Disposed

North American Coal Corporation India Private Limited v. ------------------------

Bombay HC10 Feb 2012CSD/116/2012

Case brief

AI extract

What is this about?

Single judge order dispensing with convening of shareholders and creditors meetings under Sections 391-394 of Companies Act 1956 for scheme approval, as unanimous consents were already provided by all stakeholders and no secured creditors exist.

What did the court decide?

Dispensation of convening meetings of shareholders and all creditors for approval of scheme due to unanimous consents.

North American Coal Corporation India Private Limited Vs… — Specific Performance | 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. 116 OF 2012

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In the matter of the Companies Act, 1 of 1956; AND

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

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In the matter of Scheme of Arrangement of THE NORTH AMERICAN COAL CORPORATION, a company formed under The State of Delaware,laws of 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 officeat 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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NORTH AMERICAN COAL CORPORATION ) INDIA PRIVATE LIMITED, a company ) incorporated under the Companies Act, 1956 ) having its registered office at C1, Saudamini ) Commercial Complex, Off. No. 501- 502, S. No. ) 101/1, Bhusari Colony, Paud Road, Pune, ) 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 for the Applicant Company, AND UPON READING the Affidavit dated 19^th day of January, 2012 of Mr. Thomas Kovach, Director 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 Transferor Company with NORTH AMERICAN COAL CORPORATION INDIA PRIVATE LIMITED, “the Applicant / Transferee Company” is dispensed with in view of the consents given by both the Equity Shareholders of the Applicant Company, which are annexed as Exhibits “G-1” and “G-2”to the Affidavit in support of the Summons for Direction.

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That there are no Secured Creditors 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 Loan Creditors of the Applicant Company to consider and approve the proposed Scheme of Arrangement of THE NORTH AMERICAN COAL CORPORATION, the Transferor Company with NORTH AMERICAN COAL CORPORATION INDIA PRIVATE LIMITED, “the Applicant / Transferee Company” is dispensed with in view of the consent given by the sole Unsecured Loan Creditor of the Applicant Company, which is annexed as Exhibit “H-1” to the Affidavit in support of the Summons for Direction.

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

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(S. J. Kathawalla, J.)

North American Coal Corporation India Private Limited v. ------------------------

Case brief

What is this about?

What did the court decide?

North American Coal Corporation India Private Limited 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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