Partly allowed

Avantika Morarji Chemicals Pvt. Ltd. v. -----------------------------------

Bombay HC29 Jan 2010CSD/65/2010

Case brief

AI extract

What is this about?

This order addressed an application for dispensation from holding meetings to approve a proposed scheme of amalgamation. The court dispensed with the shareholder meeting due to universal consent, the secured creditors' meeting due to the absence of secured creditors, and the unsecured creditors' meeting due to universal consent from unsecured creditors.

What did the court decide?

Convening and holding of meetings for equity shareholders, secured creditors, and unsecured creditors to approve the proposed Scheme of Amalgamation were dispensed with.

Avantika Morarji Chemicals Pvt. Ltd. Vs… — Specific Performance | Bombay HC (2010)

¶1

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

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ORDINARY ORIGINAL CIVIL JURISDICTION

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COMPANY SUMMONS FOR DIRECTION NO. 65 OF 2010

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In the matter of Companies Act, 1956;

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And

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

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And

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In the matter of Scheme Of Amalgamation of Avantika Morarji Chemicals Private Limited;

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And

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Dinavanti Morarji Chemicals Private Limited;

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With

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Danashmand Organic Private Limited;

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Avantika Morarji Chemicals Private ] Limited a Company incorporated under ] The Companies Act, 1956 having ] Its Registered Office at 1/292 Manhas ] Mansion, Vidya Nagari Marg, Kalina, ] Mumbai 400 098. ] … Applicant

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Called Summons for Directions.

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CORAM : S. J. Kathawalla J.

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DATE : 29^th January, 2010.

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Ananth Iyengar, Advocate for the Applicant.

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MINUTES OF THE ORDER

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UPON the application of the Applicant Company by Summons for Directions AND UPON HEARING Ananth Iyengar, Advocate for the Applicant and UPON READING the Affidavit dated 23^rd day of December, 2009 of Davindersingh Minhas, Director of the Applicant Company, in support of the Summons for Directions, IT IS ORDERED THAT:

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[1] The convening and holding the meeting of the Equity Shareholders of the Applicant Company, for the purpose of considering, and if thought fit, approving, with or without modification(s), the proposed Scheme of Amalgamation of (1) Avantika Morarji Chemicals Private Limited and (2) Dinavanti Morarji Chemicals Private Limited with Danashmand Organic Private Limited is dispensed with in view of consents given by all the Equity Shareholders of the Applicant Company which are annexed as Exhibits C-1 and C-2 to the affidavit in support of Summons for Directions:

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[2] There are no Secured Creditors of the Applicant Company as stated in paragraph 27 of the Affidavit in support of Summons for Direction. Hence, the question of convening and holding the meeting of the Secured Creditors does not arise;

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[3] The convening and holding the meeting of the Unsecured Creditors of the Applicant Company, for the purpose of considering, and if thought fit, for approving, with or without modification(s), the proposed Scheme of Amalgamation of (1) Avantika Morarji Chemicals Private Limited and (2) Dinavanti Morarji Chemicals Private Limited with Danashmand Organic Private Limited is dispensed with in view of consents given by all the Unsecured Creditors of the Applicant Company which are annexed as Exhibits D-1 to D-5 to the affidavit in support of Summons for Directions;

¶23

(S.J. Kathawalla, J.)

Avantika Morarji Chemicals Pvt. Ltd. v. -----------------------------------

Case brief

What is this about?

What did the court decide?

Avantika Morarji Chemicals Pvt. Ltd. v. -----------------------------------

Case brief

What is this about?

What did the court decide?

What the court decided

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