M/S Feather Touch Fashions Private Limited v. 0
Case brief
What is this about?
high court of judicature at bombay dispensed with the requirement of convening meetings of equity shareholders, secured creditors, unsecured creditors and directly approached the high court to consider the proposed scheme of amalgamation due to unanimous consent of all stakeholders and the ideal relationship between transferee and transferor.
What did the court decide?
convening of meetings of equity shareholders, secured creditors and unsecured creditors and filing of separate summons by transferee company were dispensed with.
What the court decided
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
COMPANY SUMMONS FOR DIRECTION NO.720 OF 2016.
In the matter of the Companies Act, 1956 (1 of 1956) ;
AND
In the matter of Sections 391 to 394 of the Companies Act, 1956 and other relevant provision of Companies Act, 2013;
AND
In the matter of Scheme of Amalgamation of M/s. Angarika Multitrading Private Limited, M/s. Feathertouch Fashions Private Limited, M/s. Geetika Mercantiles Private Limited, M/s. Texpert Textiles Private Limited, M/s. Sudama Textile Trading Private Limited, M/s. Saachi Sales Agency Private Limited, M/s. Mangalkalash Trading Private Limited, M/s. Varad Vinayak Textiles Private Limited, M/s. Chintamani Textiles Private Limited with M/s. Creeper Multitrading Private Limited.
M/s. Feathertouch Fashions Private Limited, a company incorporated under the Companies Act, 1956 having its registered office at Pattharwala Building, 2/27A36, 32/36, AnantWadi, Mumbai-400097, Maharashtra
) ) ) ) ) …Applicant Company.
Issues for consideration
3 issues framed by the court
whether convening of meetings of equity shareholders, secured creditors, unsecured creditors is required when consent is obtained.
whether filing of separate company summons by the transferee company is required given the appellant is a wholly owned subsidiary.
whether the scheme of amalgamation can be approved by this court upon consent of all stakeholders.
Parties & counsel
- applicant
m/s. feathertouch fashions private limited
Coram
a. k. menon
Case details
As recorded by the court registry
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