Allowed

Sv Real Holdings Private Limited v. -

Telangana HC22 Jun 2016COMPA/798/2016

Case brief

AI extract

What is this about?

The court disposed of an application filed by M/s. SV Real Holdings Pvt Ltd under Sections 391 and 394 of the Companies Act, 1956 to dispense with the convening of a shareholder meeting for a proposed scheme of arrangement, given that shareholder consent was already secured.

What did the court decide?

Granted dispensation from convening a meeting of equity shareholders for the proposed scheme of arrangement pending shareholders' consent.

Sv Real Holdings Private Limited Vs - — Company and Corporate | Telangana HC (2016)

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HON’BLE SRI JUSTICE S.V. BHATT

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COMPANY APPLICATION No.798 OF 2016

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ORDER:

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Company Application is filed by M/s. SV Real Holdings Private Limited (transferee company).

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The application is filed under Sections 391 and 394 of the Companies Act, 1956 read with Rule 9 of the Companies (Court) Rules, 1959. The applicant prays for dispensing with the convening of meeting of equity shareholders of the applicant company.

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The applicant company is incorporated under the Act. The applicant is engaged in the business as stated in the affidavit filed along with application.

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A scheme of arrangement is envisaged between applicant and transferor companies i.e. M/s. Silpa Real Estates Private Limited and M/s.Mysore Strcutruals Private Limited. The resolution of Board of Directors of the applicant company dated 27.02.2016 approving the scheme is placed on record and with the assistance of learned counsel appearing for the applicant, I have perused the salient features of the proposed scheme of arrangement. The applicant, therefore, through the instant application prays for dispensing with the convening of meeting of equity shareholders to consider the proposed scheme of arrangement accepted by the board of directors of the applicant company. The applicant has enclosed affidavits/consent of shareholders accepting the proposed scheme of arrangement.

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From the annexures A to J, it is clear that the consent required for considering the proposed scheme of arrangement is already obtained from the shareholders.

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Having regard to the above circumstances and after perusing the material available on record, I am satisfied that the statutory requirement to convene the meeting of the equity shareholders to consider the proposed scheme

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of arrangement can be dispensed with, for the applicant has already taken consent from the stakeholders.

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The company application is ordered accordingly.

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___________ S.V.BHATT, J

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Date:22.06.2016 Stp

Sv Real Holdings Private Limited v. -

Case brief

What is this about?

What did the court decide?

Sv Real Holdings Private 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

Parties & counsel

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