Sharus Steel Products Pvt. Ltd. v. -
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY SUMMONS FOR DIRECTION NO. 109 OF 2016 In the matter of the Companies Act, 1956;
And In the matter of Sections 391 to 394 of the Companies Act, 1956;
And In the matter of Sharus Steel Products Private Limited, a Company incorporated under the Companies Act, 1956 and having its Registered Office at 70, Medows Street, Nagindas Master Road, Mumbai 400 023 And In the matter of Scheme of Amalgamation of Sharus Building Services India Private Limited with Sharus Steel Products Private Limited Sharus Steel Products Private Limited ) 70, Medows Street, Nagindas Master Road ) Mumbai 400 023 )...Applicant Company
Called Summons for Direction for Hearing Ms. Chandni Tanna i/b. India Law Alliance, Advocates for the Applicant Company Coram: B. P. Colabawalla, J.
Date: 16th April, 2016 MINUTES OF THE ORDER UPON the application of the Applicant Company above named by a Summons for Direction AND UPON HEARING Ms. Chandni Tanna i/b. India Law Alliance, Advocates for the Applicant Company, AND UPON READING the Affidavit dated 31st October, 2015, of Mr. J. N. Mittal, Director of the Applicant Company, in support of the Summons for Direction and the Exhibit therein referred to, IT IS ORDERED THAT: 1.
The convening and holding the meeting of the Equity Shareholders of Applicant Company for the purpose of considering and, if thought fit, approving, with or without modification(s), the proposed Scheme of Amalgamation of Sharus Building Services India Private Limited with Sharus Steel Products Private Limited, the Transferee Company, is dispensed with in view of the consent given by both the Equity Shareholders of the Applicant Company, which are annexed
as Exhibits I-1 and I-2 to the Affidavit in support of the Summons for Direction.
2.
It is submitted by the Advocate of the Applicant Company that, the Applicant company has 1 Secured Creditor, a list whereof as on 30th September, 2015 is annexed as "Exhibit- "J" to the Affidavit in Support of the Summons for Directions. The Applicant Company has obtained the consent of sole Secured Creditor. The Advocate for the Applicant placed on record, 1 consent letter which is taken on record and annexed as "Annexure -A" to the Additional Affidavit in Support of the Summons for Direction. Therefore, in light of this, the convening and holding the meeting of the Secured Creditor 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 Sharus Building Services India Private Limited with Sharus Steel Products Private Limited, the Transferee Company, is dispensed with.
3.
It is submitted by the Advocate for the Applicant Company that, the Applicant Company has 10 Unsecured Creditors, a list whereof as on 30th September, 2015, is annexed as "Exhibit - "J1" to the Affidavit In Support of the Summons for Directions. Out of these 10 Unsecured Creditors, the Applicant Company has obtained consent of 8 Unsecured Creditors which aggregates to 80% in numbers and 89.45% in value of the total Unsecured Creditors. The Advocate for the Applicant placed on record, 8 consent letters which are taken on
record and annexed as "Annexure- B to Annexure B-8" to the Additional Affidavit In Support of the Summons for Direction. Therefore, in light of this, the convening and holding the meeting of the Unsecured 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 Sharus Building Services India Private Limited with Sharus Steel Products Private Limited, the Transferee Company, is dispensed with and that the Applicant undertakes to issue individual notice of date of hearing of the Company Scheme Petition by the Registered Post Acknowledgement Due (RPAD) 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.
(B. P. Colabawalla, J) CERTIFICATE I certify that this Order uploaded is a true and correct copy of original singed order Uploaded by : Mr. Shankar Gawde