Disposed

Sgr Ventures Pvt. Ltd. v. -

Bombay HC11 Feb 2016CSD/20/2016

Case brief

AI extract

What is this about?

Upon application under Section 391 of the Companies Act, 1956, the court dispensed with the requirement to convene meetings for shareholders and creditors for a proposed scheme of amalgamation, accepting undertakings regarding notice to secured creditors and non-existence of unsecured creditors.

What did the court decide?

Dispensation of convening and holding meetings of equity shareholders, secured creditors, and unsecured creditors for the proposed Scheme of Amalgamation, subject to undertakings regarding notice and

Sgr Ventures Pvt. Ltd. Vs - — Specific Performance | Bombay HC (2016)

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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. 20 OF 2016

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In the matter of the Companies Act, 1956;

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And

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In the matter of Section 391 to 394 of the Companies Act, 1956; And

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In the matter of the Scheme of Amalgamation of Nine Buildcon Private Limited and Smart Career Placement and Solutions Private Limited with SGR Ventures Private Limited.

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SGR Ventures Private Limited	)
a Company incorporated under the	)
Companies Act 1956 and	)
having its registered office at	)
Friendship Centre, Opp YMCA Garden	)
Mumbai Central (East), Agripada,	)
Mumbai – 400 011	) …Applicant Company

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Called for Summons for Direction for Hearing

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Mr. Anup Khetan I/b Mr. Ramesh Saraogi, Advocate for the Applicant

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Coram : K R Shriram. Date :- 11^th February, 2016

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MINUTES OF THE ORDER

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Upon the Application of the Company above named by a Summons for Direction AND UPON HEARING Mr. Ramesh Saraogi, Advocate for the Applicant Company AND UPON READING the Affidavit in Support dated 30^th November, 2015 of Mr. Pravin Pohankar, Director of the Applicant Company in support of the Summons for Direction and the Exhibits therein referred to, IT IS ORDERED THAT:-

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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), the proposed Scheme of Amalgamation of Nine Buildcon Private Limited and Smart Career Placement and Solutions Private Limited with SGR Ventures Private Limited is dispensed with in view of the consent given by all the four Equity Shareholders of the Applicant Company, which is annexed as Exhibit – “N-1” to “N-4” to the Affidavit in Support of the Summons For Directions.

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That convening and holding the 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 Amalgamation of Nine Buildcon Private Limited and Smart Career Placement and Solutions Private Limited with SGR Ventures Private Limited is dispensed with in view of the statement made in para 21 of the affidavit in support of Summons for Directions that the scheme of Amalgamation does not affect the interest of the Secures creditors of the Applicant and no compromise is sought with any of the Secured Creditors of the Applicant Company and the Applicant Company undertakes to give notice of hearing of the Petition by

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RPAD to all its Secured Creditors and undertakes to publish the notice of date of hearing of the Petiotion in the news paper “Free Press Journal” in english language and its Marathi translation in the news paper “Navshakti”. The undertaking is accepted.

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There are no Unsecured Creditors in the Applicant Company as stated in para 22 of the Affidavit in Support of Summons for Directions, hence the question of convening and holding the meeting of Unsecured Creditors of the Applicant Company for the purpose of considering, and if thought fit, approving, with or without modification(s), the proposed Scheme of Amalgamation of Nine Buildcon Private Limited and Smart Career Placement and Solutions Private Limited with SGR Ventures Private Limited does not arise. Also the Applicant Company undertakes to publish the notice of date of hearing of the Petition in the news paper “Free Press Journal” in English language and its Marathi translation in the news paper “Navshakti”. The undertaking is accepted.

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(K R Shriram.) J.

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CERTIFICATE

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I certify that the order uploaded is a true copy of original signed order.

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Uploaded by S Gawade,

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Stenographer

Sgr Ventures Pvt. Ltd. v. -

Case brief

What is this about?

What did the court decide?

Sgr Ventures Pvt. 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

Parties & counsel

Coram

Case details

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