WELSPUN TRADING LIMITED Vs. STATE

JUDGEMENT

(1.) THE present petitions are for sanctioning scheme of arrangement in the nature of De-merger between M/s. Welspun Trading Limited (petitioner of Company Petition No. 103 of 2009 - De-merged Company) and M/s. Seagull Global Trading Private Limited (petitioner of Company Petition No. 104 of 2009 - resulting company ). The scheme of arrangement is produced at Annexure "c".

(2.) IN Company Petition No. 103 of 2009 vide order dated 16. 3. 2009 passed by this Court in Company Application No. 63 of 2009 separate meetings of the Equity Shareholders, Preferential Shareholders and Unsecured Creditors of the Company were ordered to be convened by recording the declaration that there was no secured creditor of the company as on that date. The meeting thereafter has been convened accordingly and the Chairman has filed report together with the affidavit dated 23. 4. 2009. As per the said report, the scheme is approved by all the Equity Shareholders, Preferential Shareholders and Unsecured Creditors, present and voting at the meeting.

(3.) IN Company Petition No. 104 of 2009 vide order dated 16. 3. 2009 passed by this Court in Company Application No. 64 of 2009 meeting of the Equity Shareholders of the company was ordered to be convened and the Chairman at the meeting was directed to file the report. The meeting thereafter was convened on 16. 4. 2009 and the report has been filed by the Chairman together with his affidavit dated 23. 4. 2009. As per the said report, the Scheme is approved unanimous majority of all the shareholders present and voting at the meeting.