IN RE Vs. BAAZAR RETAIL LIMITED AND ORS

JUDGEMENT

(1.) This is an application filed by the Applicants namely Baazar Retail Limited, Metro Retail Private Limited, Upside Ventures Private Limited, Ohio Properties Private Limited and Greenland Commodities Private Limited (in short "the Applicant Companies") under Sections 230 to 232 of the Companies Act, 2013 read with the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 in relation to the Scheme of Arrangement proposed between Baazar Retail Limited, Metro Retail Private Limited, Upside Ventures Private Limited, Ohio Properties Private Limited and Greenland Commodities Private Limited and their respective shareholders. A copy of the Scheme has been annexed as Annexure "K" to the application.

(2.) The instant application has been filed under Sections 230 to 232 of the Companies Act, 2013 for directions to call separate meetings of Equity shareholders of all the Applicant Company Nos. 1 to 5 to consider and if thought, fit to approve the proposed Scheme of Arrangement, with or without modification and also for seeking directions to call separate meetings of Unsecured Creditors of the Applicant Company Nos. 1 and 2 to consider and if thought, fit to approve the proposed Scheme of Arrangement, with or without modification.

(3.) The Applicant Companies have also prayed for necessary directions dispensing with calling of meetings of the Secured Creditors of the Applicant Company Nos. 1 and 2 by reason of written affidavits filed by the Secured Creditors of the Applicant Company Nos. 1 and 2 i.e. Kotak Mahindra Bank Limited and Axis Bank Limited respectively.