circulated amongst the creditors and the shareholders, the petitioner has stated that for FCCB bond holders i.e. the applicant, the company proposes roll over redemption of FCCB Bonds at 15% of face value for a further period of 7 years at a recent value fixed. The learned counsel submitted that however, in the correspondence between the applicant and the petitioner, the applicant has stated stated that the agreement of rolling over the principal amount for a period for five years will be with the same terms and yield given to maturity will be converted into equity. The learned counsel for the applicant submitted that in the same communication it is stated by the petitioner that the said agreement will be minuted in the meeting dated 24 May 2013 and it will be submitted to the Court for approval of the scheme meaning thereby that the said amendment will not be circulated amongst the other Stakeholders. The learned counsel for the applicant submitted that meeting that was to be held on 24 May 2013, which is now stayed, was a meeting of shareholders, creditors and such other stakeholders and such agreement cannot be merely minuted, but will amount to an amendment to the scheme already circulated.
