Company Application No. 57 of 2008 · Bombay High Court · 2008
Case at a glance
Provisions considered
- Companies Act, 2013 ss. 17, 21, 391, 394
Judgment
Ms.Heena Shah for the Regional Director in both the Petitions. CORAM: S.C DHARMADHIKARI.J DATE: 6th June 2008 PC:
Heard learned counsel for parties.
The sanction of the Court is sought under Section 391 to 394 of the Companies Act, 1956 to a Scheme of Arrangement between Prebon Yamane (India) Limited (Demerged Company) and Tisya Financial Consultants Private Limited (Resulting Company) and their respective shareholders whereby “Stock Broking Division” of Demerged Company shall be transferred to the Resulting Company as more particularly set out in the Scheme.
Counsel appearing on behalf of the Petitioners have stated that they have complied with all the requirements as per directions of this Hon’ble Court and they have filed necessary affidavits of compliance in the Court.
The Regional Director has filed affidavit stating therein that the Scheme is not prejudicial to the interest of Creditors and shareholders. The Petitioners undertake to comply with s.17 and s.21 of the Companies Act, 1956 with regard to filing of necessary and relevant forms. Undertaking Accepted.
Upon perusal of the entire material on record, the Scheme appears to be fair and reasonable and is not violative of any provisions of law and is not contrary to any public policy. None of the parties concerned have come forward to oppose the Scheme.
There is no objection to the Scheme and since all the requisite statutory compliances have been fulfilled, Company Petition Nos.256 & 257 of 2008 are made absolute in terms of prayer clause (a).
The Resulting Company to lodge copy of this order and the Scheme with the concerned Superintendent of Stamps for the purpose adjudication of stamp duty, payable, if any, on the same within 30 days of obtaining the authenticated and/or certified copy of this Order.
The Petitioners in both the Company Petitions to pay cost of Rs. 5000/- each to the ‘Pay and Accounts Officer’, Ministry of Corporate Affairs. Costs to be paid within 4 weeks from today. Petitioner to comply with all the statutory compliances, applicable, if any.
Filing and issuance of the drawn up order is dispensed with. All concerned authorities to act on a copy of this order duly authenticated by Company Registrar, High Court, Bombay. (S.C Dharmadhikari J)
Questions this judgment answers
Which statutory provisions did this judgment involve?
Companies Act, 2013 — ss. 17, 21, 391, 394.
Which court decided this case, and when?
Bombay High Court, on 06 Jun 2008.
Precedent status how later indexed judgments have treated this case
No known negative treatment found in the Courts & Cases corpus.
This is a result about the indexed corpus, not a finding that the judgment remains good law. Coverage may be incomplete.