Partly allowed

Future Ideas Realtors India Ltd. v. 0

Bombay HC17 Jan 2014CSD/5/2014

Case brief

AI extract

What is this about?

The Bombay High Court, in Company Summons under Section 391, dispensed with the requirement to convene meetings of equity shareholders and unsecured creditors for approving a scheme of amalgamation. This decision was based on the consents obtained from all relevant stakeholders, rendering such meetings unnecessary.

What did the court decide?

Convening and holding of meetings of equity shareholders and unsecured creditors for approving the scheme of amalgamation is dispensed with.

Future Ideas Realtors India Ltd. Vs 0 — Specific Performance | Bombay HC (2014)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

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ORDINARY ORIGINAL CIVIL JURISDICTION

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COMPANY SUMMONS FOR DIRECTION NO. 5 OF 2014

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In the matter of the Companies Act, 1956 (1 of 1956);

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AND

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In the matter of Section 391 to 394 of the Companies Act, 1956;

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AND

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In the matter of Scheme of Amalgamation of

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Future Ideas Realtors India Limited (“the Transferor Company”) WITH Future Outdoor Media Solutions Limited (“the Transferee Company”) AND Their Respective Shareholders

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FUTURE IDEAS REALTORS ) INDIA LIMITED, a company ) incorporated under the ) provisions of Companies Act, 1956 having its registered office ) at Knowledge House, Off. Shyam ) Nagar, Jogeshwari Vikhroli Link Road, Jogeshwari (East), ) Mumbai ) ……Applicant Company

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Called for Summons for Direction

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Mr. Hemant Sethi i/b M/s. Hemant Sethi & Co., Advocates for the Applicant.

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Coram: G S Patel, J.

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Date: 17^th January, 2014

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MINUTES OF THE ORDER

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UPON the Company Summons for Direction of the Applicant Company above named by a Summons for Directions AND UPON HEARING Mr. Hemant Sethi instructed by Hemant Sethi & Co., Advocates for the Applicant Company, AND UPON READING the Affidavit dated 9^th December, 2013 of Mr. Ashish Roongta, Authorised Signatory of the Applicant Company, in support of Summons for Directions, IT IS ORDERED:

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THAT convening and holding of the meeting of the Equity Shareholders of Future Ideas Realtors India Limited, the Applicant Company, for the purpose of considering and, if thought fit, approve with or without modification(s), the proposed Scheme of Amalgamation of Future Ideas Realtors India Limited with Future Outdoor Media Solutions Limited and their respective shareholders is dispensed with, in view of the consents given by all the Equity Shareholders of the Applicant Company, which are annexed as Exhibit „D1‟ to „D7‟ to the Affidavit, in support of the Summons for Direction.

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THAT there are no Secured Creditors of the Applicant Company as stated in paragraph 11 of the Affidavit in support of Summons for Direction. Hence, the question of convening and holding the meeting of Secured Creditors does not arise.

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THAT convening and holding of the meeting of the Unsecured Creditors of the Applicant Company, to consider and, if thought fit, approve, with or without modification(s), the proposed Scheme of Amalgamation of Future Ideas Realtors India Limited with Future Outdoor Media Solutions Limited and their respective shareholders is dispensed with, in view of the consents given by all the Two Unsecured Creditors of the Applicant Company, which are annexed as Exhibit „F1‟ and „F2‟ to the Affidavit, in support of the Summons for Direction.

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(G S Patel, J )

Future Ideas Realtors India Ltd. v. 0

Case brief

What is this about?

What did the court decide?

Future Ideas Realtors India 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

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Coram

Case details

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