Allowed

Okay Plastics Private Limited Vs

Bombay HC3 Feb 2012CSD/78/2012

Case brief

AI extract

What is this about?

The court discharged the requirement to convene a general meeting of equity shareholders and creditors to approve a proposed scheme of amalgamation. This was because all shareholders had already provided written consent and no secured or unsecured creditors were found.

What did the court decide?

The convening of meetings of equity shareholders and creditors for the approval of the Scheme of Amalgamation is dispensed with.

Okay Plastics Private Limited Vs — Specific Performance | Bombay HC (2012)

¶1

¶2

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

¶3

ORDINARY ORIGINAL CIVIL JURISDICTION

¶4

COMPANY SUMMONS FOR DIRECTION NO. 78 OF 2012.

¶5

In the matter of the Companies Act 1 of 1956);

¶6

AND

¶7

In the matter of Sections 391 to 394 of the Companies Act, 1956; AND

¶8

In the matter of Scheme of Amalgamation of OKAY PLASTICS PRIVATE LIMITED WITH

¶9

MEHUL FINANCE AND INVESTMENTS PRIVATE LIMITED

¶10

OKAY PLASTICS PRIVATE LIMITED, a ) company incorporated under the ) Companies Act, 1956 having its registered ) office at 11-A , Mehta Industrial Estate, 1^st ) Floor, J.P. Road No.2, Goregoan (East), ) Mumbai-400063. ) …Applicant Company.

¶11

Called for Summons for Direction

¶12

Coram: S. J. Kathawalla, J.

¶13

Date: 3^rd February, 2012

¶14

Mr. Rajesh Shah i/b M/s. Rajesh Shah & Co., Advocate for the Applicant

¶15

MINUTES OF THE ORDER

¶16

UPON the application of the Applicant Company abovenamed 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 13^th day of January, 2012 of Mr. Bhupesh Premraj Bafna, Director of the Applicant Company, in support of the Summons for Direction and the Exhibit therein referred to, IT IS ORDERED:-

¶17

¶18

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 OKAY PLASTICS PRIVATE LIMITED, the Applicant / Transferor Company with MEHUL FINANCE AND INVESTMENTS PRIVATE LIMITED, the Transferee Company, is dispensed with in view of the consents given by all the Equity Shareholders of the Applicant Company, which are annexed as Exhibit “C-1” to “C-8” to the Affidavit in support of the Summons for Direction.

¶19

That there are no Secured and Unsecured Creditors of the Applicant Company as stated in paragraph 15 of the Affidavit in support of Summons for Direction. Hence, the question of convening and holding the meetings of Secured and Unsecured Creditors does not arise.

¶20

(S. J. Kathawalla, J.)

Okay Plastics Private Limited Vs

Case brief

What is this about?

What did the court decide?

Okay Plastics Private 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

Similar cases

Vijay Rashmikant Shah Vs Narendra a. Sheth and Ors. and Vinesh R. Shah

Hrishikesh Co-Op. Hsg. Soc. Ltd. Vs Municipal Corpn. of Gr. Bombay and Ors.

Hariprasad U.Pandya and Anr. Vs the State of Maharashtra and Ors.

Shree Laxmi Infosolutions and Jewellery Limited Vs

Laxmi Dia Jewel Private Limited Vs

Mehul Finance and Investments Private Limited Vs