Disposed

Akasaka Electronics Limited v. --

Bombay HC27 Oct 2016CSD/860/2016

Case brief

AI extract

What is this about?

The court dispensed with meetings of equity shareholders, secured creditors, and unsecured creditors to approve a scheme of amalgamation. Following unanimous shareholder consent and the subsidiary nature of the transferor, separate petitions by the transferee were also waived.

What did the court decide?

Meets of equity shareholders, secured creditors, and unsecured creditors are dispensed with; separate Company Summons Petition and Scheme Petition by transferee are also dispensed with.

Akasaka Electronics Limited Vs -- — Company and Corporate | Bombay HC (2016)

¶1

¶2

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY SUMMONS FOR DIRECTION NO. 860 OF 2016.

¶3

In the matter of the Companies Act, 1 of 1956 and other relevant provisions of the Companies Act, 2013;

¶4

AND

¶5

In the matter of Sections 391 to 394 of the Companies Act, 1956 and other relevant provisions of the Companies Act, 2013;

¶6

AND

¶7

In the matter of Scheme of Amalgamation of AKASAKA ELECTRONICS LIMITED, the Transferor Company with MIRC ELECTRONICS LIMITED, the Transferee Company.

¶8

AKASAKA ELECTRONICS LIMITED, a ) company incorporated under the ) Companies Act, 1956 having its ) registered office at G-1, Onida House, ) Mahakali Caves Road, M.I.D.C., ) Andheri (East), Mumbai-400093. ) …Applicant Company.

¶9

Called Summons for Direction for hearing

¶10

Mr. Rajesh Shah i/b M/s. Rajesh Shah & Co., Advocate for the Applicant

¶11

Coram: A. K. Menon, J. Date : 27^th October, 2016

Page 1 of 4

MINUTES OF THE ORDER

UPON the application of the Applicant Company above named by a Summons for Direction AND UPON HEARING Mr. Rajesh Shah instructed by M/s. Rajesh Shah & Co., Advocate for the Applicant Company, AND UPON READING the Affidavit dated 19^th September, 2016 Mr. Kaval G. Mirchandani, Director of the Applicant Company, in support of the Summons for Direction and the Exhibit therein referred to, IT IS ORDERED:-

¶16

That 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 Scheme of Amalgamation of AKASAKA ELECTRONICS LIMITED, the Transferor Company with MIRC ELECTRONICS LIMITED, the Transferee Company is dispensed with in view of the consent given by all the seven Equity Shareholders of the Applicant Company, which are annexed as Exhibit ‘H-1’ to ‘H-7’ to the Affidavit in support of Summons for Direction.

¶17

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

¶18

Page 2 of 4

¶19

¶20

The convening and holding of 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 Amalgamation of AKASAKA ELECTRONICS LIMITED, the Transferor Company with MIRC ELECTRONICS LIMITED, the Transferee Company is dispensed with in view of the averments made in paragraph 18 of the Affidavit in support of the Summons for Direction and that the Applicant undertakes to issue individual notice of date of hearing of the Company Scheme Petition by Registered Post A. D. to its all Unsecured Creditors and also to publish the same in two local news papers viz. “Free Press Journal”, in English language and translation thereof in “Navshakti”, in Marathi language, both having circulation in Mumbai. The said undertaking is accepted.

¶21

That, in view of averments made in paragraph 19-20 of the Affidavit in support of Company Summons for Direction, interalia, stating that the Applicant Company is wholly owned subsidiary company of the Transferee Company and all the shares of the Applicant Company are presently held by the Transferee Company in its own name and in the name of its nominee and pursuant to the scheme being sanctioned, no new shares are required to be issued to the members of the Applicant Company by the Transferee Company and the entire share capital of the Applicant Company will stand cancelled and that the

¶22

Page 3 of 4

¶23

¶24

Scheme does not affect the rights and interests of the members or the creditors of the Transferee Company and does not involve any re-organization of the Share Capital of the Transferee Company and that the assets and liabilities of the Applicant Company will be vested under the scheme with the Transferee Company and the shareholding and other rights of the members of the Transferee Company will remain unaffected as no new shares are being issued and there will be no change in capital structure and in view of the judgment passed by this Court in the case of Mahaamba Investments Limited V/s. IDA Limited [(2001)105 Co cases (page 16 to 18)], the filing of separate Company Summons for Direction and Company Scheme Petition under Section 391 and 394 of the Companies Act,1956 by MIRC ELECTRONICS LIMITED, the Transferee Company is dispensed with.

¶25

(A. K. Menon, J.)

¶26

CERTIFICATE

¶27

I certify that this Order uploaded is a true and correct copy of original signed order.

¶28

Uploaded by : Shankar Gawde, Stenographer.

¶29

Page 4 of 4

Akasaka Electronics Limited v. --

Case brief

What is this about?

What did the court decide?

Akasaka Electronics Limited v. --

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Cases cited

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

M/S Carona Ltd. Vs M/S Das Craft Enterprises

Solaris Consultants Private Limited Vs -

Jet Lite (India) Ltd. Vs -

Snk Solutions Pvt. Ltd. Vs -

Opus Chemicals Private Limited Vs -

Vaid Die Casting Pvt. Ltd. Vs -