Disposed

Elder Infosystems Private Limited v. -

Bombay HC7 Feb 2014CSD/46/2014

Case brief

AI extract

What is this about?

The High Court dispensed with the convening of meetings for equity shareholders, secured creditors, and unsecured creditors of the Applicant Company. The court approved this based on consent from all four equity shareholders and the absence of any secured or unsecured creditors as stated in the supporting affidavit.

What did the court decide?

Meeting of equity shareholders, secured creditors, and unsecured creditors dispensed with.

Elder Infosystems Private Limited Vs - — Company and Corporate | Bombay HC (2014)

¶1

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

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COMPANY SUMMONS FOR DIRECTION NO 46 OF 2014

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

¶4

AND

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

¶6

AND

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In the matter of Scheme of Arrangement

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Between

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Elder Infosystems Private Limited (“Elder” or “the Demerged Company” or “the Transferor Company”)

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And

¶11

AZA Fashions Private Limited (“AZA” or “The Resulting Company”)

¶12

And

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Techpro Consulting Engineers Private Limited (“Techpro” or “The Transferee Company”)

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And

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their respective Shareholders

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ELDER INFOSYSTEMS PRIVATE

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LIMITED, a Company incorporated under the provisions of the Companies Act, 1956 and having its registered office at 38, Rajgir Chambers, Shahid Bhagat Singh Road, Fort, Mumbai – 400023;

)

)

) ) ) )

)….…..Applicant Company

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Called Summons for Direction

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Mr. Rajesh Shah with Mr. Chandrakant Mhadeshwar i/b. Rajesh Shah & Co. Advocates for the Applicant.

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Coram: G. S. Patel,J.

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Date: 7^th February, 2014

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Page 1 of 3

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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 Direction AND UPON HEARING Mr. Rajesh Shah instructed by Rajesh Shah & Co., Advocates for the Applicant Company, AND UPON READING the Affidavit dated 21^st January, 2014 of Mr. Shailesh Shah, Director of the Applicant Company, in support of Summons for Direction and the exhibits, therein referred to, IT IS ORDERED :

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1. THAT the convening and holding the meeting of the Equity Shareholders of Elder Infosystems Private Limited, the Applicant Company for the purpose of considering, and if thought fit, approving, with or without modification(s), the proposed Scheme of Arrangement between Elder Infosystems Private Limited (“Elder” or “the Demerged Company” or “the Transferor Company“ )and AZA Fashions Private Limited (“AZA” or “The Resulting Company”)and Techpro Consulting Engineers Private Limited (“Techpro” or “The Transferee Company”) and their respective shareholders, is dispensed with in view of the consents given by all the four Equity shareholders of the Applicant Company, which are annexed as Exhibits “D1” to “D4” to the Affidavit in support of the Summons for Direction.

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

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Page 2 of 3

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3. THAT there are no Unsecured Creditors in the Applicant Company, as stated in paragraph 12 of the affidavit in support of the Summons for Direction. Hence, the question of convening and holding the meeting of Unsecured Creditors does not arise.

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(G. S. Patel, J.)

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Page 3 of 3

Elder Infosystems Private Limited v. -

Case brief

What is this about?

What did the court decide?

Elder Infosystems Private Limited v. -

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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