Disposed

Future Outdoor Media Solutions Ltd. v. 0

Bombay HC17 Jan 2014CSD/6/2014

Case brief

AI extract

What is this about?

The Bombay High Court granted a summons for direction to Future Outdoor Media Solutions Limited, dispensing with shareholder and creditor meetings for its amalgamation scheme based on consents and due process undertakings.

What did the court decide?

The convening and holding of meetings of shareholders and unsecured creditors is dispensed with; applicant agrees to notify remaining creditors and publish notices.

Future Outdoor Media Solutions 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. 6 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 In the matter of Scheme of Amalgamation of 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 OUTDOOR MEDIA ) SOLUTIONS 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., Advocate 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 application of the Applicant Company above named by a Summons for Directions AND UPON HEARING Mr. Hemant Sethi instructed by Hemant Sethi & Co., Advocate 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 Direction, IT IS ORDERED:

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THAT convening and holding of the meeting of the Equity Shareholders of Future Outdoor Media Solutions 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 Seven Equity Shareholders of the Applicant Company, which are annexed as Exhibit „H1‟ to „H7‟ 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

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Outdoor Media Solutions Limited and their respective shareholders is dispensed with, in view of the consents given by 99.99 % in value of total Unsecured Creditors of the Applicant Company, which are annexed as Exhibit „J1‟ to „J3‟ to the Affidavit, in support of the Summons for Direction and the Applicant Company undertakes to issue individual notices by Registered Post A.D. to remaining Unsecured Creditors whose consent letter has not been obtained and also undertakes to publish the same in “Free Press Journal” in English language and translation thereof in “Navshakti” in Marathi Language both having circulation in Mumbai. The said undertaking is accepted.

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(G. S. Patel, J)

Future Outdoor Media Solutions Ltd. v. 0

Case brief

What is this about?

What did the court decide?

Future Outdoor Media Solutions Ltd. v. 0

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Statutes considered

Parties & counsel

Coram

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