w w w . L a w y e r S e r v i c e s . i n



In The Matter of: M/s. Arihant Unitech Realty Projects Limited & Another


Company & Directors' Information:- UNITECH LIMITED [Active] CIN = L74899DL1971PLC009720

Company & Directors' Information:- D B REALTY LIMITED [Active] CIN = L70200MH2007PLC166818

Company & Directors' Information:- Y K M PROJECTS PRIVATE LIMITED [Active] CIN = U40109TG2008PTC057263

Company & Directors' Information:- ARIHANT LIMITED [Amalgamated] CIN = L36900WB1998PLC087493

Company & Directors' Information:- ARIHANT UNITECH REALTY PROJECTS LIMITED [Active] CIN = U74899DL2005PLC142338

Company & Directors' Information:- UNITECH (INDIA) PRIVATE LIMITED [Strike Off] CIN = U74899DL1983PTC015491

Company & Directors' Information:- N G REALTY PRIVATE LIMITED [Active] CIN = U45200GJ2005PTC047211

Company & Directors' Information:- J. S. REALTY PRIVATE LIMITED [Active] CIN = U45202MH2011PTC213076

Company & Directors' Information:- B C C PROJECTS PVT LTD [Active] CIN = U74899DL2001PTC112102

Company & Directors' Information:- ARIHANT CORPORATION LIMITED [Active] CIN = L00000PB1986PLC006798

Company & Directors' Information:- W AND W PROJECTS PRIVATE LIMITED [Active] CIN = U65910DL1989PTC036754

Company & Directors' Information:- H AND V PROJECTS PRIVATE LIMITED [Active] CIN = U72400DL2011PTC220047

Company & Directors' Information:- M A PROJECTS PRIVATE LIMITED [Active] CIN = U70101DL2005PTC135093

Company & Directors' Information:- INDIA REALTY PRIVATE LIMITED [Active] CIN = U70101DL2003PTC123456

Company & Directors' Information:- S. V. S. PROJECTS PRIVATE LIMITED [Active] CIN = U70100AP1998PTC029024

Company & Directors' Information:- S V S PROJECTS INDIA PRIVATE LIMITED [Active] CIN = U45200AP2015PTC096787

Company & Directors' Information:- P R R REALTY PRIVATE LIMITED [Active] CIN = U70100MH2010PTC208896

Company & Directors' Information:- Z H PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45400WB2012PTC184307

Company & Directors' Information:- S L REALTY PRIVATE LIMITED [Active] CIN = U67190MH2000PTC123592

Company & Directors' Information:- T & I PROJECTS LTD [Active] CIN = L29130WB1984PLC038232

Company & Directors' Information:- B 2 R PROJECTS PRIVATE LIMITED [Active] CIN = U45400WB2013PTC189971

Company & Directors' Information:- A R D REALTY PRIVATE LIMITED [Amalgamated] CIN = U70101CH1997PTC020239

Company & Directors' Information:- C M PROJECTS PRIVATE LIMITED [Active] CIN = U45201DL2004PTC130580

Company & Directors' Information:- U S REALTY PRIVATE LIMITED [Active] CIN = U70100MH2005PTC150744

Company & Directors' Information:- N G PROJECTS LIMITED [Active] CIN = U45201GJ2003PLC042152

Company & Directors' Information:- D. K. REALTY (INDIA) PRIVATE LIMITED [Active] CIN = U70102MH2012PTC234931

Company & Directors' Information:- M. J. REALTY PRIVATE LIMITED [Active] CIN = U70200WB2010PTC144642

Company & Directors' Information:- D. C. REALTY PRIVATE LIMITED [Active] CIN = U70109WB2008PTC124999

Company & Directors' Information:- J T L PROJECTS PRIVATE LIMITED [Active] CIN = U70101KL2006PTC019439

Company & Directors' Information:- V R PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45400AP2007PTC054901

