The Bombay High Court dispensed with the need to convene meetings of equity shareholders and unsecured creditors for approving a scheme of arrangement transfer, relying on consents provided by all concerned parties.
Meeting of equity shareholders and unsecured creditors to approve the scheme of arrangement is 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. 87 OF 2013
In the matter of the Companies Act I of 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 Scheme of Arrangement
between:-
Focus Commodities Private Limited.
AND
Sauni Consultancy Private Limited.
AND
Equanimity Consultancy Services Private
Limited.
AND
Nirsau Consultancy Private Limited.
AND
their Respective Shareholders.
FOCUS COMMODITIES PRIVATE LIMITED, a Company )
incorporated under the Companies Act, 1956 and ) having its Registered Office at 223, Patil Plaza ) Business Complex, Parvati, Pune - 411 009 )…....…APPLICANT
2
Called Summons for Direction
Mr. Hemant Sethi i/b Hemant Sethi & Co, Advocates for the Applicant Company.
CORAM : N. M. JAMDAR, J
ST FEBRUARY, 2013
MINUTES OF ORDER
UPON the application of the Applicant abovenamed by a Company Summons for Direction AND UPON hearing Mr. Hemant Sethi i/b Hemant Sethi & Co, Advocate for the Applicant Company AND UPON reading the Affidavit dated 7th December, 2012 of Mr. Milan Shah, Authorized Signatory of the Applicant Company in support of Company Summons for Direction and the Exhibits referred to therein, IT IS ORDERED:-
3
(N. M. JAMDAR, J)
1 issue framed by the court
Whether convening meetings of equity and unsecured creditors is necessary when all shareholdings and the sole unsecured creditor have consented to the scheme.
1 provisions across 1 enactments
Focus Commodities Private Limited
N. M. JAMDDAR
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
