Allowed

M/s.K.J.R.Poly Films Private Limited. v. -

Telangana HC3 Apr 2013CP/2/2012

Case brief

AI extract

What is this about?

The court allowed company petitions seeking sanction for a scheme of amalgamation between two private companies. Relying on the fact that both companies do similar business and shareholders have given no objection via affidavits, the court dispensed with convening a meeting. The scheme was accepted with effect from 1.4.2013.

What did the court decide?

Scheme of amalgamation accepted with effect from 1.4.2013; transferor company to stand dissolved without winding up; order to be registered with Registrar of Companies.

M/s.K.J.R.Poly Films Private Limited. Vs - — Succession and Inheritance | Telangana HC (2013)

¶1

HON'BLE SRI JUSTICE N.R.L.NAGESWARA RAO

¶2

COMPANY PETITION NOS. 1 & 2 OF 2012

¶3

COMMON ORDER:

¶4

These petitions are filed under Sections 391 and 394 of the Companies Act, 1956 (for brevity ‘the Act’) seeking sanction for the scheme of amalgamation of M/s N.R. Polymers Private Limited, petitioner in C.P.No. 1 of 2012 with M/s KJR Poly Films Private Limited, petitioner in C.P.No. 2 of 2012.

¶5

2. In view of the fact that both the companies are doing similar business, they sought permission for scheme of amalgamation and this Court by order dated 1.12.2011 has dispensed with the convening of the meeting of the shareholders, as shareholders have given their no objection by means of affidavits. 3. Notices on these applications were given to the Official Liquidator and also the Regional Director, Ministry of Corporate Affairs, Hyderabad and both of them have no objection.

¶6

4. Both the petitions were admitted on 06.01.2012. Necessary publications were made in

¶7

“Business Standard” English daily and “Andhra Prabha” Telugu daily of Hyderabad Edition. 5. The scheme of amalgamation appears to be for the benefit of the Companies and in view of the decision reported in ANDHRA BANK HOUSING FINANCE LIMITED., IN R E^[1] , there is no need for having any separate applications by Holding Company.

¶8

6. Therefore, in the above circumstances, the Company Petitions are allowed and the scheme of amalgamation, as proposed is accepted with effect from 1.4.2013. The transferor company shall stand dissolved without going into the process of winding up with effect from 1.4.2013. The petitioners shall file certified copy of this order within thirty days of the receipt of the same before the Registrar of Companies, Hyderabad for the purpose of registration and necessary follow up action. Petitioners shall pay a sum of Rs. 3,000/each (Rupees Three Thousand Only) towards costs for the Central Government to the learned Assistant Solicitor General.

¶9

N.R.L.NAGESWARA RAO, J

¶10

DATE: 03.04.2013 KA

¶11

[1] 2004 Company Cases 295

M/s.K.J.R.Poly Films Private Limited. v. -

Case brief

What is this about?

What did the court decide?

M/s.K.J.R.Poly Films Private 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

N.Srikanth New Bakaram Hyderabad Vs S.S.Krishna Finance Seccunderabadandothers

Smt.Nandigam Akkayyamma Vs Mg.Partner M/S Sree Sai Krishna Finances

Nageswara Steel Syndicate, Vs A.P. State Financial corporation.

M.Vasantha Rao,(died) per Lr a 5 to 7 Vs M.Padma

Sudha Industries, Dall Mill Owner and Commission Agent, Vs M/s. Ram Kumar Radha Vallabh

Carry Co. Limited Company Vs Mutyalapalli Venkataratnam