IDEA CELLULAR LIMITED Vs. STATE

JUDGEMENT

(1.) THE present petition has been preferred for seeking sanction to the Scheme of De-merger of Idea Cellular Ltd. (petitioning-de-merged Company) and Idea Cellular Towers Infrastructure Ltd (resulting Company ). The Scheme of Arrangement in the nature of De-merger is at Annexure-D for which the prayer is made for sanction.

(2.) IT appears that vide order dated 18. 04. 2009 read with order dated 28. 04. 2009 passed by this Court in Company Application No. 171/09 for consideration of Scheme of Arrangement in the nature of De-merger, the meetings of equity shareholders, secured creditors, and unsecured creditors were ordered to be held. Thereafter, all the meetings have been held and the Chairman at the meeting has filed reports. The reports show that the Scheme of Arrangement in the nature of De-merger has been sanctioned by the requisite majority of all equity shareholders present and voting at the meeting as well as secured creditors and so far as the unsecured creditors are concerned, the same has been approved unanimously.

(3.) THE present petition came to be admitted on 13. 07. 2009 and the advertisement was ordered to be published in Times of India, English Daily and Gujarat Samachar, Gujarati daily. Publication in the Official Gazette was dispensed with. The affidavit has been filed on behalf of the petitioning Company dated 28. 07. 2009 for compliance to the order for publication and together with the said affidavit, the relevant extract of the paper publication are also produced. The further affidavit dated 24. 08. 2009 has been filed, wherein it has been stated that the petitioning Company or its advocate has not received any objection from any person in response to the publication made in the newspaper as directed of this Court.