9911796707
TMI Blog2004 (5) TMI 308X X X X Extracts X X X X X X X X Extracts X X X X ..... d Bank Limited (for short IndusInd or petitioner-company or transferee-company ) and their respective members and creditors. 2. The petitioner company herein, i.e., IndusInd Bank Limited has its registered office at 2401, General Thimmayya Road, Cantonment, Pune 411001. 3. The share capital of the petitioner-company as on 31st March, 2004 and as on 31st January, 2004 is reproduced in paragraphs 4 and 5 of the Petition. The registered office of the transferor company is situated at Sudarshan Building, 86, Chamiers Road, Chennai 600018. The details of the transferor company s share capital is reproduced in Para 10 of the Petition. 4. In view of the objects of the Memorandum of Association of both the companies, they have de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the details of the unsecured non convertible redeemable debentures/bonds of the petitioner-company alongwith their consent position, which constitute 100% in number and 100% in value of the total unsecured non convertible redeemable debenture/bonds is also placed on record. 9. The Regional Director, Western Region, Department of Company Affairs has filed his Affidavit dated 23rd April, 2004. There is no basic objection to the Scheme, except as contended in paragraph 4. As per the Affidavit, the Regional Director endorsed that the Scheme is not prejudicial to the shareholders interest and creditors interest, based on the Reports received from the concerned Registrar of Companies. The Regional Director s main objection was that the tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ances have been complied with. 11. The Scheme is fair, sound and reasonable and based on experts opinion and above all, the majority decision of the concerned parties, including shareholders, creditors or unsecured creditors. In view of this, as already held in Larsen Toubro Ltd., In re [2004] 60 CLA 335 decided by this Court [ Anoop V. Mohta, J. ] the commercial wisdom of the compa- nies, in such circumstances, cannot be interfered with. The Scheme as such, is not against the public policy or against public interest. Mr. Tulzapurkar, learned counsel appearing on behalf of the petitioners has also pointed out that in Company Petition No. 88 of 2004 connected with Company Application No. 167 of 2004, the High Court of Judicature a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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