Company & Directors' Information:- D C R PROJECTS PRIVATE LIMITED [Active] CIN = U45209TG2007PTC056307

Company & Directors' Information:- K V N REALTY PRIVATE LIMITED [Active] CIN = U70109DL2014PTC270404

Company & Directors' Information:- R. R. PROJECTS PVT LTD [Active] CIN = U45200TG1982PTC003711

Company & Directors' Information:- S R PROJECTS INDIA PVT LTD [Active] CIN = U45207WB1981PTC033286

Company & Directors' Information:- J V PROJECTS PRIVATE LIMITED [Active] CIN = U74899DL1995PTC069037

Company & Directors' Information:- B N PROJECTS PRIVATE LIMITED [Active] CIN = U45201GJ2009PTC058067

Company & Directors' Information:- J P PROJECTS PRIVATE LIMITED [Active] CIN = U70109WB2011PTC165990

Company & Directors' Information:- V V REALTY PRIVATE LIMITED [Active] CIN = U45201KA2014PTC077263

Company & Directors' Information:- ARIHANT INDIA LIMITED [Active] CIN = U74210DL1991PLC019292

Company & Directors' Information:- ARIHANT LIMITED [Strike Off] CIN = U51909DL1985PLC022425

Company & Directors' Information:- K R S PROJECTS PRIVATE LIMITED [Active] CIN = U70102AP2012PTC082232

Company & Directors' Information:- B S C PROJECTS PRIVATE LIMITED [Active] CIN = U45200DL2011PTC227768

Company & Directors' Information:- S N PROJECTS LIMITED [Active] CIN = U85110KA1996PLC021040

Company & Directors' Information:- B. D. PROJECTS PRIVATE LIMITED [Amalgamated] CIN = U45400WB2010PTC147620

Company & Directors' Information:- M S REALTY PRIVATE LIMITED [Active] CIN = U74999PN1995PTC090283

Company & Directors' Information:- G G PROJECTS PRIVATE LIMITED [Active] CIN = U45201DL1998PTC091501

Company & Directors' Information:- ARIHANT PROJECTS LTD [Amalgamated] CIN = U74140WB1983PLC036474

Company & Directors' Information:- M. K. N. PROJECTS PRIVATE LIMITED [Active] CIN = U70101DL2009PTC196755

Company & Directors' Information:- M B R PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45300KA2009PTC049005

Company & Directors' Information:- K P S PROJECTS PRIVATE LIMITED [Active] CIN = U70102TG2005PTC046280

Company & Directors' Information:- T M R PROJECTS PRIVATE LIMITED [Active] CIN = U45400DL2010ULT211007

Company & Directors' Information:- J. D. REALTY PRIVATE LIMITED [Active] CIN = U45400MH2011PTC215183

Company & Directors' Information:- S R K REALTY PRIVATE LIMITED [Active] CIN = U45102MH2006PTC158838

Company & Directors' Information:- N K D PROJECTS PRIVATE LIMITED [Active] CIN = U45400WB2008PTC128819

Company & Directors' Information:- P. R. REALTY PRIVATE LIMITED [Converted to LLP and Dissolved] CIN = U67120WB1978PTC031329

Company & Directors' Information:- A I PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45203WB2000PTC091229

Company & Directors' Information:- S K N REALTY PRIVATE LIMITED [Active] CIN = U45400DL2007PTC167522

Company & Directors' Information:- M R REALTY PRIVATE LIMITED [Active] CIN = U45201GJ2003PTC041943

Company & Directors' Information:- V AND M PROJECTS PRIVATE LIMITED [Active] CIN = U45201DL2005PTC139731

Company & Directors' Information:- G L REALTY PRIVATE LIMITED [Amalgamated] CIN = U45400WB2009PTC137208

Company & Directors' Information:- G R REALTY PRIVATE LIMITED [Active] CIN = U70109WB2010PTC155534

