Adhunik Ispat Limited Vs
Case brief
What is this about?
High Court dispensed with convening meetings of equity and unsecured creditors for ADHunik's amalgamation due to their consent, accepted undertaking for unsecured creditor notice, and dispensed with separate transferor proceedings.
What did the court decide?
Dispensed with meetings of equity and unsecured creditors' meetings; accepted undertaking for notice to unsecured creditors; dispensed with separate proceedings by transferee.
What the court decided
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
COMPANY SUMMONS FOR DIRECTION NO.640 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 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.
ADHUNIK ISPAT LIMITED , a company ) incorporated under the Companies ) Act, 1956 having its Registered Office ) at 304, Saba Palace, 4th Road, Khar ) (W), Mumbai - 400052, Maharashtra. ) …Applicant Company.
Called for Summons for Direction
Coram: S. J. Kathawalla, J.
Date: 31st August, 2012
Mr. Rajesh Shah with Mr. Chandrakant Mhadeshwar i/b M/s. Rajesh Shah & Co., Advocate for the Applicant.
Issues for consideration
3 issues framed by the court
Whether a shareholders' meeting is required to approve a scheme of amalgamation when all equity shareholders have consented.
Whether a meeting of secured creditors is required when there are none.
Whether a meeting of unsecured creditors is required when they have consented via affidavit and guaranteed the proposed scheme.
Parties & counsel
- applicant
ADHUNIK ISPAT LIMITED
Coram
S. J. Kathawalla
Case details
As recorded by the court registry
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