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6. The IDBI, being equity shareholder of the APIL attended the meeting of the APIL shareholders but did not vote. The IDBI is neither a shareholder nor a creditor of the APBL. The IDBI, however have opposed the scheme by filing their affidavit in the present proceedings. The Government of India, which is also an equity shareholder of the APBL did not attend the meeting nor did it vote by the proxy. The Government of India which is a preferential shareholder did not attend or vote by proxy. It has also not appeared before this court to oppose the scheme. As far as the other voting pattern is concerned, it is as under :

(a) 196 shareholders/Corp. Reps holding 236,00,785 equity shares attended. 189 shareholders holding 235,99,924 shares voted for the scheme. Two equity shareholders holding 501 shares voted against. Five equity shareholders holding 360 shares cast invalid votes.

(b) Out of 196 members who attended only two belonged to the Alstom group while 194 were other members.

(c) Neither the SBI as a shareholder attended or voted by proxy nor the IDBI as an equity shareholder voted against the scheme though they attended the meeting.

(iv) In the meeting of the preferential shareholders, members holding 373,00,000 shares attended and all voted for the scheme. The scheme was approved by 100 per cent, of the preferential shareholders present.

(v) It is further pertinent and significant to note that the Government of India as preferential shareholders did not attend or vote by proxy. In the meeting of the secured creditors six secured creditors of value Rs. 9.04 crores voted. All the creditors present including the S. B. I voted for the scheme. The scheme was, therefore, approved by 100 per cent, of secured creditors present.

(vi) The scheme was approved by 98.95 per cent, in number and 99.99 per cent, in value.

(vii) Most significant factor is that the SBI which is a shareholder of APIL did not attend or vote by proxy.

(viii) The IDBI which is an equity shareholder attended but did not vote. Both of them are vociferously objecting to the scheme in the court. Both of them did not think it proper to open their mouth in the meetings at the appropriate forum. That was the moment of action for both of them. Belated willows are of no value in this court. Out of 115 unsecured creditors of value Rs. 38.35 crores attended, 114 unsecured creditors of value Rs. 38.32 crores voted for the scheme. There was no vote against the scheme while the vote of one unsecured creditor of value Rs. 312,040 was declared invalid.