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387 equity shareholders holding 164,96,84,906 equity shares constituting 94.91% in number and representing 99.88% in value present and voting in person or by proxy or by authorised representatives voted in favour of the scheme. Twenty three equity shareholders holding 19,300 equity shares representing in value a sum of Rs.1,93,000/- constituting 5.61% in number and representing 0.12% in value present and voting in person or by proxy or by authorised representatives voted against the scheme. Thus the overwhelming majority of the equity shareholders voted in favour of the scheme.

19. Rule 78 reads as follows :-

78. Report of the result of the meeting . - The Chairman of the meeting, (or where there are separate meetings, the Chairman of each meeting) shall, within the time fixed by the Judge, or where no time has been fixed, within seven days after conclusion of the meeting, report the result thereof to the Court. The report shall state accurately the number of creditors or class of creditors or the number of members or class of members, as the case may be, who were present and who voted at the meeting either in person or by proxy, their individual values and the way they voted. The report shall be in Form No.39."

A plain reading of Rule 78 does not support Mr.Lakhani's submission. It merely requires the Chairman's Report to state accurately the number inter-alia of persons who were present and who voted at the meeting either in person or by proxy, their individual values and the way they voted. It does not require the names of all the joint holders of the shares to be mentioned.

Form-39 also does not support the submission. It merely requires the report to mention inter-alia the names of the members who attended the meeting, their addresses, the number of shares held by them and the way they voted.