Disposed

Sks Ispat and Power Ltd. v. ---

Bombay HC1 Mar 2013CSD/202/2013

Case brief

AI extract

What is this about?

The Court dispensed with holding meetings of equity shareholders, secured creditors, and unsecured creditors for approving a scheme of arrangement under the Companies Act, 1956. This was based on unanimous consents from shareholders and undertakings by the applicant to obtain creditor consents or notify them via newspapers if not obtained.

What did the court decide?

Meeting of shareholders was dispensed due to unanimous consent; meetings of creditors were dispensed subject to undertaking to obtain consents or serve notices/publish in newspapers.

Sks Ispat and Power Ltd. Vs --- — Company and Corporate | Bombay HC (2013)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY SUMMONS FOR DIRECTION NO. 202 OF 2013

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In the matter of the Companies Act, 1956

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AND

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In the matter of application under Sections 391 to 394 of the Companies Act, 1956

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AND

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In the matter of SKS Ispat And Power Limited

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AND

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In the matter of; Scheme of Arrangement

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BETWEEN

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SKS Ispat And Power Limited ..Demerged Company

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AND SKS Cements Limited … Resulting Company AND

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Their respective shareholders and creditors

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SKS ISPAT AND POWER LIMITED

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a company incorporated under the

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provisions of the Companies Act, 1956

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and having its registered office at 501-

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B Elegant Business Park, Andheri

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Kurla Road, Andheri (East),

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Mumbai-400 059

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Applicant / Demerged Company

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Called Summons for Direction

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Mr. NaserAli Rizvi i/b. M/s. Thakore Jariwala & Associates, Advocates for Applicant

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CORAM: N. M. Jamdar J. Date : 1^st March, 2013

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MINUTES OF THE ORDER

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UPON the application of SKS Ispat And Power Limited, the Applicant abovenamed by Summons for Direction AND upon hearing Mr. Naser Rizvi Advocate for the Applicant Company and upon reading the Affidavit dated 07^th February, 2013 of Mr. Anil Gupta, Director 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 / Demerged Company, for the purpose of considering and, if thought fit, approving, with or without modification(s), the proposed Scheme of Arrangement between SKS Ispat And Power Limited and SKS Cements Limited, is dispensed with in view of the consents given by all the Eleven Equity Shareholders of the Applicant / Demerged Company, which are annexed as Exhibits “E-1” to “E-11” to the Affidavit-in-support of the Summons for Direction.

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That convening and holding the Meeting of the Secured Creditors of the Applicant / Demerged Company, for the purpose of considering and, if thought fit, approving, with or without modification(s), the proposed Scheme of Arrangement between SKS Ispat And Power Limited and SKS Cements Limited, is dispensed in view of the averment made in paragraph 26(d) of the said Affidavit that the Applicant company undertakes to file list of Secured Creditors as on date of filing of Petition and also undertakes to

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obtain and annex original consent letters of all the Secured Creditors as per list, failing which the Applicant Company further undertakes to issue individual notices by R.P.A.D. and/or Airmail of the date of hearing of Petition to those Secured Creditors whose consents are not obtained or to all Secured Creditor as per list and also undertakes to publish the same in two newspapers i.e. ‘Free Press Journal’ in English language and translation thereof in ‘Navshakti’ in Marathi language having circulation in Mumbai. The said Undertaking is accepted.

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That convening and holding the Meeting of the Unsecured Creditors of the Applicant / Demerged Company, for the purpose of considering and, if thought fit, approving, with or without modification(s), the proposed Scheme of Arrangement between SKS Ispat And Power Limited and SKS Cements Limited is dispensed in view of the averment made in paragraph 27(e) of the said Affidavit that the Applicant company undertakes to file list of Unsecured Creditors as on date of filing of Petition and also undertakes to obtain and annex original consent letters of all the Unsecured Creditors as per list, failing which the Applicant Company further undertakes to issue individual notices by R.P.A.D. and/or Airmail of the date of hearing of Petition to those Unsecured Creditors whose consents are not obtained or to all Unsecured Creditors as per list and also undertakes to publish the same in two newspapers i.e. ‘Free Press Journal’ in English language and translation thereof in ‘Navshakti’ in Marathi language having circulation in Mumbai. The said Undertaking is accepted.

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(N. M. Jamdar, J.)

Sks Ispat and Power Ltd. v. ---

Case brief

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Sks Ispat and Power Ltd. v. ---

Case brief

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