Disposed

Ashrit Holdings Limited v. 0

Bombay HC9 Oct 2015CSD/781/2015

Case brief

AI extract

What is this about?

The court dispensed with the requirement to hold separate meetings of equity and unsecured creditors to approve a scheme of arrangement between Ashrit Holdings Limited and Ashrit Reality Private Limited. The equity shareholder meeting was waived due to unanimous consent, and the unsecured creditor meeting was waived based on creditor undertakings and notice publication plans.

What did the court decide?

Meeting of equity shareholders dispensed with due to consent; meeting of unsecured creditors dispensed with upon acceptance of undertaking to notify them.

Ashrit Holdings Limited Vs 0 — Company and Corporate | Bombay HC (2015)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

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ORDINARY ORIGINAL CIVIL JURISDICTION

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COMPANY SUMMONS FOR DIRECTION NO. 781 OF 2015

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

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AND

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In the matter of Sections 391 to 394 of the

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Companies Act, 1956;

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AND

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In the matter of Scheme of Arrangement between Ashrit Holdings Limited (‘the Transferor Company’) with Ashrit Reality Private Limited (‘the Transferee Company’) and Their respective Shareholders

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Ashrit Holdings Limited, a company incorporated under the Companies Act, 1956 having its registered office at 191, 19th Floor, Beach Tower, No.3P.Balu Marg, Prabhadevi, Mumbai-400025

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) ) )

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)…Applicant Company

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Called Summons for Direction for Hearing

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Mr. Hemant Sethi with Mr. Ajit Singh Tawar i/b. M/s Hemant Sethi & Co., for Applicant

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Coram: S. C. Gupte, J. Date: 9^th October, 2015

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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 Directions AND UPON HEARING Mr. Hemant Sethi instructed by M/s. Hemant Sethi & Co., Advocates for the Applicant Company, AND UPON READING the Affidavit dated 2^nd day of September, 2015 of Mr. Neeraj Rai, authorized signatory of the Applicant Company, in support of Summons for Directions, IT IS ORDERED THAT:

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The 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), the proposed arrangement between Ashrit Holdings Limited and Ashrit Reality Private Limited and their respective Shareholders is dispensed with in view of the consent given by all the Twelve (12) Equity Shareholders of the Applicant Company which are annexed as Exhibit ‘H-1’ to ‘H-12’ to the affidavit in support of the Summons for Directions.

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The question of convening and holding the meeting of Secured Creditors does not arise as there are no Secured Creditors in the Applicant Company as stated in paragraph 17 of the Affidavit in support of Company Summons for Direction.

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The convening and holding the meeting of Unsecured Creditors of the Applicant Company, for the purpose of considering and, if thought fit,

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approving, with or without modification(s), the proposed arrangement between Ashrit Holdings Limited and Ashrit Reality Private Limited and their respective Shareholders is dispensed with in view of averments made in paragraph 18 of the Affidavit in support of Company Summons for Directions inter-alia stating that as far as the rights of Unsecured Creditors of the Applicant Company are concerned they will not be affected by the scheme since post arrangement the assets of the Transferee Company will be sufficient to discharge the liabilities of the of the Applicant Company and that the Applicant Company undertakes to serve the notice of date of hearing of the Petition upon all its unsecured creditors by Registered Post A.D. and also publish the same in one issue each of Free Press Journal, in English language and Navshakti, in Marathi, both having circulation in Mumbai. The undertaking is accepted.

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CERTIFICATE

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I certify that this Order uploaded is a true and correct copy of original signed order. Uploaded by: Shankar Gawde, Stenographer

Ashrit Holdings Limited v. 0

Case brief

What is this about?

What did the court decide?

Ashrit Holdings Limited 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

Parties & counsel

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Case details

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