First Motion Cleared: NCLT orders Shareholders’ and Creditors’ Meetings, dispenses with others in Scheme of Arrangement Proceedings

Indo Thai Securities Limited Vs Indo Thai Financial Services Limited (NCLT Indore) Conclusion: Tribunal directed convening of meetings of equity shareholders and unsecured creditors of the transferor company, dispensed with other meetings as prayed, and issued consequential directions regarding notices, advertisements, quorum, reporting and filing of the second motion petition for final approval of the scheme. Held: Assessee was  a listed company engaged in broking and distribution, real estate and green technology businesses. It has 17,326 equity shareholders and was listed on both the BSE a...