Allowed

Grant Trading and Services Pvt. Ltd. v. ---------------------------------------------

Bombay HC20 Mar 2009CP/52/2009

Case brief

AI extract

What is this about?

The Court sanctioned a scheme of amalgamation between Grant Trading & Services Pvt. Ltd. (transferor) and City Pulse Developers P. Ltd. (transferee) under Sections 391-394 of the Companies Act, 1956, finding the scheme fair, reasonable, and compliant with statutory requirements.

What did the court decide?

Company Petition No. 52 of 2009 and Company Petition No. 53 of 2009 made absolute; directions to pay costs to Regional Director and Official Liquidator.

Grant Trading and Services Pvt. Ltd. Vs… — Specific Performance | Bombay HC (2009)

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 VP H

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

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ORDINARY ORIGINAL CIVIL JURISDICTION

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COMPANY PETITION No.52 OF 2009
CONNECTED WITH
COMPANY APPLICATION No. 37 OF 2009

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Grant Trading & Services...Petitioner
Pvt. Ltd. (Transferor Company)

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WITH

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COMPANY PETITION No. 53 OF 2009

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CONNECTED WITH
COMPANY APPLICATION No.38 OF 2009

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City Pulse Developers P. Ltd.

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...Petitioner
(Transferee Company)
***

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

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Mr. C. J. Roy i/b S.K. Mohapatra, the Regional
Director.

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Mr. S. Ramakantha, the Dy. Official Liquidator in
Company Petition No. 52 of 2009.

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CORAM: S. J. VAZIFDAR, J.

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DATED: MARCH 20, 2009.

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P.C.:

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1.Heard learned counsel for the parties.

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2.The sanction of the Court is sought under
Sections 391 to 394 of the Companies Act, 1956 to a
scheme of Amalgamation between the transferor Company
and the transferee Company. The petitioner in Company
Petition No. 52 of 2009 is the transferor Company and

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the petitioner in Company Petition No. 53 of 2009
is the transferee company.

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

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

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5.The Official Liquidator has filed report in
Company Petition No. 52 of 2009 stating 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.

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6.Upon perusal of the entire material placed on
record, 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

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parties concerned has come forward to oppose the
scheme. Moreover, the Regional Director has stated
that the scheme as proposed is not prejudicial to the
interests of the share holders, creditors and the
public.

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7.There is no objection to the scheme and since
all the requisites statutory compliances have been
fulfilled Company Petition No. 52 of 2009 filed by
the Transferor Company is made absolute in terms of
prayer clauses (a) to (d) and Company Petition No. 53
of 2009 filed by the Transferee company is made
absolute in terms of prayers (a) to (c).

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8.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.

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9.The Petitioners in Company Petition Nos. 52
of 2009 and 53 of 2009 to pay cost of Rs.7,500/- each
to the Regional Director. The Petitioner in Company
Petition No. 52 of 2009, filed by the Transferor
Company to pay cost of Rs.7,500/- to the Official

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Liquidator. Costs to be paid within four weeks from
today.

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

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11.All authorities concerned to act on a copy of
this order alongwith scheme duly authenticated by the
Company Registrar, High Court, Bombay.

Grant Trading and Services Pvt. Ltd. v. ---------------------------------------------

Case brief

What is this about?

What did the court decide?

Grant Trading and Services 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

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