Allowed

Shreyans Retail Pvt. Ltd. v. ---------------------------------------------

Bombay HC8 Aug 2008CP/391/2008

Case brief

AI extract

What is this about?

The High Court sanctioned the Scheme of Amalgamation between Shreyans Retail Private Limited (Transferor) and Chordia Fashions Private Limited (Transferee) under Sections 391 to 394 of the Companies Act, 1956. Finding the scheme fair, reasonable, and non-prejudicial to creditors or shareholders, the court made the connected company petitions absolute.

What did the court decide?

Company Petition No. 391 of 2008 and Company Petition No. 392 of 2008 were made absolute in terms of their respective prayer clauses.

Shreyans Retail Pvt. Ltd. Vs… — Company and Corporate | Bombay HC (2008)

¶1

-: 1 :-

¶2

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

¶3

ORDINARY ORIGINAL CIVIL JURISDICTION

¶4

COMPANY PETITION NO. 391 OF 2008

¶5

CONNECTED WITH

¶6

COMPANY APPLICATION NO. 216 OF 2008

¶7

SHREYANS RETAIL PRIVATE LIMITED Petitioner / Transferor Company.

¶8

WITH

¶9

COMPANY PETITION NO.392 OF 2008

¶10

CONNECTED WITH

¶11

COMPANY APPLICATION NO. 217 OF 2008

¶12

CHORDIA FASHIONS PRIVATE LIMITED .... Petitioner / Transferee Company.

¶13

In the matter of the Companies Act, 1956 (1 of 1956);

¶14

AND

¶15

In the matter of Section 391 to 394 of the Companies Act, 1956;

¶16

AND

¶17

In the matter of Scheme of Amalgamation of SHREYANS RETAIL PRIVATE LIMITED with CHORDIA FASHIONS PRIVATE LIMITED

¶18

Mr. Rajesh Shah i/b Rajesh Shah & Co. for the Petitioners.

¶19

Mr. S. Ramakantha Dy. Official Liquidator in CP No. 391 of 2008.

¶20

Mr.C.J.Joy i/b Mr. S.K. Mohapatra for Regional Director in C.P. No. 391 of 2008 and 392 of 2008

¶21

CORAM: S. A. Bobde, J.

¶22

-: 2 :-

¶23

DATE : 8^th August , 2008

¶24

PC:

¶25

Heard learned counsel for the parties.

¶26

The sanction of the Court is sought under Sections 391 to 394 of the Companies Act, 1956 to the Scheme of Amalgamation SHREYANS RETAIL PRIVATE LIMITED, the Transferor Company with CHORDIA FASHIONS PRIVATE LIMITED, the Transferee Company.

¶27

Counsel appearing on behalf of the Petitioners has stated that they have complied with all requirements as per directions of this Court and they have filed necessary affidavits of compliance in the Court. However, Petitioner Company also undertakes to comply with all statutory requirements if any, as required under the Companies Act, 1956 and the rules made there under.

¶28

The Regional Director has filed Affidavit stating therein that the scheme is not prejudicial to the interest of creditors, shareholders and public .

¶29

The Official Liquidator has filed report in Company Petition No.391 of 2008 stating therein that the affairs of the Transferor Company have been conducted in a proper manner and that the Transferor Company may be ordered to be dissolved.

¶30

Upon perusal of the entire material placed on records, the Scheme appears to be fair and reasonable and is not violative of any provisions of law and is not contrary to any public policy. None of the parties concerned have come forward to oppose the Scheme. Moreover, the Regional Director has stated that the Scheme as proposed is not prejudicial to the interest of share holders, creditors and the public and the Official Liquidator has stated that the affairs of the Transferor Company have been conducted in a proper manner.

¶31

There is no objection to the Scheme and since all the requisite statutory compliances have been fulfilled, Company Petition No. 391 of 2008 filed by the Transferor Company is made absolute in terms of prayer clauses (a) to (j). Company Petition No. 392 of 2008 filed by the Transferee Company is made absolute in terms of prayer clauses (a) to (i)

¶32

The Petitioner Companies to lodge a copy of this order and the Scheme with the concerned Superintendent of Stamps for the purpose of adjudication of stamp duty payable, if any, on the same within 30 days of obtaining the certified copy and/or an authenticated copy of the order.

¶33

The Petitioners in all the Company Petitions to pay cost of Rs.7500/- each to the Regional Director in all the Petitions and to the Official Liquidator by the petitioner in the Company Petition No. 391 of 2008 filed by the Transferor Company. Costs to be paid within four weeks from today.

¶34

Filing and issuance of the drawn up order is dispensed with.

¶35

All authorities concerned to act on a copy of this order along with Scheme duly authenticated by the Company Registrar , High Court, Bombay.

¶36

(S. A. Bobde, J.)

Shreyans Retail Pvt. Ltd. v. ---------------------------------------------

Case brief

What is this about?

What did the court decide?

Shreyans Retail Pvt. Ltd. v. ---------------------------------------------

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Union Bank of India Vs the O.L. of Akshay Plantations Ltd.

Modern Cargo Services Pvt. Ltd. Vs M/S. Asoj Soft Caps Pvt. Ltd.

Sicom Ltd.---a Vs the O.L. of Trimbak Ispat Pvt. Ltd. (in Liquidation)--R

Swift Securities Limited Vs ---------------------------------------------

Midas Pharmasec Limited Vs --------------------------------------------

Fiat India Pvt. Ltd. Vs ---------------------------------------------