Reliance Money Express Limited v. -

923.ca.817.2015.doc dik

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO.817 OF 2015 IN COMPANY SCHEME PETITION NO. 15 OF 2015 IN COMPANY SUMMONS FOR DIRECTIONS NO. 893 OF 2014 Reliance Money Express Ltd.

...Petitioner

.....

Ms Alpana Ghone a/w Rajesh Shah i/b Rajesh Shah & Co. for the Applicant. CORAM : S.C. GUPTE, J.

AUGUST 28, 2015 P.C. :

The present Company Application seeks to modify a scheme sanctioned by this Court on 18 April 2015. Two modifications are sought in the sanctioned scheme. They are disclosed in the additional affidavit filed by the Applicant Company on 27 August 2015. Firstly, having regard to the time taken for approval of the Government Authorities, the consideration shown in the original scheme of Rs.43 crores is sought to be increased to Rs.45 crores and, accordingly, it is proposed to modify existing clause numbers 5.1 and 5.2 of the scheme. The second modification is to seek addition of a clause providing for indemnification by the transferor company of the transferee company in respect of legal proceedings and third party claims. Both companies are closely held companies and all requisite sanctions have been obtained.

Accordingly, the Company Application is allowed in terms of prayer clause (a) to the extent of the modifications referred to above. The time provided in the original order for filing of the sanctioned scheme before the Registrar of Companies and also for adjudication of stamp duty are extended by a period of 30 and 60 days, respectively from the date of issuance of the present order in terms of prayer clauses (c) and (d). The amendment to be carried out to the original scheme within a period of two weeks from today.

( S.C.GUPTE J. ) Pg 1 of 1