NOVA POLYYARN LIMITED Vs. STATE

JUDGEMENT

(1.) PRESENT petitions are for sanctioning the scheme of demerger of Nova Petrochemicals (hereafter referred to as "demerger Company", petitioner of Company Petition No. 2 of 2009 ). Nova Polyyarn Limited is the resulting company (petitioner of Company Petition No. 3 of 2009 ). The scheme of the arrangement is produced at Annexure E to the petition.

(2.) IN Company Petition No. 2 of 2009 vide order dated 26. 11. 2007 passed by this Court, as the consent letters of equity Shareholders, unsecured creditors were produced the said meetings were dispensed with by recording the statement that there is no secured creditors of the company.

(3.) IN company Petition No. 3 of 2009, vide order dated 26. 11. 2007 in Company Application No. 529 of 2007, meetings of equity Shareholders, creditors for secured loans and meetings of secured creditors and unsecured creditor were ordered to be convened. Accordingly, the meetings have been convened and the chairman has filed the report dated 22. 12. 2008. Copy whereof is produced at Annexdure G, whereby the equity shareholders as well as secured creditor had approved the scheme but secured creditors suggested modification, which has also been incorporated and thereafter, scheme was approved by requisite majority.