Disposed

Navlakha Agrex Private Limited Vs

Bombay HC22 Jun 2012CSD/448/2012

Case brief

AI extract

What is this about?

The High Court dispensed with the requirement to convene and hold meetings of equity shareholders, secured creditors, and unsecured creditors for approving a scheme of amalgamation, as consents were already obtained from all relevant stakeholders.

What did the court decide?

Meeting of equity shareholders, secured creditors, and unsecured creditors was dispensed with; the case was disposed of.

Navlakha Agrex Private Limited Vs — Company and Corporate | Bombay HC (2012)

¶1

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION

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COMPANY SUMMONS FOR DIRECTION NO. 448 OF 2012

¶3

In the matter of the Companies Act, 1956

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AND

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In the matter of application under Sections 391 to 394 of the Companies Act, 1956

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AND

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In the matter of Navlakha Agrex Private Limited a company incorporated under the provisions of the Companies Act, 1956

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AND

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In the matter of Scheme of Amalgamation

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BETWEEN Navlakha Agrex Private Limited

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… Transferor Company AND Mahaveer Trading Private Limited

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…… Transferee Company

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Navlakha Agrex Private Limited a company incorporated under the provisions of the Companies Act, 1956 and having its Registered Office at 412 Court Chambers, 35 New Marine Lines

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Mumbai 400020

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……Applicant / Transferor Company

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Called Summons for Direction

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Coram: S.J. Kathawalla, J.

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Date: 22^nd June 2012

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Mr. Naser Ali Rizvi i/b. M/s. Thakore Jariwala & Associates, Advocates for Applicant

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¶21

MINUTES OF THE ORDER

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UPON the application of Navlakha Agrex Private Limited, the Applicant abovenamed by Summons for Direction AND UPON hearing Mr. Naser Ali Rizvi, Advocate for the Company and upon reading the Affidavit dated 02^nd May, 2012 of Mr. Harshit Porwal, Director of the Applicant/Transferor Company, in support of Summons for Direction and the Exhibits therein referred to (Exhibit ‘A’ being a copy of the proposed Scheme of Amalgamation) IT IS ORDERED:

¶23

That convening and holding the meeting of the Equity Shareholders, of the Applicant / Transferor Company, for the purpose of considering and, if thought fit, approving, with or without modification(s), the arrangement embodied in the Scheme of Amalgamation of Navlakha Agrex Private Limited, the Transferor Company with Mahaveer Trading Private Limited, the Applicant/Transferee Company is dispensed with in view of the consents given by both the Equity Shareholders of the Applicant / Transferor Company, which are annexed as Exhibits “D-1” and “D-2” to the Affidavit – in – Support of the Summons for Direction.

¶24

There are no Secured Creditors of the Applicant / Transferor Company, as stated in paragraph 27 of the Affidavit in Support of Company Summons for Direction. Hence, the question of convening and holding the meeting of Secured Creditors does not arise.

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That convening and holding the meeting of the Unsecured Creditors, of the Applicant / Transferor Company, for the purpose of considering and, if thought fit, approving, with or without modification(s), the arrangement embodied in the Scheme of Amalgamation of Navlakha

¶26

¶27

Agrex Private Limited, the Transferor Company with Mahaveer Trading Private Limited, the Applicant/Transferee Company is dispensed with in view of consents given by all the Unsecured Creditors of the Applicant/Transferor Company, which are annexed as Exhibits “E-1 to E-4” to the Affidavit – in – Support of the Summons for Direction.

Navlakha Agrex Private Limited Vs

Case brief

What is this about?

What did the court decide?

Navlakha Agrex Private Limited Vs

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Statutes considered

Parties & counsel

Coram

Case details

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