Agre Properties and Services Limited Vs
Case brief
What is this about?
The Bombay High Court sanctioned the scheme of amalgamation between Agre Properties & Services Ltd. and Future Market Networks Ltd. under the Companies Act, 1956. The Court overruled objections raised by creditors who were owed dues by a related demerged entity, relying on Apex Court precedent. Minor clauses regarding expenses were deleted per undertaking.
What the court decided
csp - 806/12
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
COMPANY SCHEME PETITION NO 806 OF 2012
CONNECTED WITH COMPANY SUMMONS FOR DIRECTION NO 511 OF 2012
AGRE PROPERTIES & SERVICES LIMITED ..
.. Petitioner[Transferor Company].
AND
COMPANY SCHEME PETITION NO 807 OF 2012 CONNECTED WITH
COMPANY SUMMONS FOR DIRECTION NO 510 OF 2012
FUTURE MARKET NETWORKS LIMITED ..
.. Petitioner[Transferee Company].
In the matter of the Companies Act, 1956 (1 of 1956);
Issues for consideration
3 issues framed by the court
Whether objections to the scheme of amalgamation by creditors outstanding against the demerged company constitute an impediment to the sanction of the scheme.
Whether the scheme complies with the requirement of court sanction under Sections 391-394 of the Companies Act, 1956.
Whether the deletion of specific expenditure clauses in the scheme by the Transferee Company satisfies the conditions for sanction.
Parties & counsel
- petitioner
Agre Properties & Services Limited
- petitioner
Future Market Networks Limited
- other
Nikhil Comforts
- other
Laxmi Pat Surana
Coram
Case details
As recorded by the court registry
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