9911796707
TMI Blog2015 (12) TMI 1723X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 7,500/in each of the petitions. The said fees would be paid by the Transferee Company. The fees of the Official Liquidator are quantified at ₹ 7500/in respect of Company Petition No. 392 of 2015. The said fees to the Official Liquidator shall be paid by the Transferee Company/ Transferor Company. Filing and issuance of drawn up orders are dispensed with. All concerned authorities to act on a copy of this order along with the Scheme duly authenticated by the Registrar, High Court, Gujarat. The Registrar, High Court of Gujarat shall issue the authenticated copy of this order alongwith Scheme within 15 days of passing of this order. - Company Petition No. 392 of 2015 In Company Application No. 349 of 2015 With Company Petition No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e received from all the Equity Shareholders and the Sole Preference Shareholder. This Court vide its aforesaid order dated 5.11.205 also dispensed with the meetings of the Secured Creditor(s) and Unsecured Creditors of the said company. 4. The Petitioner of the Company Petition No. 393 of 2015, i.e., Aditya Birla Finance Limited, had filed an application in this Court being Company Application No. 350 of 2015, for dispensing with the convening and holding of the meetings of the Equity Shareholders, Preference Shareholders, Secured Creditors and Unsecured Creditors of the said Company. It was also prayed that this Court be pleased to dispense with the separate procedure to be followed under the provisions of the Companies Act, 1956, for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the notice in the Government Gazette. 6. Pursuant to the order dated 6.11.2015, the Petitioners of Company Petition Nos. 392 and 393 of 2015 have published the notice of the hearing of the petition in the English daily newspaper, Indian Express , Ahmedabad Edition and in Gujarati daily newspaper, Sandesh , Rajkot Edition, both on 21.11.2015. The affidavits of service, on behalf of the petitioner companies, both dated 2.12.2015, have been filed, confirming the publication of the notices in the newspapers as directed. The notice of the hearing of the petitions has been served upon the Regional Director as well as to the Official Liquidator, insofar as Company Petition No. 392 of 2015 is concerned, which is stated in the concerned affida ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... passed in Company Petition No. 113 of 2012, to inter alia contend that deviation from the Accounting Standards are permissible and that the reserves can be utilized for the purpose of declaring dividends. Mr. Singhi also relied upon the order dated 28.10.2015 passed in Company Petition No. 310 of 2015, wherein both the aforesaid judgments are considered by this Court. In light of the aforesaid, this Court is of the view that the observations of the Regional Director at paragraph 2(d) of the common affidavit are untenable. 10. In respect of the observations made by the Regional Director at paragraph 2(e) of the common affidavit, the Petitioner Company in paragraph 4 of its reply has stated that the Scheme is in compliance with the provisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd bonafide and in the interest of the shareholders and creditors. This Court, therefore, accordingly allows the Company Petitions and approves the Scheme. The Scheme is sanctioned. The prayers made in the respective Company Petitions are hereby granted. 13. The petitions are allowed accordingly. Fees of Mr. Devang Vyas are quantified at ₹ 7,500/in each of the petitions. The said fees would be paid by the Transferee Company. The fees of the Official Liquidator are quantified at ₹ 7500/in respect of Company Petition No. 392 of 2015. The said fees to the Official Liquidator shall be paid by the Transferee Company/ Transferor Company. 14. Filing and issuance of drawn up orders are dispensed with. All concerned authorities to ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
