IN RE Vs. VIKAS ECOTECH LIMITED

JUDGEMENT

(1.) This is an application which is filed by the Applicant Companies, namely VIKAS ECOTECH LIMITED/Applicant Compay-1/Demerged Company and VIKAS MULT1CORP LIMITED/Applicant Company-2/Resulting Company, for Demerger of High Volume 'Recycled Compounds and Trading Division' (Demerged Undertaking) of Vikas Ecotcch Limited (Demerged Company) into Vikas Multicorp Limited (Resulting Company) under sections 230-232 of Companies Act, 2013, and other applicable provisions of the Companies Act, 2013 read with Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 in relation to the Scheme of Arrangement (hereinafter referred to as the "SCHEME") proposed amongst the applicants. The said Scheme is also annexed as Annexure "A-l" to the application. The applicants above named have preferred the instant application for the following purpose as is evident from thc-reliefs sought for in the Application, namely:-

(2.) An Affidavit in support of the above application sworn for and on behalf of boththe Applicant Companies has been filed by Mr. Siddharth Aggarwal; being the Authorized Representative of the respective Companies along with the application. Counsel for the joint applications took us through the averments made in the application as well as the typed set of documents annexed there with. Learned Counsel represents that the scheme does not contemplate any corporate debt restructuring exercise as contemplated under Section 230(2) of the Act. It is further represented that a joint application filed by the applicants ismaintainable in view of Rule 3(2) of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016.

(3.) In relation to Vikas Echotech Limited being the Applicant Company-l/Demerged Company in the Scheme marked as Annexure -"A-l", it is represented that it is having 27,982/- (Twenty Seven Thousand Nine Hundred Eighty Two Only) Equity Shareholders. Applicant Company-1 has sought directions to convene meeting of Equity Shareholders with facility of e-voting in terms of Para 9 of SEBI Circular No.CFD/DlL3/CIR/2017/21 Dated 10lh March, 2017. It is further represented by the counsel for Applicants that Applicant Company-1 has 14 (Fourteen) Secured Creditors and 271 (Two Hundred Seventy One Only) Unsecured Creditors. In relation to the Secured and Unsecured Creditors, the Applicant Company-] seeks direction for convening and holding of the meetings.