The High Court dispensed with the holding of meetings for equity shareholders and creditors regarding a proposed scheme of amalgamation due to their no-objection. Leave to amend the scheme by deleting a specific clause was granted.
Dispensed with shareholder/creditor meetings; leave granted to amend scheme to delete Clause 13(g).
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. 244 OF 2014
In the matter of the Companies Act, 1956
AND
In the matter of Secs. 391 to 394 of the Companies Act, 1956
AND
In the matter of APT Financial and Capital Services Private Limited.
AND
In the matter Scheme of Amalgamation of APT Financial and Capital Services Private Limited and TLB Securities Private Limited and Vocation Investment and Finance Company Private Limited with Ganita Technologies and Services Private
Limited.
APT Financial and Capital Services Private Limited ) a Company incorporated under the provisions of the ) Companies Act, 1956 having its registered office at ) 72-A, Mittal Tower, 210 Nariman Point, ) Mumbai 400021; ) .…Applicant
Called for Summons for Direction
Mr.Ajay Basutkar i/b Mrugank & Basutkar Law Partners, Advocates for
the Applicant
Coram: G. S. Patel, J.
Date : 17th April, 2014
Page 1 of 3
MINUTES OF THE ORDER
UPON the application of the Applicant Company abovenamed by a Summons for Direction AND UPON HEARING Mr. Ajay Basutkar, Advocate for the Applicant Company, AND UPON READING the Affidavit Dated 20th December, 2013 and Additional Affidavit dated 16th April, 2014 of Mr. Rajesh Tulsyan, Director of the Applicant Company, in support of the Summons for Direction and the Exhibits therein referred to, IT IS ORDERED:-
Page 2 of 3
thought fit, approving with or without modification(s), the proposed Scheme of Amalgamation of Vocation Investment and Finance Company Private Limited and APT Financial and Capital Services Private Limited and TLB Securities Private Limited with Ganita Technologies and Services Private Limited, is dispensed in view of the No Objection given by the Unsecured Creditors of the Applicant Company, which are annexed as Exhibits “N-1” to the Affidavit in support of Summons for Direction.
(G. S. Patel, J.)
Page 3 of 3
2 issues framed by the court
Whether a meeting of equity shareholders and creditors is required for scheme of amalgamation when no objections are forthcoming.
Whether the court can grant leave to amend the scheme of amalgamation with a deletion of a specific clause.
1 provisions across 1 enactments
APT Financial and Capital Services Private Limited
G. S. Patel
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
