Common order granting two cancellation applications filed by a demerged company and a resulting company to dispense with meetings of shareholders and creditors for a proposed scheme of demerger.
Applications ordered to be allowed; dispensation granted to dispense with meetings.
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HON’BLE SRI JUSTICE A.RAMALINGESWARA RAO
C.A.Nos.1574 & 1575 of 2016
COMMON ORDER
C.A.No.1574 of 2016 is filed by the applicant/demerged
company seeking to dispense with the meeting of the shareholders, secured creditors and unsecured creditors.
As per the application, the entire share capital is held by one Zola Real Estate Private Limited and the applicant company is a fully owned subsidiary of the said company. The said holding company gave an affidavit stating that it has no objection for sanctioning the proposed scheme of demerger. The four secured creditors have also given their letters of consent for the proposed scheme. There are two unsecured creditors, who also gave their affidavits stating that they have no objection for the scheme being approved by this Court.
C.A.No.1575 of 2016 is filed by the applicant/resulting company, which is also subsidiary of Zola Real Estate Private Limited and the entire paid up capital of the resulting company is held by the same shareholder. It has given consent for sanction of the proposed scheme of demerge. There are no secured creditors and only one unsecured creditor to whom an amount of Rs.50,000/- was due and the said unsecured creditor gave an affidavit conveying no objection for the proposed scheme.
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In the circumstances, both the applications are ordered.
___________________________________ JUSTICE A.RAMALINGESWARA RAO
21st November, 2016 rkk
Demerged Company
Resulting Company
A. Ramalingeswara Rao
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
