1. The present petition has been preferred by Kishore Vadilal Private Limited (De-merged Company) in the proposed Scheme of Arrangement, in the nature of de-merger and transfer of the de-merged Undertakings II and III of the petitioner company to SA Innovations Private Limited and Ratnamani Medi Service Private Limited, the respective Resulting companies.
2. Heard Mrs. Swati Soparkar, learned advocate for the petitioner De-merged Company.
3. It is submitted that, vide order dated 27th April, 2012, passed in Company Application No.175 of 2012, this Court dispensed with holding of the meeting of the Equity Shareholders of the Company, in view of the approval to the Scheme obtained from all Equity Shareholders, in the form of written consent letters, that have been placed on record along with a Certificate from a Chartered Accountant.
4. Vide the said order, separate meetings of the Secured and Unsecured Creditors of the company were directed to be convened, and the same were duly convened on 14th June, 2012. The proposed Scheme of Arrangement was duly approved unanimously, that is, 100% in number and 100% in value, by the Secured Creditors as well as Unsecured Creditors of the Company, at the respective meetings. The report of the Chairman dated 23rd June, 2012 has been filed to show the result of the said meetings. Hence, this petition is moved for obtaining the sanction of this Court.
5. Admit.
6. To be heard on Tuesday, the 31st day of July, 2012.
7. To be advertised in the Daily English Newspaper "Indian Express" and Daily Gujarati Newspaper "Sandesh", both Ahmedabad Editions.
8. Publication in the Government Gazette is dispensed with.
9. Notice to the Central Government through the Regional Director, Department of Corporate Affairs.
(SMT. ABHILASHA KUMARI, J.) chandrashekhar* Top