IN RE Vs. ADONIS ELECTRONICS PRIVATE LIMITED

JUDGEMENT

(1.) The Counsel for the Applicant Company submits that the proposed Scheme is Scheme of Arrangement between Adonis Electronics Private Limited and its Shareholders & Creditors for realignment and restructuring of 0% fully convertible unsecured debentures by conversion into Equity Shares and subsequent reduction and conversion specified unsecured creditors into Preference Share.

(2.) The Counsel for the Applicant Company further submits that the Applicant Company is carrying on business of installation of air conditioners and LED at customers locations and provides after sales and services of all electronics products including warranty services and it has also entered into long term after sales and service contracts on Pan India basis with Mire Electronics Limited of all its products.

(3.) The circumstances that have necessitated or justified the Scheme of Arrangement are inter alia summarised as under: