Disposed

Bagaria Iron and Steel Rpivate Limited Vs

Bombay HC31 Aug 2012CSD/639/2012

Case brief

AI extract

What is this about?

The High Court dispensed with the convening of meetings of equity shareholders, unsecured creditors, and the separate petition process under Sections 391 to 394 of the Companies Act, 1956 for the proposed amalgamation scheme due to consents and affirmations of non-existence of secured creditors.

What did the court decide?

Meeting of equity shareholders and unsecured creditors dispensed with; separate petition in proceedings by transferee dispensed with.

Bagaria Iron and Steel Rpivate 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.639 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; AND

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In the matter of the Scheme of Amalgamation of ADHUNIK ISPAT LIMITED, the First Transferor Company and BAGARIA IRON & STEEL PRIVATE LIMITED, the Second Transferor Company with PLATINUM PROJECTS & ENGINEERS PRIVATE LIMITED, the Transferee Company

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BAGARIA IRON & STEEL PRIVATE ) LIMITED, a company incorporated ) under the Companies Act, 1956 ) having its Registered Office at 9/11, ) Poddar Mansion, 2nd Floor, Vanka ) Mohalla, Dr. M. B. Velkar Street, ) Mumbai - 400002, Maharashtra. ) …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: 31^st August, 2012

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Mr. Rajesh Shah with Mr. Chandrakant Mhadeshwar 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 M/s. Rajesh Shah instructed by Rajesh Shah & Co., Advocate for the Applicant Company, AND UPON READING the Affidavit dated 31^st July, 2012 of Mr. Arun

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Kumar Joshi, Authorised Person 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 ADHUNIK ISPAT LIMITED, the First Transferor Company and BAGARIA IRON & STEEL PRIVATE LIMITED, the Applicant / Second Transferor Company with PLATINUM PROJECTS & ENGINEERS PRIVATE LIMITED, the 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 “E-1” to “E-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 20 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 Creditors of the Applicant Company to consider and approve the proposed Scheme of Amalgamation of ADHUNIK ISPAT LIMITED, the First Transferor Company and BAGARIA IRON & STEEL PRIVATE LIMITED, the Applicant / Second Transferor Company with PLATINUM PROJECTS & ENGINEERS PRIVATE LIMITED, the Transferee Company is dispensed with in view of the averments made in paragraph 21 of the Affidavit in support of the Summons

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for Direction. The Applicant undertakes to give individual notice of date of hearing of Petition by Registered Post A. D. to all its Unsecured Creditors and also to publish the same in ‘Free Press Journal’ in English language and ‘Navshakti’ in Marathi language, both having circulation in Mumbai. The said undertaking is accepted.

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That the filing of the separate proceedings/application/petition under Sections 391 to 394 of the Companies Act, 1956 by PLATINUM PROJECTS & ENGINEERS PRIVATE LIMITED, the Transferee Company, is dispensed with in view of the averments made in paragraphs 22 and 23 of the Affidavit in support of the Summons for Direction.

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Bagaria Iron and Steel Rpivate Limited Vs

Case brief

What is this about?

What did the court decide?

Bagaria Iron and Steel Rpivate Limited Vs

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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