Single judge order dispensing with the need to convene a shareholders meeting for a demerger application where all equity shareholders had already consented to the scheme.
Application to dispense with convening of shareholder meeting for the demerger scheme.
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HON’BLE SRI JUSTICE A.RAMALINGESWARA RAO COMPANY APPLICATION No.1564 OF 2016
ORDER
This application is filed by the applicant/demerged company to dispense with the convening of the meeting of the equity shareholders of the applicant company.
The applicant company was incorporated on 28th September, 2007. MN takshila Industries Private Limited/resulting company was incorporated on 9th July, 2016. The Board of Directors of the applicant/demerged company and resulting company at their respective meetings held on 5th & 27th October, 2016, approved and adopted the Scheme with effect from the appointed date i.e., 1st October, 2016, subject to the approval/consent of the shareholders and creditors. The scheme involves the demerger/transfer of demerged undertaking of the demerged company into the resulting company. Both the demerged and the resulting companies are engaged in the business of establishing, constructing, developing, operating and maintaining biotechnology parks and projects. There are two equity shareholders in the applicant/demerged company and they have given their consent letters to the proposed Scheme.
In the circumstances, the application to dispense with the convening of the meeting of the equity shareholders of the applicant/demerged company, is ordered.
__________________________________ JUSTICE A.RAMALINGESWARA RAO
14th November, 2016 rkk
2
MN Takshila Industries Private Limited
A. Ramalingeswara Rao
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
