HILLOCK AGRO FOODS (INDIA) LTD Vs. STATE

JUDGEMENT

(1.) THE present petitions have been filed under Sections 391394 of the Companies Act, 1956, seeking sanction of the Composite Scheme of Demerger of Flour/ Agro Foods Business of Hillock Agro Foods (India) Limited (Demerged/ Transferee Company) into Deepvandana Tradelink Private Limited (Resulting Company), Re organization of Share Capital of Hillock Agro Foods (India) Limited and Amalgamation of Real Realty Management Company Private Limited (Transferor Company) with Hillock Agro Foods (India) limited (Transferee Company).

(2.) THE petitioner Hillock Agro Foods (India) Limited, the Demerged/ Transferee Company, filed Company Application No.279 of 2011 seeking directions to convene meetings of the Equity Shareholders and Unsecured Creditors of the said Company. It was reported that the petitioner Company does not have any Secured Creditor. This Court, vide order dated 13.04.2011, passed in Company Application No.279 of 2011, directed that the meetings of Equity Shareholders and Unsecured Creditors of the petitioner be convened and held on 09.05.2011. The Court appointed Shri Pradip J. Vyas, Managing Director and failing him, Shri Harshad J. Vyas, as Chairman of both the meetings.

(3.) REAL Realty Management Company Private Limited, the Transferor Company, filed Company Application No.280 of 2011, seeking dispensation of the meetings of Equity Shareholders and Unsecured Creditors of the petitioner Company on the ground that all the Equity Shareholders and Unsecured Creditors of the said Company have given their consent in writing, in approval of the Composite Scheme. It was reported that there are no Secured Creditors. By an order dated 13.04.2011 passed in Company Application No.280 of 2011, this Court ordered dispensation of the meetings of the Equity Shareholders and the Unsecured Creditors of the petitioner Transferor Company.