Disposed

Kroner Investments Limited v. ----------------------------------------

Bombay HC14 Jan 2011CSD/33/2011

Case brief

AI extract

What is this about?

In a Summons for Directions matter under the Companies Act, 1956, the High Court of Bombay dispensed with the convening of meetings for equity shareholders, secured creditors, unsecured creditors, and debenture-holders regarding a Scheme of Arrangement, as unanimous consent was evidenced.

What did the court decide?

Dispensed with the convening of meetings of equity shareholders, secured and unsecured creditors, and debenture-holders for approval of the Scheme of Arrangement.

Kroner Investments Limited Vs… — Company and Corporate | Bombay HC (2011)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY SUMMONS FOR DIRECTIONS NO.33 OF 2011

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In the matter of Sections 391 to 394 read with Section 100 to 104 of the Companies Act, 1956; And In the matter of Kroner Investments Limited; And In the matter of the Scheme of Arrangement between Kroner Investments Limited and Essar Teleholdings Limited and their respective shareholders and creditors. Kroner Investments Limited, a company ) incorporated under the Companies Act, 1956 ) and having its Registered Office at Essar ) House, 11, K.K. Marg, Mahalaxmi, ) Mumbai - 400034 )

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…Applicant/ Demerged Company

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Called for Summons for Directions

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Coram: S.C. Dharmadhikari, J.

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Dated: 14^th January, 2011

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Mrs. Cynthia Pereira i/b Rajani Associates for Applicant

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MINUTES OF THE ORDER

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Upon the Application of the Applicant abovenamed by a Summon for Directions and UPON HEARING Mrs. Cynthia Pereira instructed by Rajani Associates, Advocates for the Applicant, AND UPON READING the Affidavit dated 7^th day of January, 2011 of Mr. Ashish Vyas, the Authorised Signatory of the Applicant, in support of the Summons for Directions and the Exhibits thereto referred, IT IS ORDERED:-

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That the convening and holding the meeting of the Equity Shareholders of the Applicant, for the purpose of considering and, if thought fit, approving, the arrangement embodied in the proposed Scheme of Arrangement between Kroner Investments Limited (the "Applicant/ Demerged Company") and Essar Teleholdings Limited (the "Resulting Company") and their respective shareholders and creditors is dispensed with as all the Equity Shareholders have given their consents to the Scheme of Arrangement which are annexed as Exhibits H1 to Exhibit H7 to the Affidavit in Support of Summons for Direction.

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That there are no Secured Creditors of the Applicant Company as stated in paragraph 9 of the Affidavit in Support of Summons for Direction. Hence the question of convening and holding the

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meeting of the Secured Creditors of the Applicant Company does not arise .

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That the convening and holding the meeting of the Unsecured Creditors of the Applicant, for the purpose of considering and, if thought fit, approving, the arrangement embodied in the proposed Scheme of Arrangement between Kroner Investments Limited (the "Applicant/ Demerged Company") and Essar Teleholdings Limited (the "Resulting Company") and their respective shareholders and creditors is dispensed with as Unsecured Creditors have given their consent to the Scheme of Arrangement which are annexed as Exhibits J1 to Exhibit J4 to the Affidavit in Support of Summons for Direction.

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That the convening and holding the meeting of the Debentureholders of the Applicant, for the purpose of considering and, if thought fit, approving, the arrangement embodied in the proposed Scheme of Arrangement between Kroner Investments Limited (the "Applicant/ Demerged Company") and Essar Teleholdings Limited (the "Resulting Company") and their respective shareholders and creditors is dispensed with as Debenture-holders have given their consent to the Scheme of

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Arrangement which are annexed as Exhibits L1 and Exhibit L2 to the Affidavit in Support of Summons for Direction.

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Issuance of Certified copy of this order is expedited.

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(S.C. Dharmadhikari, J.)

Kroner Investments Limited v. ----------------------------------------

Case brief

What is this about?

What did the court decide?

Kroner Investments Limited v. ----------------------------------------

Case brief

What is this about?

What did the court decide?

What the court decided

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