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2016 DIGILAW 922 (ORI)

In the matter of: OCL India Limited v. .

2016-10-06

B.K.NAYAK

body2016
ORDER : B.K. NAYAK, J. 1. Upon the application of the above named Company by summons dated the 15th July, 2016 and hearing the learned counsel for the Petitioner Company and upon reading the affidavit of Mrs. Rachana Goria, affirmed on 15th July, 2016 and filed on the 18th day of July, 2016 and the annexures therein referred to, Annexure-1 being a copy of the proposed compromise and/or arrangement. IT IS ORDERD 1(A) That separate meetings of the equity shareholders and secured creditors of the Petitioner Company shall be convened and held at the registered office of the Petitioner Company at Rajgangpur, District Sundergarh, Odisha at 11.00 AM in the morning on the 27th day of November, 2016 and at 02.00 PM in the afternoon on the same day respectively for the purpose of considering, and if thought fit, approving with or without modifications, the compromise and/or arrangement proposed to be made by the Petitioner Company. (B) That, at least 21 clear days before the date appointed for the meetings, advertisements convening the same and stating that copies of the said compromise and/or arrangement and of the statement required to be furnished pursuant to section 393 and Forms of Proxy can be obtained free of charge at registered office of the company or at the office of its Advocate at 31-B, Bima Vihar, Sector-6, C.D.A., Cuttack, be inserted once in each of the daily edition of “Times of India” and in Odia in the Odiya daily “The Sambad” both published from Bhubaneswar. The publication of notice in Odisha Gazette is dispensed with. (C) That, in addition, at least 21 clear days before the meetings to be held as aforesaid, a notice convening the said meeting at the place and time aforesaid, together with a copy of the statement required under section 393, and the prescribed form of proxy, shall be sent by ordinary post addressed to each of the secured creditor and the equity shareholders of the said company at their respective registered or last known address. (D) That, the Advocate for the Petitioner Company within five days of this day file in Court the form of the advertisement, the notice and the same shall be settled by the Registrar (Judicial) of this Court. (E) That, Mr. B.C. Mohanty, Advocate, and on his failure Mr. (D) That, the Advocate for the Petitioner Company within five days of this day file in Court the form of the advertisement, the notice and the same shall be settled by the Registrar (Judicial) of this Court. (E) That, Mr. B.C. Mohanty, Advocate, and on his failure Mr. P.K. Dash, Advocate, shall be the Chairperson of the meetings as aforesaid or on any adjourned date at a remuneration of Rs.50,000/- (Rupees fifty Thousand) for each meeting. (F) That, the Chairperson appointed for the meetings do issue the advertisement and sent out the notice of the meetings referred to above. (G) That the quorum for the said meeting of the secured creditors of the Petitioner Company shall be four persons present either in person or by proxy and the quorum for the meeting of the equity shareholders of the Petitioner Company shall be ten persons either present in person or by proxy holding together three fourth of the value of paid up capital of the Petitioner Company. (H) That, voting by proxy be permitted, provided that a proxy in the prescribed form duly signed by the person entitled to vote at the meeting, be filed with the company at its registered office at Rajgangpur, District Sundergarh, Odisha not later than 48 (forty eight) hours before the meeting. 2. That the value of each equity shareholder or creditor shall be in accordance with the books of the company and where the entries in the books are disputed, the Chairperson appointed for the meeting of the company, whose entry is disputed, shall determine the value for the purpose of the meeting. 3. That the Chairperson shall have the power to adjourn the respective meetings. 4. And it is further ordered that the Chairperson do report to this Court the result of the meetings within fifteen days of the conclusion thereof and the said report shall be verified by his respective affidavits. 5. The Registrar (Judicial) is directed to settle the notices expeditiously. 6. The Chairperson and all parties are to act on a signed copy of this order. 7. The summons for directions be signed as soon as the same are filed. The Company Petition is disposed of accordingly.