The High Court of Judicature at Bombay, via a summons for direction, dispensed with the convening of equity shareholders' and creditors' meetings for an amalgamation scheme. This was done because all eight equity shareholders consented and the company had no secured or unsecured creditors.
Meeting of equity shareholders and creditors to be dispensed with.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY SUMMONS FOR DIRECTION NO. 293 OF 2013
In the matter of the Companies Act, 1956;
And
In the matter of Sections 391 to 394 read with Sections 100 to 103 of the Companies Act, 1956;
And
In the matter of HSBC InvestDirect Academy for Insurance And Finance (India) Limited, a company incorporated under the Companies Act, 1956 (as amended), and having its registered office at Shiv Building, Plot No. 139, 140B, 1st Floor, Western Express Highway, Sahar Junction, Vile Parle (East), Mumbai – 400 057;
And
In the matter of the Scheme of Arrangement of the amalgamation of HSBC InvestDirect Distribution Services (India) Limited, Investsmart Insurance Agency Private Limited and HSBC InvestDirect Academy for Insurance and Finance (India) Limited and HSBC InvestDirect Sales & Marketing (India) Limited and their respective Shareholders.
HSBC InvestDirect Academy for Insurance And Finance (India) Limited, a company incorporated under the Companies Act, 1956 and having its registered office at Shiv Building, Plot No. 139, 140B, 1st Floor, Western Express Highway, Sahar Junction, Vile Parle (East), Mumbai – 400 057.
... Applicant Company
Called Summons for Direction
Mr. Rohan Cama i/b Bharucha & Partners, Advocate for the Applicant
Coram : Ranjit More, J Dated April 5, 2013
Minutes of the Order
Upon the Application of the above named Applicant Company by a Company Summons for Direction AND upon hearing Mr. Rohan Cama, Advocate for the Applicant AND upon reading the Affidavit dated December 17, 2012 of Mr. Dilip Mehta, Director of the Applicant Company, of Mumbai in support of the Summons for Direction, and the Exhibits therein referred to, IT IS ORDERED
Ranjit More, J
2 issues framed by the court
Whether a meeting of equity shareholders is required when all shareholders have already given consent to the scheme of arrangement.
Whether a meeting of secured or unsecured creditors must be held when the company has no creditors.
1 provisions across 1 enactments
HSBC InvestDirect Academy for Insurance And Finance (India) Limited
Ranjit More
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
