Disposed

Moonstar Mercantile Pvt.Ltd. v. -------

Bombay HC15 Feb 2013CSD/157/2013

Case brief

AI extract

What is this about?

The High Court, Bombay, by a Company Summons for Direction order, dispensed with the need to convene meetings of equity shareholders, secured creditors, and unsecured creditors for the proposed scheme of amalgamation of the applicant company, accepting undertakings regarding notice publication.

What did the court decide?

Dispensations granted holding meetings of shareholders and creditors unnecessary. Applicant undertook notice of hearing to creditors and newspaper publication.

Moonstar Mercantile Pvt.Ltd. Vs ------- — Company and Corporate | Bombay HC (2013)

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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 157 OF 2013

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In the matter of the Companies Act, 1956 (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 Scheme of Amalgamation

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Moonstar Mercantile Private Limited (“the Transferor Company”)

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with

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Oneflag Mercantile Private Limited (“the Transferee Company”) and

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their respective shareholders and creditors

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MOONSTAR MERCANTILE ) PRIVATE LIMITED a company ) incorporated under the provisions ) of the Companies Act, 1956 and ) having its registered office at Unit ) No. 81, Plot No. 14, Marol Co-op. ) Ind Estate, Off Andheri Kurla Road, ) Andheri (East), Mumbai - 400059. )

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) ……..Applicant Company

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Called for Summons for Direction

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Mr. Rajesh Shah with Mr. Chandrakant Mhadeshwar i/b. Rajesh Shah & Co. Advocates for the Applicant.

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Coram: N. M. Jamdar, J. Date: 15^th February, 2013

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MINUTES OF THE ORDER

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UPON the application of the Applicant Company above named by a Summons for Direction AND UPON HEARING Mr. Rajesh Shah instructed by Rajesh Shah & Co., Advocates for the Applicant Company, AND UPON READING the Affidavit dated 24^th January, 2012 of Mr. Jaideep Tibrewala, Authorised Signatory of the Applicant Company, in support of Summons for Direction and the exhibits therein referred to, IT IS ORDERED :

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That convening and holding the meeting of the Equity Shareholders of the Applicant Company, to consider and, if thought fit, approve, with or without modification(s), the proposed Scheme of Amalgamation of Moonstar Mercantile Private Limited (‘the Transferor Company’) with Oneflag Mercantile Private Limited (‘the Transferee Company’) and their respective shareholders and creditors is dispensed with in view of the consents given by two Equity shareholders of the Applicant Company which are annexed as Exhibits ‘D1’ and ‘D2’ to the affidavit in support of the Summons for Direction.

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That there are no Secured Creditors in the Applicant Company, as stated in paragraph (11) of the Affidavit in support of Company Summons of Direction. Hence, the question of convening and holding the meeting of Secured Creditors does not arise.

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That convening and holding the meeting of the Unsecured Creditors of the Applicant Company to consider and, if thought fit, approve, with or without modification(s), in the proposed Scheme of Amalgamation of Moonstar Mercantile Private Limited with Oneflag Mercantile Private Limited and their respective shareholders and creditors, be dispensed with in view of the averment made in paragraph (12) of the affidavit in support of the Summons for

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Direction. The Applicant Company undertakes to serve individual notice of hearing of the Petition by R.P.A.D upon all its Unsecured Creditors and also to publish the same in two local newspapers i.e. Free Press Journal, in English and translation thereof in Navshakti, in Marathi having circulation in Mumbai. The said undertaking is accepted.

Moonstar Mercantile Pvt.Ltd. v. -------

Case brief

What is this about?

What did the court decide?

Moonstar Mercantile Pvt.Ltd. v. -------

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

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