IN RE Vs. ABHINAV STEELS AND POWER LIMITED

JUDGEMENT

(1.) This Petition filed by Petitioner Companies is coming up finally before us for approval of a Scheme of Arrangement by way of demerger. It is submitted that the scheme is drawn for demerger of "Furnace and Rolling division l"and "Rolling division" from the demerged company into Resulting company 1 and Resulting Company 2 respectively.

(2.) A perusal of the petition discloses that initially the application seeking the directions for convening/ dispensing with the meetings of Equity Shareholders, Secured and Unsecured Creditors of the applicant companies was filed before this Tribunal being CA No. A18/PB/2017. The Tribunal, vide its order dated 29.03.2017 directed the Demerged Company to convene the meeting of Equity shareholders, as well as the Unsecured Creditors. In relation to the Resulting Company No. 1 and Resulting Company No.2 the necessity of convening the meetings were dispensed with as consents affidavits had been obtained by all the equity shareholders, Secured and Unsecured creditors or due to their non-existence. Subsequently, meetings were held on 13.05.2017as directed by this Tribunal and the Scheme was approved unanimously and the report of the Chairman is on record.

(3.) Under these circumstances, the petitioner has filed a petition for sanctioning of the Scheme of Arrangement before the Tribunal under the provisions of the erstwhile Companies Act, 1956 subsequent to the order of the Tribunal dated 29.03.2017.