- (1.) BY THE COURT: The Company application has been filed by the applicant Lokesh Kumar Singh under Sections 391-394 of the Companies Act, 1956 read with Rule 67 of the Companies (Court) Rules, 1959 for holding the meeting of share holders and creditors of M/s. Lok Vikas Finance Corporation Limited (in liquidation) vide order dated 13-4-2001 passed by this court, for approving a scheme of Arrangement for its revival. The aforesaid company was originally incorporated on 30-12-1988 with the Registrar of Companies, Rajasthan at Jaipur. The registered office of the company was at 3F/1, Shivanand Marg, Malviya Nagar Jaipur. Counsel for the applicant submits that the Ex-Managing Director of the company (M/s. Lok Vikas Finance Corporation Limited) (in Liquidation) (hereinafter 'the Company') having its registered office at 3F/1, Shivanand Marg, Malviya Nagar Jaipur has proposed as a contributory, a Scheme of Arrangement for revival of the company in liquidation. Therefore directions be issued to convene meetings of shareholders and creditors secured/ unsecured to consider the said scheme of Arrangement.
(2.) It has been pointed out that the position of authorised issued, subscribed and paid up capital of the company is detailed out in para 5 of the application. The main object of the company in liquidation as set out in the object clause of its Memorandum of Association, have been detailed in para 3 of the application. The company in liquidation was wound up on an application filed by the present applicant in peculiar circumstances of the company's business being stalled because of directions of the Reserve Bank of India under its then pronounced regulations framed recall, with which the petitioner company could not comply. But the Company is now in a position to pay of its creditors if the scheme were to be approved and its business revived. It has been submitted that rights of the creditors of the company will not be adversely effected by the proposed arrangement scheme for the reason that the post arrangement scheme assets of the company would be more than sufficient to discharge the liability of creditors. The applicant has filed scheme of Arrangements between the company in liquidation and its shareholders with a view to revive the company and to pay off the debts of the creditors, details of which has been filed in the Statement of Affairs with the Official Liquidator. It has been submitted that in the circumstances as required under the Act of 1956, the meetings of the shareholders, secured creditors and unsecured creditors of the company in liquidation be held. And it be so directed. Heard. Considered. Taking into consideration the submissions and the material on record of the application, I deem it appropriate to direct that the meetings of the (i) shareholders, (ii) of the secured creditors and (iii) unsecured creditors of the company in liquidation be held to examine the proposed scheme of Arrangement. The said meetings of the shareholders, of secured creditors and unsecured creditors of the company in liquidation be convened and held at Bhairon Singh Shekhawat Auditorium, Rajasthan Chamber of Commerce and Industries, M.I. Road, Jaipur on the date and time for the purpose as detailed hereunder:- JUDGEMENT_153_LAWS(RAJ)11_2015.htm
(3.) For convening the aforesaid meetings Ms. Priti Bhandari (for shareholders), Mr. Gaurav Sharma (for Secured Creditors) and FCA Mr. D.R. Mohnat (for Unsecured Creditors) are appointed as Chairperson, for which each of them shall be paid the remuneration of Rs.25,000/- by the applicant. The applicant shall pay the amounts as directed before the commencement of the meetings towards remuneration to the three Chairmen for presiding the meetings aforesaid. The quorum for the said meetings shall be as per the provisions of Act of 1956. Voting by proxy be permitted provided that a proxy in the prescribed form duly signed by the person entitled to attend and vote at the meeting is filed with the Chairman of the Meeting aforesaid, not later than forty eight hours before the meeting scheduled. The value of the each secured creditors, unsecured creditors and members shall be in accordance with the books of the applicant company where the entries in the books are disputed the Chairman shall determine the value for purposes of the meeting. The applicant shall also bear the expenses of conveyance of the Chairmen for the said three meetings. At least 21 clear days before the day appointed for holding the meeting as directed herein above, the notice of the meeting shall be advertised as per form No.38 appended to the Company Court Rules, 1956 in daily newspapers (i) Rajasthan Patrika (Jaipur Edition) and (ii) The Times of India (Jaipur Edition). Notice of the meeting be also served by post under certificate of posting addressed to each of the shareholders, secured creditors and unsecured creditors, whose meetings are to be held under supervision of the respective Chairpersons. The Chairpersons at each of the meeting shall submit reports about result of meetings within seven days of conclusion duly verified by their affidavit.;