IN RE Vs. ASNANI BUILDERS AND DEVELOPERS LTD

JUDGEMENT

(1.) By this joint application under Section 230-232 of the Companies Act, 2013, the applicant companies herein, namely, Asnani Builders And Developers Limited (ADBL or Applicant No.l-Demerged Company) , Asnani Lifespace Private Limited (ALPL or Applicant No.2-Resultant Company-1) and Asnani Ventures Private Limited (AVPL or Applicant No.3-Resultant Company-2) are seeking dispensation of meetings of equity shareholders, secured creditors and unsecured creditors of the applicant companies in respect of scheme of Arrangement between Asnani Builders and Developers Limited and Asnani Lifespace Private Limited and Asnani Ventures Private Limited and their respective shareholders and creditors for Demerger of undertakings of ABDL and vesting them into ALPL and AVPL ("Scheme" for short) .

(2.) Applicant No.1 is an unlisted public limited company. Issued, Subscribed and Paid up equity share capital of Applicant No.l Company, as on 31st March, 2017, is Rs. 48,07/100/- divided into 480710 equity shares of Rs.10/- each. Applicant No.2 is a private limited company. Issued, Subscribed and Paid up equity share capital of Applicant No.2 Company, as on 31st March, 2017, is Rs.3,00,000/- divided into 30000 equity shares of Rs.10/- each. Applicant No.3 is a private limited company. Issued, Subscribed and Paid up share capital of Applicant No.3 Company, as on 31st March, 2017, is Rs.3,00,000/- divided into 30000 equity shares of Rs.10/- each.

(3.) The Registered Offices of the Applicant Companies are situated within the state of Madhya Pradesh and, hence, the Applicant Companies are amenable to the territorial jurisdiction of this Tribunal.