Allowed

Goenka Products Private Limited v. Vijay Solvex Ltd.

Rajasthan HC15 May 2020COAP/2/2020

Case brief

AI extract

What is this about?

This court allowed an S.B. Company Application seeking correction of the paid-up share capital and number of equity shares of the transferor company in the approved scheme of amalgamation, declaring the corrected figures as part of the original order.

What did the court decide?

Scheme of amalgamation corrected; paid-up share capital declared as Rs.1,12,41,000/- divided into 11,24,100 equity shares of Rs.10 each.

Goenka Products Private Limited Vs Vijay Solvex Ltd. — Specific Performance | Rajasthan HC (2020)

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HIGH COURT OF JUDICATURE FOR RAJASTHAN BENCH AT JAIPUR

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S.B. Company Application No.2/2020

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Goenka Products Private Limited, A Company Incorporated Under The Companies Act., 1956 Having Its Registered Office At Jaipur Glass Factory, Tonk Road, Jaipur (Raj)

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----Petitioner

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Versus

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Vijay Solvex Ltd., A Company Incorporated Under The Companies Act, 1956 Having Its Registered Office At Bhagwati Sadan, Swami Dayanand Marg, Alwar (Raj) Through Its Company Secretary

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----Respondent

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For Petitioner(s) : Mr. Amol Vyas For Respondent(s) :

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HON'BLE MR. JUSTICE SANJEEV PRAKASH SHARMA

¶10

Order

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15/05/2020

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This application has been moved praying for correction at Para 1.3 of the scheme of amalgamation and rectifying the total number of paid up share capital of transferor company from Rs.1,12,00,000/- to Rs.1,12,41,000/-.

¶13

The Company Secretary of the Vijay Solvex Limited has filed the present application pointing out that the scheme of amalgamation which was submitted before this court has been approved by this court vide order dated 26.8.2005, but mentioning erroneously the share capital of the transferor company as Rs.1,12,00,000/- only divided into 11,20,000 equity shares of Rs.10 each whereas factually the transferor company

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(2 of 2)

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[COAP-2/2020]

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had Rs.1,12,41,000/- share capital which was divided into 11,24,100 equity shares of Rs.10 each.

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Thus, para 1.3 of the amalgamation scheme requires to be corrected. Notices were issued to which ROC has submitted its reply by e-mail mentioning that the correction of numbers of shares would be decided by this court on its merit and the ROC has nothing to say in the matter.

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Taking into consideration the overall aspects of the case and the affidavit filed by the Company Secretary of Vijay Solvex Limited in which the Goenka Products Private Limited had amalgamated, this application is accordingly allowed and the documents alongwith the order dated 26.8.2005 is accordingly held to be corrected and it is declared that the subsequent paid up share capital of the transferor company as mentioned in Para 1.3 shall be read as Rs.1,12,41,000/- only divided into 11,24,100 equity shares of Rs.10 each.

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The present order shall be treated as part and parcel of the earlier order dated 26.8.2005 and part of the amalgamation scheme for all intent and purposes and for all transactions.

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(SANJEEV PRAKASH SHARMA),J

¶21

Anu/Karan Bhutani /28

Goenka Products Private Limited v. Vijay Solvex Ltd.

Case brief

What is this about?

What did the court decide?

Goenka Products Private Limited v. Vijay Solvex Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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