( 1 ) THESE petitions are filed under sections 391 (2) and 394 of the companies Act, 1956 praying for sanction of the scheme of arrangement between Siel Lmited, Siel Sugar Limited, Siel Holdings Limited and shivajimarg Properties Limited. Company Petition No. 107 of 2003 is filed by Siel Limited, whereas Company Petition Nos. 108/2003, 109/2003, 110/2003 are filed by Siel Sugar Limited, Siel Holdings Limited and shivajimarg Properties Limited, respectively. The registered office of the companies are located within the territorial jurisdiction of this Court and, therefore, this Court has jurisdiction to decide the present petitions. As the facts pertaining to all the petitions are same and the issues raised are also similar, I propose to dispose of all these petitions by this common judgment and order.

( 2 ) THE Boards of Directors of all the companies prepared a scheme of arrangement consisting of debt restructuring as well as business restructuring and the said Boards of Directors have passed resolutions approving the said scheme of arrangement. Petitions were filed in this Court under section 391 (1) of the Companies Act and this Court by order dated februar