HINDUSTAN AEGIS LPG LIMITED Vs. STATE

JUDGEMENT

(1.) THESE two petitions are filed seeking sanction of scheme of arrangement in the nature of demerger of Throughput Activity Undertaking of Hindustan Aegis LPG Ltd. into Aegis Logistics Limited.

(2.) HINDUSTAN Aegis LPG Limited filed Company Application No.384 of 2007 seeking directions to convene the meeting of equity shareholders, secured creditors and unsecured creditors to consider the Scheme. This Court vide order dated 12.09.2007 directed convening of the meetings of equity shareholders, secured creditors and unsecured creditors to be held on 29.10.2007 at 10.00 a.m., 11.05 a.m. and 12.00 p.m. respectively. The meetings as scheduled are reported to have been held. Shri K. M. Chanderia, appointed as Chairman for the purpose of these meetings has filed report of the meetings in respect of equity shareholders, secured creditors and unsecured creditors duly supported by an affidavit dated 12.11.2007. A perusal of the reports suggests that the equity shareholders, secured creditors and unsecured creditors have unanimously approved the Scheme of Arrangement.

(3.) AEGIS Logistics Limited filed Company Application No.385 of 2007 seeking directions to convene meetings of equity shareholders, secured creditors and unsecured creditors to consider the Scheme. This Court vide order dated 12.09.2007 directed convening of the meetings of equity shareholders, secured creditors and unsecured creditors to be held on 29.10.2007 at 2.00 p.m., 3.00 p.m. and 4.45 p.m. respectively. The meetings as scheduled are reported to have been held. Shri K. M. Chanderia, appointed as Chairman for the purpose of these meetings has filed report of the meetings in respect of equity shareholders, secured creditors and unsecured creditors duly supported by an affidavit dated 16.11.2007. A perusal of the reports suggests that the equity shareholders, secured creditors and unsecured creditors have unanimously approved the Scheme of Arrangement.