Ealdor Retails Private Limited v. -
Case brief
What is this about?
The High Court dispensed with the meeting of equity shareholders of the applicant company regarding the Scheme of Amalgamation due to their written consents. Meetings of creditors were deemed unnecessary as none existed. The court clarified that unilateral powers to amend the scheme are subject to the High Court's approval.
What did the court decide?
The meeting of equity shareholders is dispensed with. It is concluded that no creditors' meeting is required. The power to amend the scheme is subject to High Court approval.
What the court decided
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
COMPANY SUMMONS FOR DIRECTION NO. 744 OF 2014
In the matter of Section
391 to 394 of the
Companies Act, 1956
In the matter of scheme of
Amalgamation of
Rowena Ads & Films Private
Limited,
Ealdor Retails Private Limited, Abhilasha Money Operations Private Limited,
With
Choice Office Solutions Private
Limited
Issues for consideration
3 issues framed by the court
Whether the shareholder meeting for the proposed Scheme of Amalgamation is dispensible given consents.
Whether creditor meetings are necessary in the absence of secured, unsecured, and sundry creditors.
Whether the power to amend the Scheme under clause 19 is subject to High Court approval.
Parties & counsel
- applicant
Ealdor Retails Private Limited
Coram
S. J. Kathawalla
Case details
As recorded by the court registry
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