Allowed

Mangal Keshav Securities Limited Vs

Bombay HC10 Feb 2012CSD/119/2012

Case brief

AI extract

What is this about?

Single judge of Bombay High Court dispensed with shareholder and creditor meetings for M Mangal Keshav Securities Ltd.’s amalgamation scheme. Creditors’ meetings waived due to stock broking nature and consents; notice to unsecured creditors accepted.

What did the court decide?

Dispensed with meetings of equity shareholders, secured creditors, unsecured trade creditors, and unsecured creditors for scheme approval; unsecured creditors to be notified individually.

Mangal Keshav Securities 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.119 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 In the matter of Scheme of Amalgamation of MANGAL KESHAV SECURITIES LIMITED

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WITH

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MANGAL KESHAV HOLDINGS LIMITED

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MANGAL KESHAV SECURITIES ) LIMITED, a company incorporated ) under the Companies Act, 1956 ) having its registered office at 501, ) Heritage Plaza, J.P Road, Opp. Indian ) Oil Colony, Andheri (W), Mumbai – ) 400 053.. ) …Applicant Company.

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Called for Summons for Direction

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Coram: S. J. Kathawalla, J. 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 above named 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 25^th day of January, 2012 of Mr. S. P. Toshniwal, Chief Financial Officer (CFO) of the Applicant Company, in support of the Summons for Direction and the Exhibits 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 Amalgamation of MANGAL KESHAV SECURITIES LIMITED, the Applicant / Transferor Company with MANGAL KESHAV HOLDINGS LIMITED, the Transferee Company, is dispensed with in view of the consents given by all the Equity Shareholders of the Applicant Company, which are annexed as Exhibits “C-1” to “C-7” 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 17 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 of the meeting of the Unsecured Trade Creditors of the Applicant Company to consider and approve the proposed Scheme of Amalgamation of MANGAL KESHAV SECURITIES LIMITED, the Applicant / Transferor Company with MANGAL KESHAV HOLDINGS LIMITED, the Transferee Company, is dispensed with in view of the averments made in paragraph 18 of the Affidavit in support of the Summons for Directions, interalia, stating that the nature of the business of the Applicant Company is of stock broking and that the settlements of the creditors are to be made within two days from the date as per the guidelines of the stock exchanges and monitored by the Securities and Exchange Board of India, and

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therefore the Unsecured Trade Creditors are paid in the normal course

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of business

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That the convening and holding of the meeting of the Unsecured Creditors of the Applicant Company to consider and approve the proposed Scheme of Amalgamation of MANGAL KESHAV SECURITIES LIMITED, the Applicant / Transferor Company with MANGAL KESHAV HOLDINGS LIMITED, the Transferee Company, is dispensed with in view of the averments made in paragraph 19 of the Affidavit in support of the Summons for Direction. The Applicant undertakes to give individual notice of date of hearing of Petition by Registered Post A. D. to its all Unsecured Creditors and also to publish the same in

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two local news papers viz. “Free Press Journal”, in English language and translation thereof in “Maharashtra Times”, in Marathi language, both having circulation in Mumbai. The said undertaking is accepted

Mangal Keshav Securities Limited Vs

Case brief

What is this about?

What did the court decide?

Mangal Keshav Securities Limited Vs

Case brief

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What did the court decide?

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