Disposed

Vantage Knowledge Academy Ltd. v. -

Bombay HC13 Feb 2015CSD/103/2015

Case brief

AI extract

What is this about?

Single judge order dispensing with the necessity of convening meetings of equity shareholders and creditors for a Scheme of Arrangement under Sections 391-394, 1956 read with Sections 100-104, 1956 and Section 52, 2013, due to consent from all seven equity shareholders.

What did the court decide?

Convening and holding of meetings of equity shareholders, secured creditors and unsecured creditors dispensed with.

Vantage Knowledge Academy Ltd. Vs - — Specific Performance | Bombay HC (2015)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY SUMMONS FOR DIRECTION NO. 103 OF 2015

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In the matter of the Companies Act, 1956

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In the matter of application under Sections 391 to section 394 read with Section 100 to 104 of the Companies Act, 1956 and Section 52 of the companies Act, 2013

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In the matter of Vantage Knowledge Academy Limited

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In the matter of Scheme of Arrangement

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BETWEEN

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Vantage Corporate Services Limited

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…Demerged Company

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AND

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Vantage Knowledge Academy Limited

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Their Respective Shareholders and creditors

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Vantage Knowledge Academy Limited ) a company incorporated under the provisions ) of the Companies Act, 1956 and having its )

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registered office at 37, 5^th Floor, Dhan Bhuvan ) No.1, Gazder Street, J.S.S. Road, Chira Bazar, ) Mumbai -400 002 )

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)

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... Applicant / Resulting Company

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Called Summons for Direction for Hearing

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Mr. Naser Rizvi i/b. M/s. Thakore Jariwala & Associates, Advocates for Applicant

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CORAM: S. J. Kathawalla J. Date : 13^th February, 2015

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MINUTES OF THE ORDER

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UPON the application of Vantage Knowledge Academy Limited, the Applicant above named by Summons for Direction AND upon hearing Mr. Naser Rizvi Advocate for the Applicant Company and upon reading the Affidavit dated 17^th January, 2015 of Mr. Rajesh Dedhia, Director of the Applicant Company in support of Summons for Direction and the Exhibits therein, IT IS ORDERED:-

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1. That convening and holding the Meeting of the Equity Shareholders of the Applicant Company, for the purpose of Considering and, if thought fit, approving, with or without modification(s), Scheme of Arrangement between Vantage Corporate Services Limited, the Demerged company and Vantage Knowledge Academy Limited, the Resulting Company and their respective Shareholders and Creditors, is dispensed with in view of the consent given by all the seven Equity Shareholders of the Applicant

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Company, which are annexed as Exhibits “J-1 to J-7 ” to the Affidavit-insupport of the Summons for Direction.

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2. There are no Secured Creditors of the Applicant Company as stated in paragraph 27 of the Affidavit in support of Summons for Direction. Hence, the question of convening and holding the meeting of Secured Creditors does not arise.

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3. There are no Unsecured Creditors of the Applicant Company as stated in paragraph 28 of the Affidavit in support of Summons for Direction. Hence, the question of convening and holding the meeting of Unsecured Creditors does not arise.

¶27

(S. J. Kathawalla J.)

Vantage Knowledge Academy Ltd. v. -

Case brief

What is this about?

What did the court decide?

Vantage Knowledge Academy Ltd. v. -

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

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