Disposed

Mwv Wadco India Pvt. Ltd. v. 0

Bombay HC17 Jan 2014CSD/868/2013

Case brief

AI extract

What is this about?

On an application for direction under the Companies Act, 1956, the Court dispensed with shareholder and creditor meetings for a Scheme of Arrangement due to obtained consents, accepting an undertaking to notify remaining unsecured creditors.

What did the court decide?

Meetings for equity shareholders and secured creditors dispensed with, meeting for unsecured creditors dispensed with subject to undertaking to notify remaining creditors.

Mwv Wadco India Pvt. Ltd. Vs 0 — Arbitration | Bombay HC (2014)

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

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COMPANY SUMMONS FOR DIRECTION NO. 868 OF 2013.

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In the matter of the Companies Act of 1956as amended;

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AND

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In the matter of Sections 391 to 394 read with sections 78 and 100 to 104 of the Companies Act, 1956 as amended;

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AND

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In the matter of MWV Wadco India Private Limited;

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AND

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In the matter of Scheme of Arrangement of MWV Wadco India Private Limited (Transferor Company) with Ruby Macons Limited (Transferee Company) and their respective Shareholders And Creditors.

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MWV Wadco India Private Limited, a company ) incorporated under the Companies Act, 1956 ) having its registered office at B-24, MIDC, ) Ranjangaon Industrial Area, Taluka Shirur, ) Pune, Maharashtra – 412209 ) … Applicant Company.

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Called Summons for Direction

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Mr. Arvind Talgaonkar i/b M/s. Crawford Bayley & Co., Advocates for Applicant.

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Coram: G. S. Patel J.

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Dated: 17^th January, 2014

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MINUTES OF THE ORDER

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Upon the Application of the Applicant abovenamed by a Summons for Direction, AND UPON hearing Mr. Arvind Talgaonkar i/b. M/s. Crawford Bayley & Co., Advocates for Applicant AND UPON reading the Affidavit dated 20^th November, 2013 of Mr. Piyush Ranjan, Director of the Applicant, in support of Summons for Direction and the Exhibits therein referred to, IT IS ORDERED:-

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That convening and holding a meeting of the Equity Shareholders of the Applicant Company, for the purpose of considering and, if thought fit, approving, with or without modification(s), the proposed Scheme of Arrangement of MWV Wadco India Private Limited with Ruby Macons Limited and their respective Shareholders And Creditors is dispensed with, in view of the consents given by all the two Equity Shareholders of the Applicant Company which are annexed as Exhibits “D-1” and “D-2” respectively to the Affidavit in support of Summons for Direction.

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That convening and holding a meeting of the Secured Creditors of the Applicant Company, for the purpose of considering and, if thought fit, approving, with or without modification(s), the proposed Scheme of Arrangement of MWV Wadco India Private Limited with Ruby Macons Limited and their respective Shareholders And Creditors is dispensed with, in view of the consents given by the Secured Creditor of the Applicant Company which is annexed as Exhibits “F” to the Affidavit in support of Summons for Direction.

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That convening and holding a meeting of the Unsecured Creditors of the Applicant Company, for the purpose of considering and, if thought fit, approving, with or

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without modification(s), the proposed Scheme of Arrangement of MWV Wadco India Private Limited with Ruby Macons Limited and their respective Shareholders And Creditors, is dispensed with, in view of the consents given by the three Unsecured Creditors of the Applicant Company which are annexed as Exhibits “H-1” to “H-3” to the Affidavit in support of Summons for Direction and the averments made in paragraphs 26, 27 & 28 inter-alia stating that, the assets of the Transferor Company which will be transferred with effect from the Appointed Date to the Applicant Company in terms of the Scheme are more than sufficient to meet the liabilities which the Applicant Company will take over and hence on the Scheme taking effect it will in no way cast an additional burden on the shareholders and creditors of the Applicant Company and they will not be even slightly affected and that the Applicant Company undertakes to issue an individual notice of final hearing of the Company Scheme Petition to all its remaining Unsecured Creditors by R. P. A. D. and also to publish the notice of final hearing of the Company Scheme Petition in Two local newspaper viz ‘Sakal Times’ in English language and ‘Sakal’ in Marathi language, both having circulation in Pune. The said Undertaking is accepted.

Mwv Wadco India Pvt. Ltd. v. 0

Case brief

What is this about?

What did the court decide?

Mwv Wadco India Pvt. Ltd. v. 0

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

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Coram

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