Vijai Pratap Singh, Member - (1.) This is a petition under Sections 230 to 232 of Companies Act, 2013 for confirmation of the Scheme of Arrangement between Orient Paper & Industries Limited ("the Demerged Company") and Orient Electric Limited ("Resulting Company") under sections 230 to 232 of the Companies Act, 2013.
(2.) As per directions of this Tribunal vide Order dated 18th May, 2 017, individual notices convening meetings of equity shareholders, secured creditors and unsecured creditors of the Demerged Company and equity shareholders and unsecured creditors of the Resulting Company were sent to all the equity shareholders, secured creditors and unsecured creditors of the Demerged Company and equity shareholders and unsecured creditors of the Resulting Company on 26th May, 2017 and 27th May, 2017 and notice was advertised in "Business Standard" in English and " Odisha Bhaskar " in Oriya in their respective issues dated the 26th May, 2017. Further, notice was despatched by speed post on the Regional Director, Eastern Region, Kolkata; Registrar of Companies; Cuttack, Securities & Exchange Board of India; Income Tax Officers having jurisdiction over the petitioner companies; the Secretary, BSE Limited and the Secretary, The National Stock Exchange of India Ltd. on 31st May, 2 017 and received by them between 1st to 5th June, 2 017 as per tracking reports of India Post which has been annexed to Affidavit of Compliance affirmed oh 22nd June, 2 017 and filed with this Hon'ble Tribunal.
(3.) In terms of the order dated May 18, 2017 meetings of equity shareholders of Orient Paper & Industries Limited and secured creditors and unsecured creditors of Orient Paper & Industries Limited were held and the learned Chairperson namely, Ms. Anima Maiti duly presided at such meetings. On perusal of the Report filed by Ms. Anima Maiti, the Chairperson appointed by this Tribunal, it appears that the equity shareholders of Orient Paper & Industries Limited have by requisite majority approved the said Scheme and secured creditors and unsecured creditors of Orient Paper & Industries Limited and equity shareholders and unsecured creditors of Orient Electric Limited have unanimously approved the said Scheme.;