Disposed

The North American Coal Corporation v. ------------

Bombay HC10 Feb 2012CSD/115/2012

Case brief

AI extract

What is this about?

Single judge order dispensing with the holding of meetings for equity shareholders, secured creditors, and unsecured creditors in a scheme of arrangement under the Companies Act, 1956, based on consents obtained by the applicant company and its creditors in Maharashtra.

What did the court decide?

Metings of equity shareholders, secured creditors, and unsecured creditors convened to approve the scheme are dispensed with.

The North American Coal Corporation Vs ------------ — Company and Corporate | Bombay HC (2012)

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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 SUMMONS FOR DIRECTION NO. 115 OF 2012

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In the matter of the Companies Act, 1 of 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 Arrangement of THE NORTH AMERICAN COAL CORPORATION, a company formed under the laws of The State of Delaware, United States of America having its registered office at The Prentice-Hall Corporation, 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808, USA through its Branch office at Dhirubai Ambani Knowledge City, I – Block, 1st floor – North wing, Thane Belapur Road, Navi Mumbai 400709, Maharashtra, India and NORTH AMERICAN COAL CORPORATION INDIA PRIVATE LIMITED and their respective shareholders.

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THE NORTH AMERICAN COAL ) CORPORATION, a company formed under the ) laws of The State of Delaware, United States of ) Americahaving its registered office at The ) Prentice-Hall Corporation, 2711 Centerville ) Road, Suite 400, Wilmington, Delaware19808, ) USA through its Branch office ) atDhirubaiAmbaniKnowledgeCity, I – Block, ) 1st floor – North wing, Thane Belapur Road, ) Navi Mumbai 400709, Maharashtra, India. ) …Applicant Company.

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Called for Summons for Direction

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Coram: S. J. Kathawalla, J.

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Date: 10^th February, 2012

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Mr. Rajesh Shah i/b M/s. Rajesh Shah & Co., Advocate 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. Rajesh Shah instructed by M/s. Rajesh Shah & Co., Advocate

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for the Applicant Company, AND UPON READING the Affidavit dated 19^th day of January, 2012 of Mr. Thomas S. Kovach, Authorised Signatory of the Applicant Company, in support of the Summons for Directions and the exhibit therein referred to, IT IS ORDERED:-

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That the convening and holding the meeting of the Equity Shareholders of the Applicant Company to consider and approve the proposed Scheme of Arrangement of THE NORTH AMERICAN COAL CORPORATION , “the Applicant / Transferor Company” with NORTH AMERICAN COAL CORPORATION INDIA PRIVATE LIMITED, the Transferee Company is dispensed with in view of the consent given by the sole Equity Shareholder of the Applicant Company, which is annexed as Exhibit “D-1”to the Affidavit in support of the Summons for Direction.

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2 That there are no Secured Creditors of the Mumbai Branch of the Applicant Company as stated in paragraph 16 of the Affidavit in support of Summons for Direction. Hence, the question of convening and holding the meeting of Secured Creditors does not arise.

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That the convening and holding the meeting of the Unsecured Creditors of the Mumbai Branch of the Applicant Company to consider and approve the proposed Scheme of Arrangement of THE NORTH AMERICAN COAL CORPORATION , “the Applicant / Transferor Company” with NORTH AMERICAN COAL CORPORATION INDIA PRIVATE LIMITED, the Transferee Company is dispensed with in view of the consents given by all the Unsecured Creditors of the Mumbai Branch of the Applicant Company, which are annexed as Exhibits “E-1” to “E-4” to the Affidavit in support of the Summons for Direction.

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(S. J. Kathawalla, J.)

The North American Coal Corporation v. ------------

Case brief

What is this about?

What did the court decide?

The North American Coal Corporation v. ------------

Case brief

What is this about?

What did the court decide?

What the court decided

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