IN RE Vs. APAKSH BROADBAND LIMITED AND ORS

JUDGEMENT

(1.) This petition filed by the companies above named is coming up finally before us on 23,10.2017 for the purpose of the approval of the scheme of arrangement, as contemplated between the companies and its shareholders by way of amalgamation of the Transferor Company/ Applicant Company No. 1 with the Transferee Company /Applicant Company No. 2. A perusal of the petition discloses that initially the application seeking the dispensation/ convening of the meetings of equity shareholders, secured and unsecured creditors were filed before the Tribunal in Company Application CAA 42 (PB) /2017. The Tribunal vide its order dated 09.05.2017, was pleased to dispense with the requirement of convening the meetings of the unsecured creditors of the Transferor Company/ Applicant Company No/1 in view of their consents having been obtained and produced before it or there was none therefore the necessity of convening the meeting did not arise as the case may be. In relation to Equity shareholders, Secured Creditors of Applicant Companies and unsecured creditors of the Applicant Company No. 2, the Tribunal directed the Applicant Companies to convene the respective meetings.

(2.) Under the circumstances, the petitioners have filed their joint petitions forsanction of the Scheme of Amalgamation before the Tribunal, subsequent to theft>Y convening of the meeting ordered by the Tribunal on09.05.2017.

(3.) On 08.08.2017 the Tribunal ordered Notice in the Second Motion petition in CAA-149(ND) 2017 moved by the petitioners under Sections 230-232 of the Companies Act, 2013 read with Rules in connection with the scheme of amalgamation, to the Registrar of Companies, Regional Director and the Official Liquidator, DOTE, SEBI and stock exchanges. The Petitioners were also directed vide said order to carry out publication in the newspapers ''Business Standard" in English (Delhi Edition) and "Jansatta" in Hindi (Delhi Edition).