Disposed

Veena Diecasters and Engineers Private Limited v. ----------------------------------------

Bombay HC21 Jan 2011CSD/37/2011

Case brief

AI extract

What is this about?

High Court dispensed with convening meetings of shareholders' and creditors' meetings for sanctioning a Scheme of Arrangement as all equity shareholders gave consent and applicant undertook to notify creditors directly.

What did the court decide?

Convening of meetings of shareholders and creditors for sanctioning the Scheme of Arrangement is dispensed with.

Veena Diecasters and Engineers Private Limited Vs… — Company and Corporate | Bombay HC (2011)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

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ORDINARY ORIGINAL CIVIL JURISDICITON

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COMPANY SUMMONS FOR DIRECTION NO 37 OF 2011

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

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And

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In the matter of Scheme of Arrangement between Veena Diecasters & Engineers Private Limited and Sipra Services & Investments Private Limited and Their Respective Shareholders.

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Veena Diecasters & Engineers Private Limited, A Company incorporated under the provisions Of Companies act, 1956 having its Registered office at at 2, Prabhat , 28 , ‘B’ Road, Churchgate, Mumbai – 400020

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Called Summons for Direction

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CORAM: S. C. DHARMADHIKARI, J. Date: 21^st January, 2011

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Mr. Hemant Sethi i/b. Hemant Sethi & Co., Advocates for the Applicant.

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MINUTES OF THE ORDER

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UPON the application of the Applicant Company abovenamed by a Summons for Direction AND UPON HEARING Mr. Hemant Sethi instructed by Hemant Sethi & Co., Advocates for the Applicant Company, AND UPON READING the Affidavit dated 11^th January, 2011 of Mr. Sitaram B Shah, Director of the Applicant Company, in support of Company Summons for Direction and the Exhibits therein referred to, IT IS ORDERED:

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That convening and holding the meeting of the Equity Shareholders of Veena Diecasters & Engineers Private Limited, the Applicant Company, for the purpose of considering and, if thought fit, approving, with or

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without modification(s), the proposed Scheme of Arrangement between Veena Diecasters & Engineers Private Limited, the Applicant/Demerged Company and Sipra Services & Investments Private Limited, the Resulting Company and their Respective Shareholders is dispensed with in view of the consents given by all the Equity Shareholders of the Applicant Company, which are annexed as Exhibits “C1” to “C6” to the Affidavit in support of Company Summons for Direction.

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That convening and holding the meetings of the Secured and Unsecured Creditors of Veena Diecasters & Engineers Private Limited, the Applicant Company, for the purpose of considering and, if thought fit, approving, with or without modification(s), the proposed Scheme of Arrangement between Veena Diecasters & Engineers Private Limited, the Applicant/Demerged Company and Sipra Services & Investments Private Limited, the Resulting Company and their Respective Shareholders is dispensed with in view of averments made in paragraph eighteen of the Affidavit in support of Company Summons for Direction. The Applicant undertakes to issue individual notice of hearing of petition by RPAD to all its Secured and Unsecured Creditors and also to publish the notice of hearing of petition in one issue each of a daily newspaper viz ‘Free Press Journal’ in English and ‘Maharashtra Times’ in the Marathi. The said undertaking is accepted.

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(S. C. DHARMADHIKARI, J. )

Veena Diecasters and Engineers Private Limited v. ----------------------------------------

Case brief

What is this about?

What did the court decide?

Veena Diecasters and Engineers Private Limited v. ----------------------------------------

Case brief

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What did the court decide?

What the court decided

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