PATHERYA, J. :

1. PETITIONER’S CASE

1.1 This is an application for sanction of a Scheme of Arrangement by demerger. The formalities have been complied with and meetings of shareholders and creditors have been held. The Scheme has been approved at the Board meetings and such meetings were chaired by Chairpersons appointed by Court. The Explanatory Statement also placed the documents for inspection of the shareholders. The Stock Exchange both BSE and CSE have approved the Scheme and issued a No Objection. Employees also have raised no objection and therefore in view of 87 Company Cases 792, 83 Company Cases 30 and 87 Company Cases 689 the Scheme be sanctioned.

1.2. The Scheme has been objected by a shareholder who has affirmed an affidavit for himself and 99 shareholders. The veracity of the Attendance Slip has been disputed and the inspection sought though given was not taken. An adjournment was sought of the meeting by the said objector and the same was disallowed and meeting was held on 13th September, 2006. The BSE raised objections to the first Scheme and the same was modified by making the relevant changes. The first objection relates to the appointed date for underva