Medgene Pharmaceuticals Pvt Ltd vs Nil on 6 February, 2010

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Karnataka High Court

Medgene Pharmaceuticals Pvt Ltd vs Nil on 6 February, 2010

Bench: Ram Mohan Reddy

 

IN THE HIGH COURT OF KARNATAKA AT BANGALORE
DATED THIS THE 6m DAY OF FEERUAREJ '2fG1TG.. _

BEFORE

THE HON'BLE MR. JUSTTCERAM Mt§ﬁA§»:iE1jpYE-,_V K ° "

COMPANY PETITIoN'~Nox'.'_'1 1'7  _
COMPANY PETITION No;1_1aQI<,f 2.009 "

BETWEEN:   * VVV'j;i}g&COI-5';N'O[AV}. 1742009

MEDGENE PLIARMAC E Li_"1'TC=A1;1s' 1-'>;';<.1C\-/Av1iI.:'A;.11vm*E1:)
STRHJES HOUSE, BIIJECKAE-:-IAL.I.i_ '  
BANNERC:«1Af:f'A_RC:A1_>,  _ _  j
BANGALORi_{~35§50_OTZE5g  _   ...PE']"I'I'IOi\II£R

(SR1. ::sA..'11._':=-;--:'_.J0E1s;T3_ "${fJ_I;EGg:!L, ADV.)
AND: . A    

NIL     . j .._REiSI-'ON£)EN'I'

[BY SRI._I";1:;1«:1>A_i< AYARAM, ADVS FOR 01.
SR1. 'C-.,_c:..:\/115.1-_-11--'<../3. C,G(3 FOR Roc;
, SR1. 1=I3.IA»RAMC)1.>_ CGC FOR ROC]

»   IN C0P.:\I'O. 1 16/2009

' '«S;I*REl).f*3:§.";SPRCIALETIICS P1'<1\;/\'1"1:: LII\/iI'I"ECE)

STRID_13S _ HOUSE. Bl LISKAI-"iALL!
f3Af'v'NFI.RG I"iA"I'I'A ROAD

 I3A%\TGAE;OI?E 560 076 ...I--'E'I'E'I"lOi\EER

 v{.1E_3_x'fj:;srz_I. SAJI.P.J()I EN, ADV. 1-:'c)1~2 SPJ 1,1_~;CA1_,)

Lﬁi

 



 

NIL ...IzI4:s«g>oMi;'I2m'
(BY SR1. G.C.MISI-'ERA. ccgc F-'OR ROG: '
SR1. 133.1-:>RAMo1..). cec ET-'OR ROC)

'E'I---IESE PE'I'E"I'IONS z-\re[a::'JI3:'VI;'1%:1_:>.. U_Nm;«:.1-jé"s.!:(:*ij1(5J'xIs 4

391 TO 394 OF *1':-'11«: C0MI>A.NH~:s .~:'_;(:i:'. 195'£s_1'>I2'A*>,?fi--N(j;f.fr'o
SANCTION 'TI--IE SCI II-CI\/{[73 or AM.AI;GAM.A'FIOAN f3I'£'T'\?VEE'I\I

MISDG EN E PI-"IAR£\/I/\CI£U'I'ITCALS PV'I'. .L'I'D._ ANT}-...S'i:'RI[)1ES'

SPP2CIAI.'I'EI-:38 rI>\/'1'. 1.1m.' ANI) "1---'1:11«';m.'.= I';I::sI>19:c'1*1\/'1+:
SI~IAR.E-31'IOI.II)I£RS AND cRI«:i_;>1f1'(3..I_j<s. A«N;\}1-ax-A IN ':'1---115
PE3TI'l"IC)N. so AS ':[email protected]'31_:: B":;'\'u:>s..NG  T1---1r«:"'1"RANs14'12RoR
COMPANY. ':'1---{[2 'E'I?1A:F&SI4"I£I2;E3I43 '*---::oM:?ANY AND THEIR
RESPEC'I'I\/Ii s E--I.ARI'iE- 10 L11; {CR5 M1)" mg g 

TE--I E38133. .1?§:«:<1f1';'1s;;jN,é' go  ON} '1«*or~: 0121.) E R8, TH IS
DAY. TH 12 C'OU}:\"1'_?»'£/X-D r«:;n Ir; If()I;I,(ﬁ/VINO:

