This matter comes up on the second motion under Sections 391 to 394 of the Companies Act, 1956 (hereinafter ‘the Act of 1956’) read with Rule 57 of the Company (Court) Rules 1959 (hereinafter ‘the Rules of 1959’) seeking sanction of the scheme of arrangement between M/s. Sistema Shyam Teleservies Limited (hereinafter ‘the Transferor Company’) and M/s. Reliance Communication Limited (hereinafter ‘the Transferee Company’) and their respective shareholders and creditors for transfer of the telecom business undertaking of the Transferor Company to the transferee company on an ongoing business basis concern consisting of assets/ liabilities set out in the scheme.

2. The facts of the case are that the Transferor Company whose registered office is situate at MTS Tower Anmrapali Circle, Vaishali Nagar, Jaipur within the jurisdiction of this court moved the first motion under Sections 391-393 of the Act of 1956 Act for holding meetings of its shareholders and unsecured creditors for considering and approving the scheme of arrangement in issue. Vide order dated 29-1-2016 it was directed by this court that the meetings of shareholders and unsecured creditors be convened and held at its