M/s Sahuwala Holdings Private Limited, Vs -

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HON’BLE SRI JUSTICE S.V. BHATT

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COMPANY APPLICATION No.723 OF 2016

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ORDER:

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Company Application is filed by M/s. Sahuwala Holdings Private Limited (resulting company).

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The application is filed under Sections 391 and 394 of the Companies Act, 1956 read with Rules 9 and 11(b) of the Companies (Court) Rules, 1959. The applicant prays for dispensing with the convening of meeting of shareholders of the applicant company.

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The applicant company is incorporated under the Act. The applicant is engaged in the business as stated in the affidavit filed along with application.

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A scheme of demerger is envisaged between the applicant company and M/s.Sahuwala Cereals Private Limited (demerged company). The resolution of Board of Directors of the applicant company dated 29.02.2016 approving the scheme is placed on record and with the assistance of learned counsel appearing for the applicant, I have perused the salient features of the proposed scheme of demerger. The applicant, therefore, through the instant application prays for dispensing with the convening of meeting of shareholders to consider the proposed scheme of demerger accepted by the board of directors of the applicant company. The applicant has enclosed consent affidavits of shareholders accepting the proposed scheme of demerger.

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From the documents exhibited, it is clear that the consent required for considering the proposed scheme of demerger is already obtained from the shareholders.

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Having regard to the above circumstances and after perusing the material available on record, I am satisfied that the statutory requirement to convene the meeting of the shareholders to consider the proposed scheme of demerger can be dispensed with, for the applicant has already taken consent from the stakeholders.

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The company application is ordered accordingly.

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S.V.BHATT, J

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Date:07.06.2016 Stp

M/s Sahuwala Holdings Private Limited, v. -

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M/s Sahuwala Holdings Private Limited, v. -

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