Bikki Raveendra Babu, Member - (1.) These petitions under Sections 230-232 of the Companies Act, 2013 have been filed seeking sanction of a proposed Scheme of Arrangement ("Scheme" for short) in the nature of demerger of Pharma Undertaking of the Colourtex Industries Private Limited (Demerged Company) into Sachin Healthcare Private Limited (Resulting Company)["Scheme" for short].
(2.) The petitioner of CP(CAA) No. 70/NCLT/AHM/2017, i.e. Colourtex Industries Private Limited, had filed CA(CAA) No. 30/NCLT/AHM/2017 before this Tribunal, seeking directions for convening of meetings of Equity Shareholders, Preference Shareholders, Secured Creditors and Unsecured Creditors of the said Company. This Tribunal vide order dated 4.5.2017, issued directions for convening and holding of the meetings of the Equity Shareholders, Preference Shareholders, Secured Creditors and Unsecured Creditors of the petitioner-company. This Tribunal also directed publication of notices in local dailies viz. English daily Indian Express' and Gujarati daily 'Sandesh', having circulation in Surat. This Tribunal also directed issuance of notices to the Regional Director, Registrar of Companies and the Income Tax Authority stating that the representation, if any, to be made by them, be made within a period of 30 days from the date of receipt of such notice.
(3.) In pursuance of the order dated 4.5.2017, the meetings of Equity Shareholders, Preference Shareholders, Secured Creditors and Unsecured Creditors of the said Company were duly convened and held on 15.6.2017 at 11:30 am, 12:00 pm, 10:30 and 11:00 am respectively at the registered office of the Company. As per the Chairman's Reports, the Scheme has been approved unanimously by Secured Creditors, Unsecured Creditors, Equity Shareholders and Preference Shareholders of the Company. The petitioner company also published notices in the local dailies viz. English daily 'Indian Express' and Gujarati daily 'Sandesh', having circulation in Surat.;