Company & Directors' Information:- PROJECTS PVT LTD [Strike Off] CIN = U45201WB1951PTC019759

Company & Directors' Information:- U M T REALTY INDIA PRIVATE LIMITED [Active] CIN = U45400MH2011PTC221282

Company & Directors' Information:- A. N. REALTY PRIVATE LIMITED [Active] CIN = U70200DL2009PTC196056

Company & Directors' Information:- V K M PROJECTS PRIVATE LIMITED [Active] CIN = U45400UP2011PTC045725

Company & Directors' Information:- S A K REALTY PRIVATE LIMITED [Active] CIN = U45201MP2009PTC021488

Company & Directors' Information:- C R PROJECTS PRIVATE LIMITED [Active] CIN = U45400PB2009PTC032572

Company & Directors' Information:- N D B K PROJECTS (INDIA) PRIVATE LIMITED [Active] CIN = U27100PB2012PTC036987

Company & Directors' Information:- N P R PROJECTS INDIA PRIVATE LIMITED [Strike Off] CIN = U45400TN2012PTC086360

Company & Directors' Information:- G P N PROJECTS PRIVATE LIMITED [Strike Off] CIN = U18101TZ2006PTC012749

Company & Directors' Information:- B & F REALTY PRIVATE LIMITED [Strike Off] CIN = U45400MH2008PTC183141

Company & Directors' Information:- V F M REALTY PRIVATE LIMITED [Active] CIN = U45300MH2004PTC148115

Company & Directors' Information:- V K R PROJECTS PRIVATE LIMITED [Active] CIN = U45200TG2005PTC046370

Company & Directors' Information:- I N C PROJECTS PRIVATE LIMITED [Active] CIN = U70109WB2005PTC101620

Company & Directors' Information:- V S REALTY PRIVATE LIMITED [Active] CIN = U45400WB2007PTC121039

Company & Directors' Information:- D J PROJECTS PRIVATE LIMITED [Active] CIN = U15201DL2005PTC134979

Company & Directors' Information:- T AND M PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45201KA2008PTC045199

Company & Directors' Information:- A. F. REALTY PRIVATE LIMITED [Under Process of Striking Off] CIN = U45400MH2015PTC268820

Company & Directors' Information:- A. P. REALTY LIMITED [Active] CIN = U70102MH2008PLC178464

Company & Directors' Information:- S. G. M. REALTY LIMITED [Active] CIN = U45202MH2008PLC188746

Company & Directors' Information:- B S REALTY (INDIA) PRIVATE LIMITED [Active] CIN = U45202MH2010PTC204747

Company & Directors' Information:- A C G PROJECTS PRIVATE LIMITED [Active] CIN = U45201UP1999PTC024162

Company & Directors' Information:- R. B. REALTY LIMITED [Strike Off] CIN = U70200WB2010PLC142194

Company & Directors' Information:- C K B PROJECTS INDIA LIMITED [Strike Off] CIN = U70102WB2012PLC188740

Company & Directors' Information:- UNITECH REALTY PRIVATE LIMITED [Active] CIN = U74999DL1995PTC069923

Company & Directors' Information:- D R PROJECTS PRIVATE LIMITED [Active] CIN = U74899DL2001PTC109612

Company & Directors' Information:- L N PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45200TG2004PTC043064

Company & Directors' Information:- H B PROJECTS PVT LTD [Amalgamated] CIN = U45201WB1993PTC058846

Company & Directors' Information:- N. K. REALTY PRIVATE LIMITED [Active] CIN = U45400MH2007PTC171428

Company & Directors' Information:- D K P REALTY PRIVATE LIMITED [Strike Off] CIN = U45400MH2015PTC260738

Company & Directors' Information:- K S A REALTY PRIVATE LIMITED [Active] CIN = U70102MH2010PTC198769

Company & Directors' Information:- R S M P REALTY PRIVATE LIMITED [Active] CIN = U70102MH2011PTC221846

