Single judge permitted a scheme of amalgamation between the petitioner and Rosy Blue (India) Pvt. Ltd., finding no prejudice to shareholders, creditors, or public after reviewing reports from the Regional Director and Official Liquidator.
Petition allowed; Scheme of Amalgamation sanctioned; Respondents to pay costs of Rs. 2,500 each.
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.
[ 1 ]
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION.
COMPANY PETITION No.589/2006. CONNECTED WITH COMPANY APPLICATION No.839/2006.
Ocean Crown Diamonds Pvt.Ltd. ..Petitioner.
Mr Yogesh Adhia for the Petitioner.
Mr C. J. Joy i/b Pankaj Kapoor for the Regional Director.
Mrs K. V. Gautam, Dy. O.L. present.
CORAM: V.C . DAGA,J.
DATED: 9TH FEBRUARY,2007.
P.C.:-
has been annexed to the petition. Salient
features are to be found in the Scheme.
| been | annexed. | [ 2 ] Accord |
ing to the |
petitioner, | |
|---|---|---|---|---|---|
| for | better and |
more | economic, | as | also |
| efficient | management | and | control | and | for |
| optimistic | growth | it is |
necessary | that | the |
| transferor | company | is take |
n over |
by | the |
transferee company. There is also compliance
with the requisite statutory provisions.
shareholders and Creditors.
| 3. | The | Official Liquidator has a | lso filed | ||
|---|---|---|---|---|---|
| her | report. | She relies |
upon the |
contents | of |
| the | report | of Ch |
artered A |
ccountants | M/s. |
| Vijay | Rungta | & Co. |
who h |
ave | examined, |
| scrutinized | the books |
of account |
and | relevant | |
| records. | The Official |
Liquidator | has | also | |
| filed | affidavit | dated |
10th | January, | 2007 |
| stating | therein | that the |
affairs | of | transferor |
| Company | have | not been |
conducted | prejudic | ial to |
| the i |
nterest | of the |
shareholders | and | Creditors |
and, therefore, the O.L. has extended no
objection to accept the Scheme.
[ 3 ] petition in "Free Press Journal" and
"Navshakti" nobody has comeforward to take objection to the Scheme of Amalgamation.
public and a case is made out for sanctioning the scheme.
Director and Official Liquidator,quantified at Rs. 2,500/- each.
Companies to act on an ordinary copy of this order and Scheme annexed to the petition,duly
authenticated by the Company Registrar.
Filing of drawn up order is dispensed with.
1 issue framed by the court
Whether the Scheme of Amalgamation between Ocean Crown Diamonds Pvt. Ltd. and Rosy Blue (India) Pvt. Ltd. is prejudicial to shareholders, creditors, or the public.
1 provisions across 1 enactments
Ocean Crown Diamonds Pvt. Ltd.
Regional Director
Official Liquidator
Rosy Blue (India) Private Limited
V.C. Daga
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
