Reliance Electric Generation And Supply Ltd. v. -

1/4

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO.154 OF 2017 IN COMPANY SCHEME PETITION NO.440 OF 2016 WITH IN PERSON APPLICATION NO.139 OF 2017 CONNECTED WITH COMPANY SUMMONS FOR DIRECTION NO.385 OF 2016 In the matter of the Companies Act, 1956 (I of 1956) (or re-enactment thereof upon effectiveness of the Companies Act, 2013);

AND In the matter of Sections 391 to 394 of the Companies Act, 1956;

AND In the matter of Scheme of Arrangement BETWEEN Reliance Infrastructure Limited AND Reliance Electric Generation and Supply Limited AND their respective shareholders and creditors Reliance Infrastructure Limited ....Applicant Company (Original Petitioner Transferor Company) WITH COMPANY APPLICATION NO.155 OF 2017 IN COMPANY SCHEME PETITION NO.441 OF 2016 CONNECTED WITH COMPANY SUMMONS FOR DIRECTION NO.386 OF 2016 In the matter of the Companies Act, 1956 (I of 1956) (or re-enactment thereof upon effectiveness of the Companies Act, 2013);

AND In the matter of Sections 391 to 394

2/4 of the Companies Act, 1956;

AND In the matter of Scheme of Arrangement BETWEEN Reliance Infrastructure Limited AND Reliance Electric Generation and Supply Limited AND their respective shareholders and creditors Reliance Electric Generation & Supply Ltd. ....Applicant Company/the Transferee Company ---- Mr. Janak Dwarkadas, senior advocate a/w. Ms. Alpana Ghone and Mr. Rajesh Shah i/b. M/s. Rajesh Shah and Co. for applicant. Mr. Meit Sampat i/b. Little and Co. for objector (Life Insurance Corporation).

Mr. Shailesh P. Mehta, Intervener in person.

---- CORAM : K.R.SHRIRAM, J.

DATE : 20th NOVEMBER, 2017 P.C.:

COMPANY APPLICATION NO.154 OF 2017 AND COMPANY APPLICATION NO.155 OF 2017 Both applications are for changing the appointed date from "1st April, 2017" which was sanctioned by an order dated 19th January, 2017 to "1st day of the April of the financial year in which last of the conditions specified in Clause 7.3.1 of the Scheme read with paragraph number 30 of the order dated 19th January, 2017 are complied with". At the outset, counsel appearing for LIC, who are one of the secured creditors and also shareholders of transferor, states that they have

3/4 no objection if the appointed date is extended. The Court asked Mr. Dwarkadas as to how the appointed date can be kept open ended. Mr. Dwarkadas stated that the date could be mentioned as 1st April, 2018 with liberty to apply to the Court should the conditions specified in Clause 7.3.1 of the Scheme read with paragraph number 30 of the order dated 19th January, 2017 for any reason is not complied with.

I have also considered the affidavit in support. One Mr. Shailesh P. Mehta appearing as party in person was allowed to address the Court though the registry has put a report stating that "he would not be in a position to assist the Court effectively in disposal of the matter". Despite that, the Court felt, in view of the urgency expressed by Mr. Dwarkadas, to permit Mr. Mehta to address the Court. At the outset, Mr. Mehta stated that this Court has power to extend the appointed date under the provisions of Companies Act, 1956. Thereafter, whatever Mr. Mehta stated or wanted to state was totally irrelevant to the applications made.

Having considered the applications and heard Mr. Dwarkadas and in view of no objection accorded by counsel appearing for LIC, I am inclined to allow the applications.

4/4 Therefore, applications are allowed and accordingly disposed in terms of prayer clause - (a).

The appointed date is changed to 1st April, 2018 with liberty to apply.

(K.R. SHRIRAM, J.)