HIMACHAL PRADESH-173220, INDIA THROUGH SH. ANIL KUMAR, BEING THE AUTHORIZED SIGNATORY Vs. M/S KDDL LIMITED HAVING ITS REGISTERED OFFICE AT PLOT NO. 3, SECTOR-III, PARWANOO, HIMACHAL

JUDGEMENT

(1.) THIS is an application under Rules 6, 7 and 9 of the Companies (Court) Rules, 1959, for condonation of delay of 4 days in getting the notice published in Official Gazette of Himachal Pradesh. It has been stated that on 20.03.2012, this Court directed the convening of meetings of Shareholders, Secured and Unsecured Creditors of the Transferor Company and the Transferee Company. In compliance of the order dated 20.03.2012, the notices were duly sent and publications were effected well within time. However, publication in the Official Gazette of the Himachal Pradesh was delayed by 4 days.

(2.) IT has been stated that as per Rule 76, the notices are to be published 21 days in advance to the date fixed for meeting. In the present case, the meetings were fixed on 12.05.2012. The delay in publication of notice in the Gazette is inadvertent and unintentional. It has not affected the interest of any parties i.e. Shareholders, Secured and Unsecured Creditors of the Transferor Company as well as Transferee Company. The submission has been made for condonation of delay.

(3.) THIS petition has been filed for sanctioning the scheme of arrangement. In the petition, the prayer has been made for dispensing with the meetings of Equity Share holders of Transferor Company to convene meetings for considering the proposed scheme. On 20.03.2012 the Court rejected the prayer for exemption from holding the meetings of the Shareholders and Secured Creditors of the Transferor Company. The meetings of Equity Shareholders, Secured Creditors, Unsecured Creditors of the Transferor Company and meetings of Equity Shareholders, Secured Creditors and Unsecured Creditors of the Transferee Company were fixed. Mr. Ajay Mohan Goel, Advocate, was appointed Chairman and Mr. Suneet Goel, Advocate, Alternative Chairman, for the three meetings of the Transferor Company. Mr. Praneet Gupta, Advocate, was appointed Chairman and Mr. Vishal Panwar, Advocate, Alternative Chairman, for the three meetings of the Transferee Company.