In Company Application No.1419 of 2015, the applicant averred that it was incorporated under the Act on 23.02.2004 with its registered office at Sy.No.64, Madhapur, Hyderabad; that its authorized share capital is Rs.5,00,000/- divided into 50,000 equity shares of Rs.10/- each; that its issued and paid up share capital is Rs.1,97,000/- divided into 19,700 equity shares of Rs.10/- each; that its main objects, as set out in the Memorandum of Association, are to carry on the business of farming, horticulture, floriculture, sericultural, cultivators of all kinds of food grains, seeds, fruits, proprietors of orchard and traders, exporters and sellers of and dealers in products of farming, horticulture, floriculture, sericulture and pisciculture etc; that its Board of Directors in their meeting, vide its resolution, dated 15.07.2015, (Annexure-5) approved the proposed scheme of arrangement, by which the building division of the applicant company will be demerged into the transferee company with effect from the appointed date i.e., 01.04.2015 and its issued and paid up capital shall stand extinguished, cancelled and reduced to the extent of Rs.97,000/and this reduction would apply pro rata to all its shareholders; that it has seven shareholders and all of them have given their No Objection affidavits, vide Annexure-7, to the proposed scheme of arrangement; that it has one secured creditor- ICICI Home Finance Company Limited for Rs.7,15,48,789/- and it has given its No Objection letter, vide Annexure-8, to the proposed scheme of arrangement and that it has one unsecured creditor for Rs.60,000/- and he has given his No Objection letter, vide Annexure-9 to the proposed scheme of arrangement.
