- (1.) This Petition filed by Times Centre for Learning Limited (Demerged/Petitioner Company) is coming up finally before us on 02.05.2017 for the purpose of approval of Composite Scheme of Arrangement by the way of demerger of Professional Training Business of the demerged company shall be de-merged and transferred to the Resulting Company.
(2.) A perusal of the petition discloses that initially the application seeking directions for dispensing with convening of meeting of Equity Shareholders, Preference Shareholders, Debenture Holders and Secured Creditors of the Petitioner Company was filed before the Hon'ble High Court of Delhi being CA (M) No. 141 of 2016. Hon'ble Delhi High Court vide its order dated 17.10.2016 was pleased to dispense with the requirement of convening of meetings of the Equity Shareholders, Preference Shareholders, Debenture Holders and Secured Creditors of Petitioner Company in view of consent having been obtained and produced before it. In relation To Unsecured Creditors of the Petitioner Company, the meeting was convened and attended by 14 Unsecured Creditors of the petitioner company in total. All the unsecured creditors of the Petitioner Company present and voting, unanimously voted in favour of the proposed Scheme.
(3.) Under the circumstances, the petitioner filed the petition for sanctioning of the Scheme of Arrangement before the Hon'ble High Court of Delhi under the provisions of the erstwhile Companies Act, subsequent to its order of 17.10.2016.;