Company & Directors' Information:- H K S REALTY PRIVATE LIMITED [Active] CIN = U70102MH2015PTC269978

Company & Directors' Information:- C K REALTY PRIVATE LIMITED [Active] CIN = U70102PN2008PTC132442

Company & Directors' Information:- A R N PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45202MH2010PTC199122

Company & Directors' Information:- V REALTY PRIVATE LIMITED [Converted to LLP] CIN = U45200TN2007PTC065014

Company & Directors' Information:- R K M REALTY PRIVATE LIMITED [Active] CIN = U70100WB2010PTC147453

Company & Directors' Information:- A J REALTY PRIVATE LIMITED [Amalgamated] CIN = U74140WB2001PTC093852

Company & Directors' Information:- G B REALTY INDIA PRIVATE LIMITED [Active] CIN = U70101CT2010PTC021655

Company & Directors' Information:- C N R PROJECTS INDIA PRIVATE LIMITED [Active] CIN = U45201KA2007PTC041355

Company & Directors' Information:- L S S PROJECTS PRIVATE LIMITED [Active] CIN = U45400UP2013PTC059508

Company & Directors' Information:- R. M. REALTY PRIVATE LIMITED [Converted to LLP] CIN = U70109MH2010PTC202777

Company & Directors' Information:- N N REALTY PRIVATE LIMITED [Strike Off] CIN = U70200MH2013PTC243807

Company & Directors' Information:- S B REALTY PRIVATE LIMITED [Under Process of Striking Off] CIN = U45400MH2007PTC169591

Company & Directors' Information:- J. N. REALTY PRIVATE LIMITED [Strike Off] CIN = U45400MH2007PTC171518

Company & Directors' Information:- B. G. PROJECTS PRIVATE LIMITED [Active] CIN = U45400MH2012PTC231270

Company & Directors' Information:- A. M. S. REALTY PRIVATE LIMITED [Active] CIN = U70102MH2007PTC171548

Company & Directors' Information:- D. T. REALTY PRIVATE LIMITED [Converted to LLP and Dissolved] CIN = U70102MH2007PTC175823

Company & Directors' Information:- M I REALTY PRIVATE LIMITED [Active] CIN = U70102MH2010PTC206059

Company & Directors' Information:- M. U. REALTY PRIVATE LIMITED [Active] CIN = U70102MH2010PTC209908

Company & Directors' Information:- A & O REALTY PRIVATE LIMITED [Active] CIN = U70102MH2013PTC248941

Company & Directors' Information:- R F REALTY PRIVATE LIMITED [Strike Off] CIN = U70102MH2013PTC241612

Company & Directors' Information:- UNITECH CORPORATION PRIVATE LIMITED [Active] CIN = U74999PN2013PTC149478

Company & Directors' Information:- D V REALTY PRIVATE LIMITED [Active] CIN = U45209MH2013PTC244810

Company & Directors' Information:- K L PROJECTS PRIVATE LIMITED [Active] CIN = U27104DL2003PTC119655

Company & Directors' Information:- K S M PROJECTS PRIVATE LIMITED [Active] CIN = U45400DL2009PTC194824

Company & Directors' Information:- I S R PROJECTS PRIVATE LIMITED [Active] CIN = U74140DL2005PTC138210

Company & Directors' Information:- V A REALTY PRIVATE LIMITED [Strike Off] CIN = U70109DL2013PTC255007

Company & Directors' Information:- K V REALTY PRIVATE LIMITED [Active] CIN = U70109DL2016PTC302492

Company & Directors' Information:- K Z REALTY PRIVATE LIMITED [Active] CIN = U70102DL2012PTC239147

Company & Directors' Information:- U & I REALTY PRIVATE LIMITED [Strike Off] CIN = U70101DL2013PTC252585

