This judgment sanctions a scheme of arrangement and restructuring between Gabriel India Limited and Anand Engine Components Limited. The court found that requisite statutory compliances were fulfilled and the Regional Director had no objection to the scheme.
The petition is made absolute in terms of prayer clauses (a), (b), and (c).
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
O. O. C. J.
COMPANY PETITION NO.36 OF 2007 CONNECTED WITH COMPANY APPLICATION NO.1143 OF 2006
In the matter of Scheme of Arrangement & Restructuring between Gabriel India Limited and Anand Engine Components Limited
Anand Engine Components Limited
..Petitioner.
Mr. Hemant Sethi for the Petitioner.
Mr. C.J. Roy with Mr. K.R. Chaudhari for the Regional Director. Ms. K.V. Gautam, Dy. Official Liquidator present.
CORAM: DR. D.Y. CHANDRACHUD, J.
16th March, 2007.
P.C. :
This Company Petition is companion to Company
Petition 35 of 2007 which was being allowed by an order passed
today. All the requisite statutory compliances for the proposed
scheme of arrangement and reconstructing have been fulfilled.
The Regional Director has stated before the Court through counsel
that there is no objection to the scheme being sanctioned. The
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scheme in the present case also involves a reduction of share
capital. A special resolution was passed at the extra-ordinary
general meeting of the members of the company held on 17th
January, 2007. In the circumstances, the Petition is made absolute in terms of prayer clauses (a), (b) and (c).
The Petitioner to pay costs of Rs.2,500/- to the Regional
Director.
Filing and issuance of drawn up order is dispensed with.
All authorities concerned to act on an authenticated copy
of this order issued by the office of this Court.
2 issues framed by the court
Whether to sanction the scheme of arrangement and restructuring.
Whether statutory compliances for the proposed scheme are fulfilled.
1 provisions across 1 enactments
Anand Engine Components Limited
Regional Director
DR. D.Y. CHANDRACHUD
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
