JK PAPER LIMITED Vs. STATE

JUDGEMENT

(1.) Upon the application of the applicant Company abovenamed by Summons for Directions dated 25th March, 2010 and upon hearing Shri K.S.Nanavati, Senior Advocate with Mr.Nandish Chudgar for Nanavati Associates, learned Advocates for the Applicant Company and upon reading the affidavit of Shri Suresh Chander Gupta, Company Secretary of the Applicant Company filed on 18th March, 2010 and the Annexures therein referred to (Annexure - I) being a copy of the proposed Scheme of Arrangement between JK Paper Limited (Transferor Company) and Songadh Infrastructure & Housing Limited (Transferee Company No.1) and Jaykaypur Infrastructure & Housing Limited (Transferee Company No.2) it is ordered

(2.) That separate meetings be held of the Equity Shareholders and Unsecured Creditors of the applicant Company for the purpose of considering, and if thought fit, approving with or without modifications, the Scheme of Arrangement between the Applicant Company and Songadh Infrastructure & Housing Limited (Transferree Company No.1 or 'SIHL') and Jaykaypur Infrastructure & Housing Limited (Transferee Company No.2 or 'JIHL').

(3.) That the convening and holding of a meeting of the Secured Creditors of the applicant Company to consider and approve the arrangement embodied in the Scheme of Arrangement between the Applicant Company's Undertaking and Songadh Infrastructure & Housing Limited and Jaykaypur Infrastructure & Housing Limited is dispensed with in view of the applicant Company having only 10(ten) secured creditors and all the secured creditors having given their approval and consent in writing to the Scheme of Arrangement, being Annexure N1 to N10 to the affidavit in support of this Summons for directions.