Company & Directors' Information:- V. V. P. REALTY PRIVATE LIMITED [Active] CIN = U70101MP2012PTC027905

Company & Directors' Information:- M A G REALTY PRIVATE LIMITED [Active] CIN = U70104HR2010PTC040515

Company & Directors' Information:- A R P PROJECTS PRIVATE LIMITED [Active] CIN = U45200HR2012PTC044979

Company & Directors' Information:- H V PROJECTS PVT LTD [Active] CIN = U45202HR1997PTC033617

Company & Directors' Information:- V & V PROJECTS PRIVATE LIMITED [Strike Off] CIN = U70109KA2005PTC037578

Company & Directors' Information:- K R REALTY PRIVATE LIMITED [Strike Off] CIN = U45200GJ2011PTC064570

Company & Directors' Information:- B. P. S. R. PROJECTS PRIVATE LIMITED [Active] CIN = U70109RJ2018PTC063238

Company & Directors' Information:- R M S PROJECTS PVT LTD [Strike Off] CIN = U74210DL1975PTC007946

Company & Directors' Information:- K. P. REALTY PRIVATE LIMITED [Strike Off] CIN = U45201GJ2006PTC049631

Company & Directors' Information:- UNITECH LIMITED [Not available for efiling] CIN = U99999DL2000PTC901976

    CA. No. 216 & 217/CAA of 2018

    Decided On, 28 March 2019

    At, National Company Law Tribunal Chennai

    By, THE HONOURABLE MR. CH. MOHD SHARIEF TARIQ
    By, JUDICIAL MEMBER

    For the Appearing Parties: Pawan Jhabakh, Abishek Raman, Chandra Prakash Surana, Advocates.



Judgment Text

1. Under consideration are Application Nos. CA/216 & 217/CAA/2018 filed under Sections 230 to 232 of the Companies Act, 2013. The prayer made is to dispense with convening, holding and conducting of the meeting of Secured Creditor(s) in relation to the Transferor and Transferee Company. Further, to direct to issue and publish notices for convening, holding and conducting the meeting of the Shareholders and Unsecured Creditors in relation to the Transferor and Transferee Company.

2. M/s. Arihant Unitech Realty Projects Limited:

i The Transferor Company viz., M/s. Arihant Unitech Realty Projects Limited has 9 Shareholders i.e. 8 (Eight) Equity Shareholders and 1 (One) Preference Shareholder who has given the consent affidavit. The certificate issued by the Chartered Accountants to this effect is placed at pages 184-185 of the typed set filed with the Application.

The Applicant prayed to fix a date for convening and conducting the meeting of the Equity Shareholders of the Transferor Company and to appoint a Chairman for the said meeting. Therefore, the meeting of the Equity Shareholders is directed to be conducted on 23rd May, 2019 at 11:00 A.M., at No. 3 (Old No. 25), Ganapathy Colony, 3rd Lane, Cenotaph Road, Teynampet, Chen.nai-600018.

Mr. Harish Marlecha (Director) is hereby appointed as the Chairman of the Meeting of the Equity Shareholders. The quorum for meeting is fixed at 2. In case the quorum is not there at the designated time when the meeting is called, then, the meeting shall be adjourned by half an hour, and thereafter, the person present for voting shall be deemed to constitute the quorum. The notice of the meeting of Equity Shareholders shall be issued at least not less than 30 + 2 days prior to the date fixed for meeting. The service of notice shall be effected by speed post/through electronic means, provided the e-mail address of the Equity Shareholders is available with the Transferor Company.

