Ch. Mohd Sharief Tariq, Member - (1.) Counsel for the Applicant present and filed OA Nos.8 & 9/IB/2018 seeking prayer to order to dispense with the meeting of the equity shareholders and preferential shareholders of the demerged company and resulting company. Further to seek order to dispense with the meeting of the secured and unsecured creditors of the demerged company.
(2.) In relation to the demerged company, there are 6 equity shareholders and 2 preferential shareholders. They have given the consent affidavits to the scheme of the arrangement of demerger that are placed at page Nos.131 to 150 of the type set filed with the original Application. The requirement of law is fulfilled. This Court orders for dispensing of the meeting of the equity shareholders and preferential shareholders. There are 2 secured creditors and 30 unsecured creditors in the demerged Company. The Secured Creditors have given the consent affidavits that are placed at page Nos.107 to 111. In relation to unsecured creditors, consent affidavits of 9 creditors have been obtained and placed at page Nos.112 to 130 of the type set.that comes to 99.44% of the total credit. The requirement of law is fulfilled. This Court orders for dispensing of the meeting of the secured and unsecured creditors in relation to the demerged Company.
(3.) In relation to the Resulting Company, there are 2 equity shareholders and their consent affidavit are placed at page Nos.92 to 96 of the type set. The requirement of law is fulfilled. This Court orders for dispensing of the meeting of the equity shareholders of the Resulting Company. It has been submitted that there is no secured or unsecured creditors in the resulting company which has been confirmed by the Certificate given by the Chartered Accountant that is placed at page No.91 of the type set filed with the petition.;