Disposed

Kalyani Technologies Ltd. v. ---

Bombay HC8 Mar 2013CSD/231/2013

Case brief

AI extract

What is this about?

In a summons for direction under the Companies Act, 1956 regarding a scheme of amalgamation, the court dispensed with convening meetings for equity shareholders, the secured creditor, and unsecured creditors based on their consents, accepting undertakings to notify non-consenting creditors by newspaper publication.

What did the court decide?

Convening and holding of meetings for equity shareholders, secured creditor, and unsecured creditors were dispensed with.

Kalyani Technologies Ltd. Vs --- — Specific Performance | 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 231 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 Sections 391 to 394 of the Companies Act, 1956;

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AND

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In the matter of Scheme of Amalgamation

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True Value Holdings Limited

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WITH

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Kalyani Technologies Limited

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AND

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Their respective Shareholders

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Kalyani Technologies Limited, a Company incorporated } Under the provisions of Companies Act, 1956 having } Its registered office at Survey No.49, Industry House } , Opposite Kalyani Steels Ltd., } Mundhwa, Pune 411 036; }………..Applicant

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Called for Summons for Direction

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Mr. Hemant Sethi i/b. Hemant Sethi & Co., Advocate for the Applicant

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Coram: N.M. Jamdar,J.

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Date: 8^th March, 2013

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MINUTES OF ORDER

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UPON the application of the Applicant Company above named by a Summons for Direction AND UPON HEARING Mr. Hemant Sethi instructed by Hemant Sethi & Co., Advocates for the Applicant Company, AND UPON READING the

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Affidavit dated 25^th February 2013 of Mr. S.B Kanade, Director of the Applicant Company, in support of the 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 for the purpose of considering and, if thought fit, approving, with or without modification(s), the proposed Scheme of Amalgamation of True Value Holdings Limited with Kalyani Technologies Limited and their Respective Shareholders is dispensed with in view of consents given by all the eight Equity Shareholders of the Applicant Company, which are annexed as Exhibits ‘H1’ to ‘H8’ to the Affidavit in support of the Summons for Direction.

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That convening and holding the meeting of Sole Secured Creditor of the Applicant Company for the purpose of considering and, if thought fit, approving, with or without modification(s), the proposed Scheme of Amalgamation of True Value Holdings Limited with Kalyani Technologies Limited and their Respective Shareholders is dispensed with in view of averments made in paragraph 13 of the Affidavit in support of the Summons for Directions. The Applicant Company undertakes to serve individual notice of hearing of the Petition by R.P.A.D upon its Sole Secured Creditor and also to publish the same in two local newspapers i.e. Indian Express, in English and translation thereof in ‘Loksatta’ in Marathi language, both having circulation in Pune. The said undertaking is accepted.

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That convening and holding the meeting of the Unsecured Creditors of the Applicant Company for the purpose of considering and, if thought fit, approving, with or without modification(s), the proposed Scheme of Amalgamation of True Value Holdings Limited with Kalyani Technologies Limited and their Respective Shareholders is dispensed with in view of consents given by three unsecured Creditors of the Applicant Company, which are annexed as Exhibits ‘K1’ to ‘K3’ to the Affidavit in support of the Summons for Direction. The Applicant Company undertakes to give individual notices by R. P. A. D. to its remaining un-secured creditors whose consent has not been obtained

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and also undertakes to publish the Notice of date of hearing of the petition in ‘Indian Express’ in English language and translation thereof in marathi in ‘Loksatta’ both circulated in Pune. The said undertaking is accepted.

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(N.M. JAMDAR, J)

Kalyani Technologies Ltd. v. ---

Case brief

What is this about?

What did the court decide?

Kalyani Technologies Ltd. v. ---

Case brief

What is this about?

What did the court decide?

What the court decided

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Statutes considered

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Coram

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