The Transferor Company is also directed to make available the facility for voting by making appropriate arrangements. The information about such arrangements shall be given to the Equity Shareholders well before the date fixed for the meeting. Those who will receive the notice may vote in the meeting either in person or through proxy for the adoption of the Scheme. The Chairman shall ensure that the proceedings of the meeting may take place in a just, free and fair manner, and within one week of the meeting, the Chairman shall file the report of the meeting of Equity Shareholders before this Bench. The Chairman of the meeting is at liberty to fix his remuneration as per the practice in vogue and the company shall pay the same to him.

ii. There is only 1 (One) Secured Creditor in relation to the Transferor Company. The certificate issued by the Chartered Accountants to this effect is placed at page 179 of the typed set filed with the Application. The consent affidavit given by the Secured Creditor is separately placed on record.

Therefore, the meeting of the Secured Creditor is allowed to be dispensed with under Clause (9) of the Section 230 of the Companies Act, 2013.

There are 40 (Forty) Unsecured Creditors in the Transferor Company. The certificate issued by the Chartered Accountants to this effect is placed at pages 180-181 of the typed set filed with the application.

The Applicant prayed to fix a date for convening and conducting the meeting of the Unsecured Creditors of the Transferor Company and to appoint a Chairman for the said meeting. Therefore, the meeting of the Unsecured Creditors is directed to be conducted on 16th May, 2019 at 03:00 P.M., at No. 3 (Old No. 25), Ganapathy Colony, 3rd Lane, Cenotaph Road, Teynampet, Chennai-600018.

Mr. Harish Marlecha (Director) is hereby appointed as the Chairman of the Meeting of the Unsecured Creditors. The quorum for meeting is fixed at 10. In case the quorum is not there at the designated time when the meeting is called, then, the meeting shall be adjourned by half an hour, and thereafter, the person(s) present for voting shall be deemed to constitute the quorum. The notice of the meeting of Unsecured Creditors shall be issued at least not less than 30 + 2 days prior to the date fixed for meeting. The service of notice shall be effected by speed post/through electronic means, provided the e-mail address of the Unsecured Creditors is available with the Transferor Company.

The Transferor Company is also directed to make available the facility for voting by making appropriate arrangements. The information about such arrangements shall be given to the Unsecured Creditors well before the date fixed for the meeting. Those who will receive the notice may vote in the meeting either in person or through proxy for the adoption of the Scheme. The Chairman shall ensure that the proceedings of the meeting may take place in a just, free and fair manner, and within one week of the meeting, the Chairman shall file the report of the meeting of Unsecured Creditors before this Bench. The Chairman of the meeting is at liberty to fix his remuneration as per the practice in vogue and the company shall pay the same to him.

3. M/s. North Town Estates Private Limited:-

The Transferee Company viz., M/s. North Town Estates Private Limited, has 8 (Eight) Equity Shareholders. The list of Equity Shareholders is placed at page 192 of the typed set filed with the Application. The certificate issued by the Chartered Accountants to this effect is placed at pages 193-194 of the typed set filed with the Application.

The Applicant prayed to fix a date for convening and conducting the meeting of the Equity Shareholders of the Transferee Company and to appoint a Chairman for the said meeting. Therefore, the meeting of the Equity Shareholders is directed to be conducted on 23rd May, 2019 at 12:00 P.M., at No. 3 (Old No. 25), Ganapathy Colony, 3rd Lane, Cenotaph Road, Teynampet, Chennai-600018.

Mr. Omprakash Madhav is hereby appointed as the Chairman of the Meeting of the Equity Shareholders. The quorum for meeting is fixed at 2. In case the quorum is not there at the designated time when the meeting is called, then, the meeting shall be adjourned by half an hour, and thereafter, the person present for voting shall be deemed to constitute the quorum. The notice of the meeting of Equity Shareholders shall be issued at least not less than 30 + 2 days prior to the date fixed for meeting. The service of notice shall be effected by speed post/through electronic means, provided the e-mail address of the Equity Shareholders is available with the Transferee Company.

