Disposed

Shingar Cosmetics Private Limited v. ------------

Bombay HC24 Jan 2013CSD/54/2013

Case brief

AI extract

What is this about?

The High Court dismissed a summons for direction regarding a Scheme of Amalgamation. It held that meetings for equity shareholders, secured creditors, and unsecured creditors were dispensed with due to consent or lack of necessity, subject to an undertaking to obtain remaining unsecured creditor consents.

What did the court decide?

Dispensed with meetings of equity shareholders, secured creditors, and unsecured creditors under specified conditions; undertakings accepted.

Shingar Cosmetics Private Limited Vs ------------ — Specific Performance | 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. 54 OF 2013

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In the matter of the Companies Act,1956 AND In the matter of Sections 391 and 394 of the Companies Act, 1956 AND In the matter of Shingar Cosmetics Private Limited AND In the matter of Shingar Cosmetics Private Limited having its registered office at Kalpatru,71 Nutan Laxmi Society, N.S. Road No 9 Juhu Scheme, Vile Parle (W) Mumbai 400 049 And In the matter of Shingar Limited having its Registrered office at Gala No. 8, Mahavir Industrial Estate, Somnath Daman, Daman & Diu-396 210 And In the matter of the Scheme of Amalgamation of Shingar Cosmetics Private Limited with Shingar Limited.

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Shingar Cosmetics Private Limited ) A Company registered under the ) Companies Act, 1956 ) Having its Registered Office at ) Kalpataru, 71 Nutan Laxmi Society, N.S. ) Road No. 9, Juhu Scheme , Vile Parle(W) ) Mumbai – 400 049 ) …Applicant

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Called for Summons for Direction

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

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Coram: N.M. Jamdar J.

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Dated: 24^th January, 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 Darshan Ashar, Advocate for the Applicant AND upon reading the Affidavit dated 02^nd day of November, 2012 of Mr. Hemant Bhikubhai Topiwala, the Director of the Applicant Company of Mumbai in support of the Summons for Direction, and the Exhibits therein referred to (Exhibit B being a copy of the proposed Scheme of Amalgamation), 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 between Shingar Cosmetics Private Limited with Shingar Limited, is dispensed with in view of the Consents given by all the Equity Shareholders of the Applicant Company which are annexed as Exhibits D -1 to D-3 to the Affidavit in Support of Summons for Directions.

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That in view of the averments made in paragraph 23 of the Affidavit in support as there are no secured creditors hence holding the meeting of secured creditors does not arise.

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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 Shingar Cosmetics Private Limited with Shingar Limited, is dispensed with in view of the consents given by some Unsecured Creditors of the Applicant Company, which are annexed as Exhibits F-1 to F-3 to the Affidavit in support of Summons for Direction and in view of paragraph 24 of the Affidavit in Support of Company Summons for Direction the Applicant undertakes to obtain the consents of the remaining Unsecured Creditors at the time of filing the Company Scheme Petition failing

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which undertakes to issue individual Notice of Petition by R.P.A.D. to all its remaining unsecured Creditor and undertakes to publish the same in two local news papers i.e. Free Press Journal in English and translation thereof in Navshakti in Marathi language both having circulation in Mumbai. The said undertaking is accepted.

Shingar Cosmetics Private Limited v. ------------

Case brief

What is this about?

What did the court decide?

Shingar Cosmetics Private Limited v. ------------

Case brief

What is this about?

What did the court decide?

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