Allowed

Idl Explosives Limited v. -

Telangana HC15 Mar 2011CP/14/2011

Case brief

AI extract

What is this about?

This court corrected inadvertent factual mistakes in a previous common order relating to the demerger of IDL Explosives from Gulf Oil. The current order allowed the company applications seeking this correction. It also directed the registry to issue a fresh copy.

What did the court decide?

Company Applications Nos. 506 and 507 of 2011 are allowed. Registry directed to issue a fresh copy of the corrected order.

Idl Explosives Limited Vs - — Company and Corporate | Telangana HC (2011)

¶1

THE HON’BLE Ms. JUSTICE G. ROHINI

¶2

COMPANY APPLICATION Nos.506 and 507 OF 2011

¶3

¶4

COMPANY PETITION Nos.13 AND 14 OF 2011

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Dated: 08.04.2011

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COMPANY APPLICATION No.506 OF 2011

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Between :

¶8

Gulf Oil Corporation Limited

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…… Applicant

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COMPANY APPLICATION No.507 OF 2011

¶11

Between:

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IDL Explosives Limited

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---Applicant

¶14

The Court made the following :-

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THE HON’BLE Ms. JUSTICE G. ROHINI

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COMPANY APPLICATION Nos.506 and 507 OF 2011

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COMMON ORDER :

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Heard the learned counsel for the applicants and perused the material placed before this Court.

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Since it is found that certain inadvertent mistakes have crept in paras 1 and 2 of page No.3 in the common order made in Company Petition Nos. 13 and 14 of 2011, paras 1 and 2 of page No.3 of the common order dated 15.03.2011 shall stand substituted as under:

¶20

“The petitioner in C.P.No.14 of 2011 is IDL Explosives Limited. The said company was incorporated under the provisions of the Companies Act, 1956 on the 22.09.2010. The registered office of the petitioner company is situated at Kukatpally, P.O.Bag No.1,

¶21

Sanathnagar (IE) PO, Hyderabad-500018. The Authorized share capital of petitioner company as on 30.09.2010 is Rs.5,00,000/divided into 50,000 equity shares of Rs.10/- each. The issued, subscribed and paid up share capital of the petitioner company as on 30.11.2010 is Rs.5,00,000/- divided into 50,000 equity shares of Rs.10/- each. The entire issued, subscribed and paid up share capital is held by Gulf Oil and its nominees. The main objects of the said company as set out in the memorandum of association are mentioned in para 5 of C.P.No.14 of 2011.

¶22

It is stated that Gulf Oil Corporation Limited is engaged in various business activities comprising manufacture of explosives and detonators, lubricants, contract mining and infrastructures and property development. The nature of competition and risk involved in each of the business is distinct from each other and each business is capable of attracting strategic partners, investors and lenders. In order to enable a district focus to the operation of Explosives business of Gulf Oil, Gulf Oil proposes to reorganize and segregate by way of demerger its Explosives business to IDL Explosives Limited. It is submitted that to ensure accelerated growth and improved profitability in the specific areas of operation, it would be advantageous to reorganize the company and demerge the specific business undertakings. The demerger of the Explosives undertaking will provide as a measure of corporate restructuring and to develop potential for future growth and diversification to have better synergy and optimisation of resources as well as to facilitate fund raising and development of the Explosives undertaking both vertically and laterally in related sectors.”

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Both the Company Applications are accordingly allowed. Registry is directed to issue a fresh copy after carrying out the above corrections.

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__________ G. ROHINI, J

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Date: 08.04.2011

¶26

Ivd

Idl Explosives Limited v. -

Case brief

What is this about?

What did the court decide?

Idl Explosives Limited 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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