The Transferee Company is also directed to make available the facility for voting by making appropriate arrangements. The information about such arrangements shall be given to the Equity Shareholders well before the date fixed for the meeting. Those who will receive the notice may vote in the meeting either in person or through proxy for the adoption of the Scheme. The Chairman shall ensure that the proceedings of the meeting may take place in a just, free and fair manner, and within one week of the meeting, the Chairman shall file the report of the meeting of Equity Shareholders before this Bench. The Chairman of the meeting is at liberty to fix his remuneration as per the practice in vogue and the company shall pay the same to him.

There is only 1 (One) Secured Creditor in relation to the Transferee Company. The certificate issued by the Chartered Accountants to this effect is placed at page 172 of the typed set filed with the Application. The consent affidavit given by the Secured Creditor is separately placed on record.

Therefore, the meeting of the Secured Creditor is allowed to be dispensed with under Clause (9) of the Section 230 of the Companies Act, 2013.

iii. There are 689 (Six Hundred and Eighty Nine) Unsecured Creditors in relation to the Transferee Company. The certificate issued by the Chartered Accountants to this effect is placed at pages 173-190 of the typed set filed with the Application.

The Applicant prayed to fix a date for convening and conducting the meeting of the Unsecured Creditors of the Transferee Company and to appoint a Chairman for the said meeting. Therefore, the meeting of the Unsecured Creditors is directed to be conducted on 16th May, 2019 at 04:00 P.M., at No. 3 (Old No. 25), Ganapathy Colony, 3rd Lane, Cenotaph Road, Teynampet, Chennai-600018.

Mr. Omprakash Madhav is hereby appointed as the Chairman of the Meeting of the Unsecured Creditors. The quorum for meeting is fixed at 689. In case the quorum is not there at the designated time when the meeting is called, then, the meeting shall be adjourned by half an hour, and thereafter, the person present for voting shall be deemed to constitute the quorum. The notice of the meeting of Unsecured Creditors shall be issued at least not less than 30 + 2 days prior to the date fixed for meeting. The service of notice shall be effected by speed post/through electronic means, provided the e-mail address of the Unsecured Creditors is available with the Transferee Company.

The Transferee Company is also directed to make available the facility for voting by making appropriate arrangements. The information about such arrangements shall be given to the Unsecured Creditors well before the date fixed for the meeting. Those who will receive the notices may vote in the meeting either in person or through proxy for the adoption of the Scheme. The Chairman shall ensure that the proceedings of the meeting may take place in a just, free and fair manner, and within one week of the meeting, the Chairman shall file the report of the meeting of Unsecured Creditors before this Bench. The Chairman of the meeting is at liberty to fix his remuneration as per the practice in vogue and the company shall pay the same to him.

4. The Registry is directed to issue notice to the concerned Regional Director, Ministry of Corporate Affairs, RoC concerned and Income Tax Authorities including the Assessing Officer of the I.T. Circle and OL in relation to the Transferor Company with the direction to appoint Chartered Accountants on his own for filing report. In case, the statutory authorities to whom the notice is issued are desirous of making any objection/representation, they may do so within 30 days from the date of receipt of the notice. In case no objection/representation is made, it shall be presumed th

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at they/ any of them have /has no objection/representation to make. 5. The Applicant Companies are directed to issue private notice to the said authorities/regulators by way of speed post/hand delivery. The proof of sending and effecting the service of notice upon them along with the newspaper publication shall be submitted with supporting affidavit to this Bench along with Company Petition. 6. The Applicant Companies are directed to effect publication separately in the newspapers one in English “The Business Standard” (Tamilnadu Edition) and another in vernacular “MaalaiSudar” (Tamilnadu Edition) provided the said newspapers have wide circulation in the State of Tamilnadu, having not less than 30 + 2 days before the date fixed for the meeting(s). The Applicant Companies are directed to upload the notice on their websites and display the notice board at its Registered Office. The Registry is also directed to display the notice on the notice board of this Bench. 7. The Applicant Companies are directed to present the Petition(s) within a week’s time after filing of the report(s) by the Chairman. Accordingly, the Applications are allowed.
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