9911796707
TMI Blog2001 (7) TMI 1235X X X X Extracts X X X X X X X X Extracts X X X X ..... bad, the authorised share capital of the said Company is Rs. 10,00,000 divided into 10,000 equity shares of Rs. 100 each. The amount of capital paid up or credited as paid up is Rs. 9,89,800 divided into 9898 equity shares of Rs. 100 each. The details of object of Applicant No. 1, P. Devi Properties Ltd. Company have been stated and the latest financial position of the said Company has been reflected in the audited balance sheet and profit and loss account for the year ended 31st March, 1999, enclosed as Annexure-2. 3. The Applicant No. 2, Shree Jagannath Coal Company Pvt. Ltd. is stated to have been incorporated on 24th January, 1991 as a Private Company Ltd. under the provisions of the Companies Act, 1956. Its registered office is sit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Companies held in July 10, 1999, the Scheme of Arrangement has been approved by the Board of Directors of the Applicant Companies and a copy of the Scheme has been enclosed as Annexure-5. 5. The relevant portion of the Scheme has been shown at Part II of the Annexure-2 and reads as follows : Part II Scheme : 1. With effect from the transfer date of P. Devi Properties Pvt. Ltd. without further act or deed be deemed to have been transferred to and vested in the Transferee Company as a going concern and all the officers and employees employed at P. Devi Properties Pvt. Ltd., would be taken over by the Transferee Company, without any break in their service and the Provident Fund in respect of the said officers and employees would ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in their services. 5. In consideration of the transfer of assets and liabilities of P. Devi Properties Pvt. Ltd. by the Transferor Company, the Transferee Company shall without further application issued and allot to the Transferor Company 12,045 Equity Shares of Rs. 100 each as fully paid up in the Share Capital of the Transferee Company. 6. The Transferee Company shall take necessary steps for increase of the Share Capital. 6a. The case was taken up on 9th May, 2000 when the Court on hearing the parties, ordered to hold a meeting of the holders of the equity shares of Applicant No. 1, P. Devi Properties Pvt. Ltd. at Katrasgarh, District Dhanbad on Tuesday, 13th June, 2000 at 10 a.m. for the purpose of considering and, if thoug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xy in the prescribed form duly signed by the person entitled to attend and vote at the meeting is filed at its registered Office at Katrasgarh not later than 48 hours before the meeting. 8. The Court further observed that value of each member/holder of equity shares shall be in accordance with the Books of the Companies and where entries in the Books are disputed, the Chairperson to determine the value for the purpose of the meeting. 9. The Chairperson was further ordered to report the Court the outcome of the said meeting within a stipulated period duly verified by the Advocate. 10. Notice of the application was also forwarded to the Central Government, Regional Director, Company Law Board. The name of the Newspaper in which it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore than 3/4th in value of the shareholders were present and voted in favour of the scheme. 14. To satisfy the ( sic ) the stipulations as laid down under proviso to sub-section (2) to section 391, the Applicant Companies put on affidavits the material fact relating to the Companies, such as, latest financial position of the Company up to 31st March, 1999, enclosed Auditor s report on the Accounts of the Company (Annexure-2). It is also specifically stated that no proceeding is pending against them under sections 235 to 251 of the Companies Act, 1956 against any of them and the provisions of Monopolies and Restrictive Trade Practices Act, 1969 are not applicable to ( sic ) of the Applicant Companies. 15. Having regard to the facts ..... X X X X Extracts X X X X X X X X Extracts X X X X
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