Allowed

Nrb Industrial Bearings Ltd. v. 0

Bombay HC23 Jan 2014CA/504/2013

Case brief

AI extract

What is this about?

The court allowed applications to amend a sanctioned demerger scheme. It corrected an error in the clause concerning the period and start date for corporate guarantees with no objection from the Regional Director, directing lodging of amended copies.

What did the court decide?

Both company applications made absolute to amend clause 4.4 regarding corporate guarantees; applicants directed to lodge amended scheme.

Nrb Industrial Bearings Ltd. Vs 0 — Company and Corporate | Bombay HC (2014)

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CA504-13 - MODIFIED.DOC

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agk

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

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COMPANY APPLICATION NO. 504 OF 2013 IN COMPANY SCHEME PETITION NO.188 OF 2012

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NRB Industrial Bearings Limited

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..Applicant.

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WITH

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COMPANY APPLICATION NO.505 OF 2013 IN

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COMPANY SCHEME PETITION NO. 187 OF 2012

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NRB Bearings Limited

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..Applicant.

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Mr. Viraag Tulzapurkar, Senior Advocate a/w Saswata Mitra i/b M/s. Wadia
Ghandy & Co., for the Petitioners in both matters.
Mr.N. R. Prajapati , for the Regional Director.

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CORAM : G.S. Patel, J. Thursday, 23rd January 2014.

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P.C. :

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1.This is a company application seeking an amendment to clause 4.4, part
“C” of the scheme of arrangement between NRB Bearings Limited (the
transferor company) and NRB Industrial Bearings Limited (the transferee
company). The scheme for demerger was sanctioned by this Court on 24th
August 2012.

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CA504-13 - MODIFIED.DOC

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2.It appears that the error in clause 4.4, part “C” was not noticed at the
time of sanction. This clause provides for corporate guarantees in respect of
the borrowings. The period mentioned and the date from which the guarantees
are to be effected are incorrectly stated in the sanction scheme.

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3.Having heard Mr. Tulzapurkar, learned senior counsel for the applicant
and perused the application, and the affidavit in support along with its
annexures, and since Mr. Prajapati, learned Advocate for the Regional Director
has no objection, both company applications are made absolute in terms of
prayer clause (a).

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4.The applicants undertakes to return / surrender to the Company
Registrar the authenticated copy of the scheme previously sanctioned and to
lodge a copy of the scheme as amended with the Company Registrar and the
Registrar of Companies within 30 days from the date of this order.

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5. Both company applications are disposed of accordingly.

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(G.S. Patel, J.)

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Note :This order is modified as per order passed on speaking to
the minutes of order dated 14th February 2014.

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Nrb Industrial Bearings Ltd. v. 0

Case brief

What is this about?

What did the court decide?

Nrb Industrial Bearings Ltd. v. 0

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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