Rajasthan High Court - Jodhpur
Kanchan Spinners Pvt.Ltd vs None on 27 January, 2009
Author: Prakash Tatia
Bench: Prakash Tatia
S.B.Company Application No.19/08
Kanchan Spinners Pvt. Ltd. vs. None
1
S.B.Company Application No.19/08
Kanchan Spinners Pvt. Ltd. vs. None
( Transferor Company No.3)
Date of Order: 27.1.2009.
HON'BLE MR. PRAKASH TATIA, J.
Mr. Sanjeev Johari for the applicant.
...
This application under Section 391 of the Companies Act, 1956 has been submitted by the applicant-Kanchan Spinners Pvt. Limited (Transferor Company no.3 ) with the affidavit for giving approval for scheme of amalgamation by the share holders in view of the resolution of the Company carried in its meeting dated 1.11.2008, upon which this Court on 16.12.2008 issued directions for convening meeting of the secured/unsecured creditors of the applicant-Company to be held on 17.1.2009 at 1.30 p.m. at its registered office at 19-20, Bhilwara Textile Market, Pur Road, Bhilwara to approve the scheme of amalgamation appended as Exhibit-A to the affidavit. To see that proper meeting be convened, necessary directions were also given for the publication of the advertisement in daily news-papers-Rajasthan Patrika, Bhilwara edition and the Hindu, New Delhi edition. Shri Himanshu Maheshwari, Advocate and failing him, Shri Parikshit Nayak, Advocate were appointed as Chairman of the meeting to be held on the appended date. In pursuance of this Court's order dated S.B.Company Application No.19/08 Kanchan Spinners Pvt. Ltd. vs. None 2 16.12.2008, the said meeting was convened after due publication of the notices in the news papers and the learned Chairman Shri Himanshu Maheshwari, Advocate submitted affidavit and informed that the notices were published in the above two news-papers Rajasthan Patrika, Bhilwara edition and the Hindu, New Delhi edition but inadvertently the date for the meeting was mentioned as 16.1.2009 instead of 17.1.2009. Therefore, corrigendum was issued immediately and were also published in both the above two news-papers on 31.12.2008 informing the secured/un-secured creditors about the date of meeting being 17.1.2009 instead of 16.1.2009. The corrigendum was also sent to all the secured/un- secured creditors by UPC on 31.12.2008 itself for the date of meeting 17.1.2009 instead of 16.1.2009.
The learned Chairman also submitted his report and informed that the said meeting was attended by proxy vote of one having un-secured debt of Rs.87,662/-. The value of above debt Rs.87,662/- is 100% of the total amount of debt, i.e. Rs.87,662/- and said un-secured creditor voted in favour of the resolution. It is also submitted that one bank secured creditor was not present but it gave its no objection for amalgamation of Kanchan Processors Private Limited, Kanchan Woolens Private Limited, Kanchan Spinners Private Limited and Yjamac Suitings Private Limited with Kanchan India Limited. In view of the above, in favour of the resolution, there were 100% votes.
S.B.Company Application No.19/08 Kanchan Spinners Pvt. Ltd. vs. None 3 I have gone through the Chairman's report dated 17.1.2009 with regard to the meeting of the secured/un-secured creditors. The report is submitted by affidavit of the Chairman. Considering that report and in view of the fact that no objection of any sort has been received from any side, as such the report submitted by the Chairman referred above is accepted.
After above order, nothing survives in this application. According this Company application is disposed of.
(PAKASH TATIA),J.
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