WELL PACK PAPERS AND CONTAINERS LTD Vs. STATE

JUDGEMENT

(1.) The present petitions are for sanctioning scheme of arrangement in the nature of De-merger and the transfer of Packing Division of Well Pack Papers and Containers Ltd. to Vishal Containers Pvt. Ltd including reduction of capital of Well Pack Papers and Containers Ltd. The scheme of arrangement is produced at Annexure C.

(2.) Company Petition No. 62 of 2007 is preferred by the Well Pack Papers and Containers Ltd., for sanctioning of scheme of arrangement whereas Company Petition No. 63 of 2007 is preferred by Vishal Containers Pvt. Ltd.

(3.) In Company Petition No. 62 of 2007 pursuant to order dated 15.09.2007 passed by this Court (Coram: M.R. Shah, J.) in Company Application No. 21 of 2007 the meetings of the Equity Shareholders, Sole Secured Creditors and Unsecured Creditors were ordered to be convened on 23.02.2007, after issuing public advertisement the Chairman was ordered to file the report. Pursuant thereto Mr. Vinod Patel, Chairman appointed for such purpose, has filed affidavit dated 27.02.2007 together with the copy of the proceedings of the meeting showing that scheme of arrangement is approved by all the shareholders present at the meeting, sole secured creditors Panjab National Bank and all the unsecured creditors.