Company Petition No. 63 (PB)/2017. Case: In Re: Fairair Engineers Private Limited and Ors. Vs. Company Law Board

Case Number:Company Petition No. 63 (PB)/2017
Party Name:In Re: Fairair Engineers Private Limited and Ors. Vs
Counsel:For Appellant: Kunal Tandon, Nidhi Jain, Snigdha Sharma, Chetan Roy, Shashank Shekher, Surendra Kumar and Sugandha Sharan, Advocates
Judges:R. Varadharajan, Member (J) and Deepa Krishan, Member (T)
Issue:Company Law
Judgement Date:April 12, 2017
Court:Company Law Board
 
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Order:

(New Delhi Bench)

  1. This Company Petition filed jointly by the Petitioners is coming before us for admission and for fixing a date of hearing of the main Company Petition as well as for a direction in relation to publication in press to be effected and notices to be issued to the authorities concerned in relation to date of hearing of the Petition and calling for the objections, if any, to the Composite Scheme of Arrangement by way of Demerger (hereinafter for brevity referred to as "SCHEME") contemplated between the Petitioner Companies. From the records, it is seen that the First Motion seeking directions for convening or dispensing the meeting of Equity Shareholders, Secured Creditors and Unsecured Creditors were filed before this Tribunal vide CA (CAA). 13/(PB)/2017 and based on such joint application moved under Sections 230-232 of the Companies Act, 2013, directions were issued by this Tribunal. On 20.03.2017 where in the meetings of the Equity Shareholders, Secured Creditors and Unsecured Creditors of the Petitioner Company No. 1/Demerged Company were dispensed with as consents from the Equity Shareholders, Secured Creditors and Unsecured Creditors had been obtained by the Petitioner Company-I/Demerged Company for the approval of the Scheme. In relation to the Petitioner Company-II/Resulting Company, the meetings of the Equity Shareholders and Unsecured Creditors were dispensed with for the approval of the Scheme as consent was obtained by the Petitioner Company-II/Resulting Company, whereas in relation to the Secured Creditors, the necessity of convening the meeting did not arise as there was no secured creditor in the Petitioner Company-II/Resulting company.

  2. Now, this petition on second motion filed on 27.03.2017 is coming up before us for fixing a date of hearing as well as other consequential directions in terms of provisions of Sections 230 to 232 of Companies Act, 2013 read with Rule 16 of the Companies (Compromise, Arrangements and Amalgamation) Rules, 2016 brought into effect and on and from 15.12.2016, it is now hereby ordered as follows:-

"(i) The date of hearing of the Joint Petition filed by the Petitioners for the approval of the Scheme is fixed on 25th May, 2017.

(ii) Notice of the hearing shall be advertised in the newspapers namely, The "Business Standard" (English, Delhi edition) and "Jansatta" in Vernacular (Hindi, Delhi edition) not less than 10 days before the aforesaid date fixed for hearing.

(iii)...

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