ADITYA BIRLA NUVO LIMITED Vs. STATE

JUDGEMENT

(1.) Heard Mr. Mihir Joshi, Learned Senior Counsel with Mr. Sandeep Singhi, Advocate for Singhi and Co, on behalf of the Petitioner Companies and Mr.Kshitij Amin for Mr. Devang Vyas, learned Additional Solicitor General appearing for the Central Government.

(2.) These are the petitions filed by the two Petitioner Companies for sanctioning of the Composite Scheme of Arrangement amongst Aditya Birla Nuvo Limited and Madura Garments Lifestyle Retail Company Limited and Pantaloons Fashion and Retail Limited and their respective shareholders and creditors (Scheme).

(3.) The Petitioner of the Company Petition No. 324 of 2015, i.e., Aditya Birla Nuvo Limited, had filed an application in this Court being Company Application No. 200 of 2015 for the requisite directions for holding and convening separate meetings of the Equity Shareholders, Secured Creditors and Unsecured Creditors of the said Company. The said Company further sought directions of this Court for seeking approval of its public shareholders to the Scheme through Voting by postal ballot and E -voting in compliance with the SEBI Circular No. CIR/CFD/DIL/5/2013 dated 4.2.2013 read with SEBI Circular No. CIR/CFD/DIL/8/2013 dated 21.5.2013. This Court vide its order dated 7.7.2015, inter alia, directed convening and holding of the meetings of the Equity Shareholders, Secured Creditors and Unsecured Creditors of the said Company.