Shareholders present in the meeting. The Chairman of the meeting has filed his report in this Court.
5. In the above facts, Admit.
6. Notice to the Central Government through the Regional Director, Department of Corporate Affairs, ROC Bhavan, Ankur Cross Roads, Naranpura, Ahmedabad.
7. Individual Notice of hearing of the petition be sent at least 21 (twenty One) clear days before the hearing, to all the Secured Creditors, and Unsecured Creditors of the petitioner Company having an outstanding balance of Rs.5,00,000/- (Rupees Five Lakhs) or more constituting 96.43% of the total value by, ordinary post, at their respective registered or last known addresses.
8. Notice of hearing of petition be published in Times of India (Ahmedabad Edition) in English and Gujarati translation thereof in Gujarat Samachar (Surat Edition). Publication of notice in Government Gazette is dispensed with.
9. The final hearing of the petition is fixed on 08.02.2013.
(R.M.CHHAYA, J.) Suchit Page 3 of 3