Remanded

Vaid Die Casting Pvt. Ltd. v. -

Bombay HC27 Oct 2016CSD/817/2016

Case brief

AI extract

What is this about?

A single judge of the Bombay High Court issued a summons for direction under Section 391-394 of the Companies Act, 1956. The court dispensed with the requirement to convene meetings of equity, secured, and unsecured creditors for a proposed scheme of amalgamation.

What did the court decide?

Convening and holding of meetings of equity, secured, and unsecured creditors for the scheme of amalgamation is dispensed with.

Vaid Die Casting Pvt. Ltd. Vs - — Specific Performance | 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. 817 OF 2016

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IN THE MATTER of the Companies Act, 1956; AND IN THE MATTER of Section 391 to 394 of the Companies Act, 1956;

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AND IN THE MATTER of Scheme of Amalgamation between Vaid Die Casting Private Limited (‘the Transferor Company’) WITH Megafine Pharma Private Limited (‘the Transferee Company’) AND Their respective Shareholders

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Vaid Die Casting Private Limited,	)
a company registered under the	)
Companies Act, 1956 and	)
having its Registered Office at	)
4^{th }Floor, Sethna Building,	)

¶7

¶8

55- MK Road, Marine Lines, ) Mumbai 400002 )…..Applicant/ Transferor Company

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Called Summons for Direction

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Coram: A.K. Menon J.

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Dated: 27^th October, 2016

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Ms. Megha Chandra i/b M/s. Dharam & Co., Advocates for Applicant

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MINUTES OF THE ORDER

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Upon the Application of the Applicant abovenamed by a Summons for Direction, AND UPON hearing Ms. Megha Chandra i/b M/s Dharam & Co., Advocates for Applicant AND UPON reading the Affidavit dated 24^th June 2016 of Mr. Ashok Jhaveri, Director of the Applicant Company in support of Summons for Directions, and the Exhibits therein referred to, 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), Scheme of Amalgamation of Vaid Die Casting Private Limited with Megafine Pharma Private Limited is dispensed with in view of the consent given by the sole Equity shareholder

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of the Applicant company which is annexed as Exhibit “A” to the Affidavit

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in support of Summons for Directions.

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There are no Secured Creditors of the Applicant Company, as mentioned in paragraph 23 of the Affidavit in support of Summons for Directions. Hence the question of convening and holding the meeting of Secured Creditors does not arise.

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There are no Unsecured Creditors of the Applicant Company, as mentioned in paragraph 24 of the Affidavit in support of Summons for Directions. Hence the question of convening and holding the meeting of Unsecured Creditors does not arise.

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(A.K. MENON J.)

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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.

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Uploaded by: Shankar Gawde, Stenographer

Vaid Die Casting Pvt. Ltd. v. -

Case brief

What is this about?

What did the court decide?

Vaid Die Casting 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

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Coram

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