Disposed

Multiplast Polymer Private Limited v. -------------

Bombay HC18 Apr 2013CSD/376/2013

Case brief

AI extract

What is this about?

The Bombay High Court dispensed with the requirement to convene meetings of equity shareholders, secured creditors, and unsecured creditors for a scheme of amalgamation since their consents were obtained. The applicant undertook to notify remaining creditors and publish notices.

What did the court decide?

Meeting of equity shareholders, secured creditors, and unsecured creditors were dispensed with; applicant undertook to notify remaining creditors and publish notices.

Multiplast Polymer Private Limited Vs ------------- — Company and Corporate | Bombay HC (2013)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION

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COMPANY SUMMONS FOR DIRECTION NO. 376 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. AND

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In the matter of the Scheme of Amalgamation of Soft Clad Laminates Private Limited, Transferor Company No. 1 Aman Multiplast Private Limited, Transferor Company No. 2 with

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Multiplast Polymer Private Limited. Transferee Company

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Multiplast Polymer Private ) Limited Incorporated and ) registered under the Companies ) Act, 1956, having its registered ) office at B/603, Runwal Towers, ) L.B.S. Road, Mulund (W), ) Mumbai – 400080. ) …Applicant

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Called for Summons for Direction

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Mr. Sanjay Udeshi i/b Sanjay Udeshi & Co, Advocate(s) for Applicant.

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Coram: Ranjit More, J

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Dated: 18^th April, 2013

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MINUTES OF ORDER

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Upon the application of the above-named Applicant Company by a Summons for Direction AND upon hearing Shri Sanjay Udeshi, Advocate for the Applicant AND upon reading the Affidavit dated 23^rd November, 2012 of Mrs. Sarika Deshmukh, the Authorised Signatory of the Applicant

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Company of Mumbai 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 Scheme of Amalgamation of Soft Clad Laminates Private Limited Transferor Company No. 1, Aman Multiplast Private Limited Transferor Company No. 2 with Multiplast Polymer Private Limited. Transferee Company, is dispensed with in view of the Consents given by all the five Equity Shareholders of the Applicant Company which are annexed as Exhibits M to M4 to the Affidavit in Support of Summons for Directions.

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That conveying and holding the meeting of the Secured Creditors of the Applicant Company, for the purpose of considering, with or without modification(s), the Scheme of Amalgamation of Soft Clad Laminates Private Limited Transferor Company No. 1, Aman Multiplast Private Limited Transferor Company No. 2 with Multiplast Polymer Private Limited. Transferee Company, is dispensed with in view of the consents in writing given by one of the Secured Creditor of the Applicant Company, which is annexed as Exhibit P to the Affidavit in support of Summons for Direction and that the Applicant undertakes to issue individual Notice of Petition by R.P.A.D./Speed Post to its remaining secured creditor and also undertakes to publish the same in two local news papers i.e. Free Press Journal in English language and translation thereof in Navshakti in Marathi language both having circulation in Mumbai. The said undertaking is accepted.

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That conveying and holding the meeting of the Unsecured Creditors of the Applicant Company, for the purpose of considering, with or without modification(s), the Scheme of Amalgamation of Soft Clad Laminates Private Limited Transferor Company No. 1, Aman

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Multiplast Private Limited Transferor Company No. 2 with Multiplast Polymer Private Limited. Transferee Company, is dispensed with in view of the consents in writing given by Unsecured Creditors of the Applicant Company, which are annexed as Exhibit S to S- 102 to the Affidavit in support of Summons for Direction. the Applicant undertakes to issue individual Notice of Petition by R.P.A.D./Speed Post to its remaining unsecured creditors and also undertakes to publish the same in two local news papers i.e. Free Press Journal in English language and translation thereof in Navshakti in Marathi language both having circulation in Mumbai. The said undertaking is accepted.

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(Ranjit More. J)

Multiplast Polymer Private Limited v. -------------

Case brief

What is this about?

What did the court decide?

Multiplast Polymer Private Limited v. -------------

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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