R. Varadharajan, Member - (1.) The above Company Petition is filed by the Petitioner Companies above named and has come up finally before us on 6th July, 2017 for the purpose of the approval of the scheme of arrangement, as contemplated between the companies and its shareholders by way of demerger of "Mumbai Business" of the Demerged Company on a going concern basis and vesting of the same in the Resulting Company. A perusal of the petition discloses that initially the application seeking the directions for convening the meeting of equity shareholders, secured and unsecured creditors of the Petitioner Companies for dispensation were filed before this Tribunal in CA(CAA) 13/PB/2017. The Tribunal vide its order dated 20.03.2017 was pleased to dispense with the requirement of convening of the meetings of the equity shareholders, unsecured creditors of the Petitioner Companies and secured creditor of the Demerged Company, in view of consents having been obtained and produced before it, However, in relation to the Secured Creditor of the Resulting Company, it was represented that there was none, therefore the necessity of convening of the meetings did not arise.
(2.) Under the circumstances, the Petitioners have filed their joint petitions for sanction of the Scheme of Arrangement before this Tribunal under the present provisions, subsequent to the order of dispensation of the meeting ordered by this Tribunal on 20.03.2017.
(3.) The Tribunal in the Second Motion petition before it in CAA 63 (PB)/2017 moved by the Petitioners under Sections 230-232 Companies Act, 2013 read with Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 in connection with the Scheme of Arrangement vide order dated 12.04.2017 has inter-alia, given directions for issuance of notice to the Registrar of Companies, Regional Director and Income Tax Department. The Petitioners herein were also directed to publish the notice of hearing in the newspapers "Business Standard" in English and 'Jansatta' (Hindi) both Delhi edition. The Petitioners vide affidavit dated 16th May, 2017 have stated that it had effected paper publication on 27.04.2017 in 'Business Standard' and 'Jansatta' as directed by this Tribunal. Further, it is also represented that notices had also been served on the statutory authorities as mandated including the Income Tax Department on 18.04.2017.;