Vijai Pratap Singh, Member - (1.) This is a petition for sanctioning of the scheme of arrangement between the applicant Companies and their respective shareholders. A copy of the Scheme of Arrangement has been annexed with the petition being Annexure "A".
(2.) On hearing the Advocates appearing for the petitioners, it appears that this Tribunal by its order dated 20 April 2017 as modified by order dated 25 April 2017, in Company Application No. 124 of 2017, directed that separate meetings of the Equity Shareholders, Secured Creditors and Unsecured Creditors of the Petitioner Company No. 1 be convened for the purpose of considering and, if thought fit approving with or without modification of the said Scheme of Arrangement. Accordingly, in terms of the said order dated 20 April 2017 of this Tribunal, separate meetings of the shareholders and creditors of the Petitioner Company Nos. 2 to 5 were dispensed with. The petitioners had duly served notices of separate meetings of the Equity Shareholders and Secured Creditors and Unsecured Creditors of the Petitioner Company No. 1 on Statutory Authorities through hand delivery/speed post, including the Central Government, through the Regional Director, Kolkata; Registrar of Companies, West Bengal, Official Liquidator, Kolkata, Income Tax Department, having jurisdiction over the petitioners, the Reserve Bank of India and the Securities Exchange Board of India. Further, notice of meetings was also published in the "Business Standard" in English and in "Aajkal" in Bengali on 18 May 2017. An affidavit of compliance has also been filed by the petitioners in respect of said service and publication.
(3.) The meetings of the Equity Shareholders, Secured Creditors and Unsecured Creditors were duly convened and held at the registered office of the Petitioner Company No. 1 on 21 June 2017. Mr. Rupak Ghosh, Advocate acted as the Chairperson of the said meetings. The said meetings of the Equity Shareholders, Secured Creditors and Unsecured Creditors of the Petitioner Company No. 1 unanimously approved the said Scheme without any modification.;