Ashok Kumar Mishra, Member - (1.) Originally this Petition was filed before the Hon'ble High Court of Karnataka and it was numbered as Co. P. No. 236/2016. Subsequently as per Notification No. GSR.1119(E) : MANU /DCAF/0145/2016 dated 7th December 2016 issued by the Ministry of Corporate Affairs, New Delhi, the said case is transferred to this Tribunal and renumbered as T.P. No. 234/2017.
(2.) This Company Petition is filed on behalf of the Petitioner Company under Section 391-394 of the Companies Act, 1956 read with Rule 9 of the Companies (Court) Rules, 1959, praying to order for sanctioning the Scheme of Arrangement between the Petitioner Company and its Shareholders, with respect to the reorganisation of the shares ("scheme"). The said scheme shall be binding upon all the Shareholders of the Petitioner Company.
(3.) The averments made in the Company Petition are briefly described hereunder:- The Petitioner Company seeks an order for sanctioning the Scheme of Arrangement between the Petitioner Company and its Shareholders, with respect to the reorganisation of the shares ("scheme"). The said scheme shall be binding upon all the Shareholders of the Petitioner Company. The Scheme of Arrangement is shown as Annexure A.;