This order in a Summons for Direction case addressed a company's amalgamation with Indian Bank. The court dispensed with meetings for equity shareholders and creditors, accepting consents and company undertakings to notify unsecured creditors.
The convening of meetings for equity shareholders, secured creditors, and unsecured creditors was dispensed with.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
COMPANY SUMMONS FOR DIRECTION NO.124 OF 2012.
In the matter of the Companies Act 1 of 1956);
AND
In the matter of Sections 391 to 394 of the Companies Act, 1956;
AND
In the matter of Scheme of Amalgamation of INDFUND MANAGEMENT LIMITED WITH
INDIAN BANK
INDFUND MANAGEMENT ) LIMITED, a company incorporated ) under the Companies Act, 1956 having ) its registered office at 18th Floor, ) Maker Tower ‘F’, Cuffe Parade, ) Mumbai – 400 005. ) …Applicant Company.
Called for Summons for Direction
Coram: S. J. Kathawalla, J.
th February, 2012
Mr. Rajesh Shah i/b M/s. Rajesh Shah & Co., Advocate for the Applicant
MINUTES OF THE ORDER
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 1st February, 2012 of Mr. Bimal Shah, Company Secretary, of the Applicant Company, in support of the Summons for Direction and the Exhibit therein referred to, IT IS ORDERED:-
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given by all the Equity Shareholders of the Applicant Company, which is annexed as Exhibits “G-1” to “G-8” to the Affidavit in support of the Summons for Direction.
2 issues framed by the court
Whether the convening of meetings for equity shareholders regarding the Scheme of Amalgamation was necessary given their consent.
Whether the convening of meetings for secured and unsecured creditors was required to approve the Scheme of Amalgamation.
3 provisions across 1 enactments
INDFUND MANAGEMENT LIMITED
S. J. Kathawalla
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
