Bikkiraveendra 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 in the nature of demerger of Trading and Investment Business of Lesha Industries Limited and vesting the same into Ashnisha Industries Limited (Earlier known as Ashnisha Alloys Private Limited) (Resulting Company) ("Scheme" for short).
(2.) The petitioner of T.P. No. 37 of 2017, i.e. Lesha Industries Limited, had filed an application in the Honourable High Court of Gujarat, being Company Application No. 298 of 2016, seeking directions for convening and holding of meetings of Equity Shareholders and Unsecured Creditors of the Company. It is submitted that the said Company does not have any Secured Creditor. The Honourable High Court, vide order dated 11th July 2016, directed convening and holding of meetings of Equity Shareholders and Unsecured Creditors of the said company. The meetings of the equity shareholders and unsecured creditors came to be held, wherein the Equity Shareholders and unsecured creditors present in person or through proxy unanimously approved the Scheme of Arrangement.
(3.) The petitioner of T.P. No. 38 of 2017, i.e. Ashnisha Industries Limited, had filed an application in the Honourable High Court of Gujarat, being Company Application No. 299 of 2016, seeking dispensation of the meeting of Equity Shareholders of the said Company. The Honourable High Court, vide order dated 11th July, 2016, dispensed with the convening and holding of the meeting of the Equity Shareholders of the petitioner-company in view of the consent letters of the Equity Shareholders.;