2009 (4) TMI 970 - HC - Companies Law

Summary

Issues involved: Application u/s 391 of the Companies Act, 1956 seeking permission to hold meetings of Equity Shareholders, Secured Creditors, and Unsecured Creditors for considering a scheme of amalgamation.

Equity Shareholders Meeting: The applicant-company, M/s. Indus fila Limited, sought permission to hold meetings of its equity shareholders, secured creditors, and unsecured creditors to consider the scheme of amalgamation with Tulip Apparels Private Limited. The High Court permitted the applicant to hold the meetings on 30th May 2009 at specified location with a quorum of five members. The voting at the meetings will be by poll, and proxies are allowed to attend and vote, with proxy forms required to be filed 48 hours before the meetings.

Appointment of Chairman: Mr. Nitin Mandhana, Vice Chairman and Managing Director of the Applicant-Company, was appointed as the Chairman of the meetings. It was mandated that individual notices of the meeting be sent to Equity Shareholders, Secured Creditors, and Unsecured Creditors. Additionally, a common advertisement relating to all the meetings was to be published in "The Hindu" and "Kannada Prabha" newspapers by 5th May 2009.

Reporting Requirement: The Chairman was directed to file a report on the meetings within 14 days from the date of the meetings. The Court allowed the application accordingly, as per C. A. 169/2009.