Essar Power And Minerals Limited vs Unknown

1. This is a petition filed by the petitioner company, as abovenamed, in the proposed Composite Scheme of Arrangement in the nature of De­merger and Transfer of De­merged Undertaking­2 or "Identified Business Undertaking­2" viz. business undertaking comprising of the Tankage Business Division of Essar Ports Limited, including strategic investments, directly and indirectly in: (a) Vadinar Oil Terminal Limited; and (b) Vadinar Ports & Terminals Limited to Essar Power and Minerals Limited, the Petitioner Company, reduction of Issued and Paid up Equity Share Capital of the Petitioner 2 and thereafter amalgamation of the Petitioner Company with Vadinar Page 1 of 3 HC-NIC Page 1 of 3 Created On Thu May 05 02:10:40 IST 2016 O/COMP/173/2016 ORDER Oil Terminal Limited, the Transferee Company.

2. Heard Mrs.Swati Soparkar, learned advocate for the petitioner Company.

3. It has been submitted that vide order dated 26th April 2016 passed in Company Application No.190 of 2016 (Copy at Annex. 'D'), the meetings of the Equity Shareholders and Unsecured Creditors of the company were dispensed with in view of the consent letters from all of them being placed on record, there being no Secured Creditors, as confirmed by a certificate from the Chartered Accountant. Hence, the present petition is moved for obtaining the sanction of this Court.

4. Admit.

5. To be heard on Monday, the 20th day of June 2016.

6. Notice of the Hearing of the Petition, to be advertised in the English daily newspaper 'Indian Express', Ahmedabad Edition and the Gujarati daily newspaper 'Sandesh', Rajkot Edition. Publication in the Government gazette is dispensed with.

7. Notice to the Official Liquidator. He is directed Page 2 of 3 HC-NIC Page 2 of 3 Created On Thu May 05 02:10:40 IST 2016 O/COMP/173/2016 ORDER to file his report before the date of final hearing of the petition. For the purpose, he is permitted to appoint a Chartered Accountant out of the panel maintained by him to look into the books of the Petitioner Company and submit the report to the Official Liquidator, the cost for which shall be borne by the petitioner company.

7. Notice to the Central Government through the Regional Director, North­Western Region, Ministry of Corporate Affairs.

(SMT. ABHILASHA KUMARI, J.) Gaurav+ Page 3 of 3 HC-NIC Page 3 of 3 Created On Thu May 05 02:10:40 IST 2016