IN RE Vs. SAVITRI TEXTILES (INDIA) PVT LTD

JUDGEMENT

(1.) Heard learned PCS, Mr. Swaminathan, for the applicant company.

(2.) By this application under Sections 230-232 of the Companies Act, 2013, the applicant company is seeking dispensation of meeting of equity shareholders and directions for holding meetings of unsecured creditors of the applicant company in respect of a Scheme of Arrangement between Savitri Textiles (India) Private Limited (Demerged Company) and Reena Fashion Private Limited (Resultant Company) and their respective shareholders ("Scheme" for short).

(3.) The Applicant is a private limited company. Issued, subscribed and paid up equity share capital of the applicant company, as on 31.3.2017, is Rs.5,74,940/- divided into 57,594 equity shares of Rs. 10/- each.