Rajeswara Rao Vittanala, Member - (1.) The Company application bearing C.A. (CAA) No. 34/230/HDB/2017 (referred to as Company application hereinafter) is filed by M/s. Blue Ocean Biotech Private Limited, under sections 230 and 232 and other applicable provisions of Companies Act, 2013 by seeking the following reliefs: (i) To dispense with the meeting of the equity shareholders of the Applicant/Transferor Company; (ii) To convene the meeting of the unsecured creditors of the Applicant/Transferor Company at the registered office of the Company for consideration of the proposed Scheme consequently to appoint a Chairperson for convening and conducting the meeting of the unsecured creditors; (iii) That the quorum be fixed as 2 (two) creditors personally present in the unsecured creditors meeting; (iv) The unsecured Creditors be permitted to exercise their vote at the meeting either in person or through proxies; (v) As to the manner of giving the notices of the said meeting, it is sufficient to serve the notices on the unsecured creditors of the Applicant/Transferor Company by Ordinary Post; (vi) That the advertisement be directed to be published once in English Edition "The New Indian Express", Visakhapatnam and once in Telugu Edition "Andhra Jyothi", Kakinada Edition; (vii) As for the time for the Chairperson of the meeting to file their report to the Hon'ble Tribunal of the result of the meeting, the time be fixed as 10 days from the date of the said meeting etc;
(2.) Brief pleadings made in the Company application by the Applicant/Transferor Company, and which are relevant to the issue in question, are mentioned hereunder: (I) M/s. Blue Ocean Biotech Private Limited (hereinafter referred to as "Applicant/Transferor Company") was incorporated under the Companies Act, 1956, in the State of Andhra Pradesh in the name of 'Blue" Ocean Biotech Private Limited' on 20th day of January, 2011. The Registered Office of the Applicant/Transferor Company is situated at D. No. 4-325, G. Ragampet, Peddapuram Mandal - 533440, East Godavari District, Andhra Pradesh. (II) The main objects and nature of business, in brief, of the Applicant/Transferor Company are set out in the Memorandum of Association, as under: i. To carry on the business of production, manufacture of bio diesel, bio fuel, ethanol, bio mass energy co-generation industries, cultivate medicinal plant, contract farming and purchase of agriculture lands, develop nursing, bio manures, rearing, breading, farming, catching, arranging, to catch, processing, canning, packing, purchasing, selling, exporting, importing and dealing in all kinds and varieties of plants, fish, prawns, frogs, crabs shrimps, shell and other crustacean including all other river water plants and sea water plants which are used for bio diesel. ii. To carry on the business of production, manufacture, marketing/selling & trading, import or export of various grades of maize/corn, starch derivatives, modified starches, liquid glucose, com syrups, corn oil, dextrose monohydrate, maltodextrin, dextrose syrups, gluten and related by-products from corn/maize, boiling starch (wet milling method), oxidized starch, battery grade starch, esterified starch, pregelatinised maize starch, Pharma grade starches, marketing and sales of various starch and food products, and related by-products to food and confectionery industries, textile, pharmaceuticals, paper, animal and poultry industry. At present the Applicant/Transferor Company is engaged in the business of production, manufacture of corn starch, liquid glucose, maltodextrine etc.
(3.) The authorized, issued, subscribed and paid-up share capital of the Applicant/Transferor Company as on 31st March, 2016 was as under: Subsequent to the above date and till the date of filing the Scheme, there has been no change in the issued, subscribed and paid up capital of the Applicant/Transferor Company.;