V.P. Singh, Member - (1.) This is an application filed by the applicants namely M/s. Orient Paper & Industries Limited ("Demerged Company") and M/s. Orient Electric Limited ("Resulting Company") under Section 230(1)/Section 232 of the Companies Act. 2013 read with the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 in relation to the Scheme of Arrangement proposed between the Demerged Company and the Resulting Company and their respective shareholders and creditors. The aforesaid Scheme is also annexed as Annexure "F" to the application.
(2.) In this application, the applicants have prayed for the following: "a) That meetings of the Equity Shareholders, Secured Creditors and Unsecured Creditors of the Demerged Company and the Equity Shareholders and Unsecured Creditors of the Resulting Company be convened and held on such date, place and time as may deem fit to this Hon'ble Tribunal to consider and approve the said Scheme of Arrangement of the Demerged Company with the Resulting Company and their respective shareholders and for necessary directions as to the issue of notices for convening, holding and conducting of the meetings proposed and for the publication of advertisements; b) Direction be issued to serve notices upon the Registrar of Companies, Odisha; the Regional Director, Official Liquidator and Income Tax Authorities, Securities Exchange Board of India, BSE Limited and the National Stock Exchange of India Limited; c) Such or other order or orders be made and/or directions be given as to this Hon'ble Tribunal may deem fit and proper."
(3.) The Demerged Company had 24105 Equity Shareholders holding total paid up share capital of the Demerged Company as on 24th February, 2017 and 6 Secured Creditors having total claim of Rs. 2832074502.38P.; 3384 Unsecured Creditors having claims of Rs. 3284068,782.02 P as on 28th February, 2017. The entire shares of the Resulting Company are held by the Demerged Company and 6 nominees. As on 28th February, 2017, the Resulting Company had 2 Unsecured Creditors having total claim of Rs. 6048962/-. The Resulting Company does not have any Secured Creditors.;