Aim Multitrade Company Private Limited v. -
Case brief
What is this about?
The Bombay High Court granted relief on an application under Sections 391 and 394 of the Companies Act, 1956 for a scheme of amalgamation. The court dispensed with the need for shareholders and creditors meetings and affirmed a prior finding that separate petitions by the transferee company are unnecessary.
What did the court decide?
The summon for convening meetings of shareholders and creditors is dispensed with; separate petition by transferee company is dispensed with.
What the court decided
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
COMPANY SUMMONS FOR DIRECTION NO. 500 OF 2014
In the matter of the Companies Act, 1956 (1 of 1956);
AND
In the matter of Sections 391 to 394 of the Companies Act, 1956
AND
In the matter of Scheme of Amalgamation of Naman Tie-Up Private Limited and Kiwi Dealers Private Limited and Aim Multitrade Company Private Limited and Puja Promoter Private Limited with Valentine Mercantile Private Limited
| Aim Multitrade Company Private Limited, | ) |
|---|---|
| a company incorporated under the Companies Act, 1956, | ) |
| having its registered office at B/253, | ) |
| Kalpataru Horizon Building, S. K. Ahire Marg, | ) |
| Nr. Zee Tv Office, Worli, | ) |
| Mumbai- 400018, Maharashtra | )... Applicant |
Called for Directions
Mr. Hemant Sethi i/b. Hemant Sethi & Co., for Applicant
Issues for consideration
3 issues framed by the court
Whether the summon for convening meetings of equity shareholders, secured creditors, and unsecured creditors for approving the scheme of amalgamation is necessary given the consents and undertakings p
Whether a separate application under Sections 391 and 394 of the Companies Act, 1956 by the transferee company is required when the applicant is a 100% wholly owned subsidiary of the transferee.
Whether the undertaking to notify unsecured creditors and publish notices in newspapers satisfies the requirements for dispensing with creditors' meetings.
Parties & counsel
- applicant
Aim Multitrade Company Private Limited
Coram
S. J. Katahwalla J.
Case details
As recorded by the court registry
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