Midco Limited Vs
Case brief
What is this about?
The High Court of Bombay sanctioned a Composite Scheme of Arrangement for a company demerger between Oilco Services (India) Limited, Midco Capital Services Limited, and Midco Limited. The court accepted undertakings regarding reserve utilization and share allotment, finding the scheme fair and compliant with statutory requirements.
What did the court decide?
Company Scheme Petitions Nos. 58, 59, and 60 of 2012 were made absolute. Directions were issued for filing the order with the Registrar of Companies and Superintendent of Stamps within specified timel
What the court decided
1
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICITON
COMPANY SCHEME PETITION NO.58 OF 2012
CONNECTION WITH
COMPANY SUMMONS FOR DIRECTION NO.791 OF 2011
Oilco Services (India) Limited …Petitioner/Demerged Company
AND
COMPANY SCHEME PETITION NO.59 OF 2012
CONNECTION WITH
COMPANY SUMMONS FOR DIRECTION NO.790 OF 2011
Midco Capital Services Limited …Petitioner/Transferor Company
AND
Issues for consideration
1 issue framed by the court
Whether the sanction of the court is required for the Composite Scheme of Arrangement under Sections 391 to 394 read with Sections 100 to 104 of the Companies Act, 1956.
Parties & counsel
- petitioner
Oilco Services (India) Limited
- petitioner
Midco Capital Services Limited
- petitioner
Midco Limited
- other
Regional Director
Coram
Case details
As recorded by the court registry
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