Disposed

Sps Share Brokers Pvt. Ltd. v. -

Bombay HC22 Apr 2016CSD/282/2016

Case brief

AI extract

What is this about?

The Bombay High Court in a Company Summons for Direction dispensed with the requirement of convening meetings of equity shareholders, secured creditors, and unsecured creditors for approving a Scheme of Arrangement between SPS Share Brokers Private Limited and Khandwala Enterprise Private Limited, as consent was obtained from all relevant parties.

What did the court decide?

Meeting of shareholders and creditors for the Scheme of Arrangement is dispensed with due to obtained consents.

Sps Share Brokers Pvt. Ltd. Vs - — Company and Corporate | Bombay HC (2016)

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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. 282 OF 2016.

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In the matter of the Companies Act I of 1956.

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In the matter of Sections 391 to 394 of the Companies Act, 1956. AND In the matter of the Scheme of Arrangement between:

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SPS Share Brokers Private Limited. AND Khandwala Enterprise Private Limited. AND their Respective Shareholders.

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SPS Share Brokers Private Limited	)
a Company incorporated Under the	)
Companies Act, 1956 and having its	)
Registered Office at 121/4 M.G. Road,	)
Agra Building, Fort, Mumbai-400 023	).…Applicant Company

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Called Summons for Direction for hearing

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Mr. Rajesh Shah i/b Rajesh Shah & Co, Advocates for the Applicant Company.

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CORAM : B. P. COLABAWALLA, J

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DATE : 22^ND APRIL, 2016

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MINUTES OF ORDER

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UPON the application of the Applicant Company above named

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by a Summons for Direction AND UPON HEARING Mr. Rajesh

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Shah instructed by M/s. Rajesh Shah & Co., Advocates for the

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Applicant Company, AND UPON READING the Affidavit dated

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31^st day of March, 2016 of Mr. Manish Dave, Director of the Applicant Company, in support of Company Summons for Direction and the Exhibits referred to therein, IT IS ORDERED:-

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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 Arrangement between SPS Share Brokers Private Limited and Khandwala Enterprise Private Limited and their respective shareholders, is dispensed with in view of the consent given by all the Three Equity Shareholders of the Applicant Company which are annexed as Exhibits “G-1” to “G-3” to the Affidavit in Support of Company Summons for Direction.

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That there are no Secured Creditors of the Applicant Company as stated in paragraph 23 of the Affidavit in Support of Company Summons for Direction. Hence, the question of convening and holding meeting of Secured Creditors does not arise.

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That convening and holding the meeting of the 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 Arrangement between SPS Share Brokers Private Limited and Khandwala Enterprise

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Page 2 of 3

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Private Limited and their respective shareholders, is dispensed with in view of the consents given by all eight its Unsecured Creditor of the Applicant Company which is annexed as Exhibit

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“H-1” to “H-8” to the Affidavit in Support of Company Summons for Direction.

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(B. P. COLABAWALLA, J.)

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CERTIFICATE

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I certify that this Order uploaded is a true and correct copy of

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original signed order.

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Uploaded by: Shankar Gawde, Stenographer.

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Page 3 of 3

Sps Share Brokers Pvt. Ltd. v. -

Case brief

What is this about?

What did the court decide?

Sps Share Brokers Pvt. Ltd. v. -

Case brief

What is this about?

What did the court decide?

What the court decided

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