Krona Realties Pvt. Ltd. v. -
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY SUMMONS FOR DIRECTION NO. 733 OF 2015 In the matter of the Companies Act, 1956 (1 of 1956) (or re-enactment thereof upon effectiveness of Companies Act, 2013);
AND In the matter of Sections 391 to 394 of the Companies Act, (or any corresponding provision of Companies act, 2013 as may be notified);
AND In the matter of Scheme of Amalgamation of Krona Realties Private Limited (KRPL) with Sarvavasa Buildtech & Farms Private Limited (SBFPL) and their respective shareholders and creditors Krona Realties Private Limited, a ) company incorporated under the ) Companies Act, having its ) Registered Office at 412, Floor - 4, ) 17G, Vardhaman Chamber, Cawasji ) Patel Road, Horniman Circle, Fort, ) Mumbai, Maharashtra - 400 001 )...Applicant Company.
Called Summons for Direction for hearing Ms. Shruti Kelji a/w. Ms. Sunila Chavan and Ameya Lambhate, Advocates for the Applicant
Coram: S. C. Gupte, J.
Date : 28th August, 2015 MINUTES OF THE ORDER UPON the application of the Applicant Company abovenamed by a Company Summons for Direction AND UPON HEARING Ms. Shruti Kelji, Advocate for the Applicant Company, AND UPON READING the Affidavit dated 18th June, 2015 of Mr. Govind Agarwal, Authorized Signatory of the Applicant Company, in support of the Company Summons for Direction and the Exhibits therein referred to, IT IS ORDERED THAT:-
1. The convening and holding of the meeting of the Equity Shareholders of the Applicant Company for the purpose of considering and, if thought fit, approving, with or without modification(s) the proposed Scheme of Amalgamation of Krona Realties Private Limited (KRPL) with Sarvavasa Buildtech & Farms Private Limited (SBFPL) and their respective shareholders and creditors, is dispensed with in view of the consent given by all the five Equity Shareholders of the Applicant Company, which are annexed as Exhibits "G-1" to "G-5" to the Affidavit in support of the Company Summons for Direction.
2. That the convening and holding the meeting of the Secured Creditors of the Applicant Company for the purpose of considering and, if thought fit, approving, with or without modification(s) the proposed Scheme of Amalgamation of Krona Realties Private Limited (KRPL) with Sarvavasa Buildtech & Farms Private Limited (SBFPL) and their respective shareholders and creditors, is dispensed with in view of the averments made in paragraph 18 of the Affidavit in support of the Company Summons for Direction, inter-alia stating that Secured Creditors of the Applicant Company will not be affected by the proposed Scheme of Amalgamation as no arrangement is envisaged with them and that the Applicant
undertakes to issue individual notice of date of hearing of Petition by Registered Post A. D. to all its Secured Creditors and also to publish the same in two local news-papers viz. „Free Press Journal‟, in English language and translation thereof in „Navshakti‟, in Marathi language, both having circulation in Mumbai. The said undertaking is accepted.
3.
That the convening and holding the meeting of the Unsecured Creditors including Unsecured Loan Creditors and other related parties of the Applicant Company for the purpose of considering and, if thought fit, approving, with or without modification(s) the proposed Scheme of Amalgamation of Krona Realties Private Limited (KRPL) with Sarvavasa Buildtech & Farms Private Limited (SBFPL) and their respective shareholders and creditors, is dispensed with in view of the averments made in paragraph 19 of the Affidavit in support of the Company Summons for Direction, inter-alia stating that Unsecured Creditors of the Applicant Company will not be affected by the proposed Scheme of Amalgamation as no arrangement is envisaged with them and that the Applicant undertakes to issue individual notice of date of hearing of Petition by Registered Post A.
D. to all its Unsecured Creditors and also to publish the same in two local news-papers viz. „Free Press Journal‟, in English language and translation thereof in „Navshakti‟, in Marathi language, both having circulation in Mumbai. The said undertaking is accepted.
4. In view of the averments made in Paragraphs 22 and 23 of the Affidavit in support of the Company Summons for Direction, inter alia stating that the Applicant Company is wholly owned subsidiary of the Transferee Company and no new shares are being issued and there will be no change in capital structure of the Transferee Company and the Scheme does not affect the rights and interests of the members or the creditors of the Transferee Company as the combined assets of the Applicant Company and
the Transferee Company after the proposed Amalgamation will be far in excess of its liabilities and does not involve any reorganization of the paid up Share Capital of the Transferee Company and the assets and liabilities of the Applicant Company will be vested under the scheme with the Transferee Company. In view thereof and in the peculiar facts and circumstances of this case and in view of the judgement of this Court in the case of (2001) 105 Company Cases pages 16 to 18 Mahaamba Investment Limited vs. IDI Limited, the filing of a separate Company Summons for Direction and a separate Company Scheme Petition under Section 391 and 394 of the Companies Act, 1956 by Sarvavasa Buildtech & Farms Private Limited, the Transferee Company, is dispensed with.
(S. C. Gupte, J.)