Conart Trader'S Limited Vs
Case brief
What is this about?
The High Court directed the Applicant to convene a meeting of equity shareholders to approve a scheme of amalgamation. The Court dispensed with the need for creditor meetings due to consent and simplified notice publication procedures.
What did the court decide?
Direciones given for convening shareholders' meeting; issuance of notices and advertisements; conduct of meeting; reports to be filed within 30 days.
What the court decided
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
COMPANY SUMMONS FOR DIRECTION (L) NO.708 OF 2012
In the matter of the Companies Act, 1956
AND
In the matter of application under Sections 391 to 394 read with Section 78, 100 to 103 of the Companies Act, 1956
AND
In the matter of Conart Trader’s Limited a company incorporated under the provisions of the Companies Act, 1956 AND
In the matter of Scheme of Amalgamation BETWEEN Santoshima Tradelinks Limited
… First Transferor Company AND
Conart Trader’s Limited
… Second Transferor Company AND Sunrise Asian Limited
…Transferee Company
Issues for consideration
3 issues framed by the court
Whether directions should be issued for convening a meeting of equity shareholders to consider the scheme of amalgamation.
Whether it is necessary to convene meetings of secured or unsecured creditors.
What procedures the applicant company must follow for notice publication and conduct of the shareholders' meeting.
Parties & counsel
- applicant
Conart Trader's Limited
Coram
Anoop V. Mohta
Case details
As recorded by the court registry
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