- (1.) The Counsel for the Applicant Companies states that the present Scheme is a Scheme of Arrangement between Kanakia Residential Private Limited ('Demerged Company' or 'First Applicant Company') and Kanakia Spaces Realty Private Limited ('Resulting Company' or 'Second Applicant Company').
(2.) The Counsel for the Applicant Companies further submit that the proposed Scheme would benefit the respective Applicant Companies and other stakeholders of the respective Applicant Companies on account of the following reasons: "a. Consolidation of companies within the Group; b. Reduction of intra-group transactions and compliance requirements under various laws; c. Reduction of operating and compliance costs; and d. Achieve administrative, operational and management efficiencies."
(3.) That the meeting of the Equity Shareholders of the First Applicant Company be convened and held at 215-Atrium, 10th Floor, Opp. Divine School, Andheri Kurla Road, Andheri (East), Mumbai - 400059, Maharashtra, on Friday, 9th day of June, 2017 at 10.00 a.m. for the purpose of considering and, if thought fit, approving with or without modification(s) the proposed arrangement embodied in the Scheme of Arrangement between First Applicant Company and Second Applicant Company and their respective shareholders.;