 Both{.}f1§?-S36'V})c%E.«i1ai'rT>.:'js: are for sa11(%ti0n 01' the $211116
s(them«e» oI7 2'11'na}§;amii't:jO1'a Arme:x;1.1rc~«"A". Hence. the

pc'é;i'1'i<3J.x1s a1"t~~.._("V11T1}:)bu::(i 1<>g__gc:t.}1ci*1'. finafiy hc*eu*d and are

,' 'iljsposéfd.r)i7..I;)y this ('r()1'nn10r1 ("n'(1(*:'.

2 .. " j_fT}1e pet 1't:ior1(>:' in Company Pet iiiion

 N0.1"I.,t§A*/2009 is 2:1. C(._)mpa:'1y mcr')rpc_>rateci L1n(ie1' the

"  'C,o_1fr1pe1.r1ies A01. (for ::+f.h<')rt 'A("t'} .';~'md I'1e1'£:Er1z21fi<.?r referred

_.fi(> as the "TI'E1I1$f€'1'L'(.' C()mpany"' ha1.ViI1g its :'egisjste1*ed

a4.._..}





 

()f1"i(_t@ in the St.a1_.<': of K211'1'1e1Ie':1ka_ 2-mt! at the 2.1(1c-fifess as

shown in the (ta1_1.1sc>~1.it]cr. 'I'hc main (>t3_j.cf'

 -- f(2.fV" " lb 6

 

'I'1'211'1sIL*r€e Company is 1.0 ("tarry on 1)t1si1'1'e.$s .Q'f..(i'(;i'1t.1'a(rt 
I'€SE'..':1i'(.'.h and manuI'actu1"e f('>"f' "c':h_<--31-I1i(:e1l$ ; «.'syi'1t',11€?fi_(: '
chrsnlicals, etc... arnm1gsi  ()1',h€f,(5E)j(:?(?fS "0ii1t_';ir'1'ui:he

n1em0r211'1d um an cl A1~1'_3(:ios "ol'}'~\ss(')('ri&1 i_Un A1'11':1§".xL.1 re» "I3".

3. The a1L1t{I1()1'is:-'(iE,.Ais.3:fv§'§(i. 'S'::1"1:».sb:1'ib£%d and paid-up
share (éapita1A(;:f t,11cA'"i'1'z1.1j§;1'é1*<;fct_ C<>n:z:p21r1_y as on 3lA12«
2008. 21rc...§';1<()1*5§v_ _;3a1'rt_ir:A1.EI.211'l3f S;-;-1. out in Paragraph 5 of

the p¢:tVi't_iQ'i':., _ " ; 

 THC"  made upto 31.-12~2008
A11I:I1'9.X1'A.l1'€h":;V'CE' Vt_)i'."'1.l"1A§' 'ﬁ:a1.11sI'c*1'cr<~ Company duly certified

   its assets and lia1bi%i1_ic'-rs. The
   of the 'I'1'a1'1sfc1'e(-+ Company. in the
nA1£:=«a:'t:in_g__{'fiéiff on 2OAO4~2OO9 approved zzmci ad0pt.eci the
 scjif_1Léz"Ii'C::()1" ar1121lgan1atio1T1 A1'm<:xu1'e-"A" wl'1e1*ein M/
A'  F'harma(;:e1,.:ti(.:z:1ls P1'iva1.e I,imit.ed [for short

 -~--'Tr2,11'1sfe:I"()a* Compe.111_v'), in(:(')1'p('>raI:<~'rd u1'1d(rr {ho Act and

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11a\!i11_:g its 1'(.rg_{is1.c?1'(='('I (')f'fi(*(-:* in the siaie of K2-1r1V1.s1.121k21 at

the adchess me.n1ioncd in the (_ta1..1se~I.itle. 1$.p1:¢5pr;'-; etc! to

be Illergetd w1'1h Iihc T1'*ar'1sfe1'eC (",(')1Dp21I1y. 

5. The '1"rans£'crec c'(a11'1p:51*-E1)/:ﬁ}:3r:i C»=A;~N\(;§6E. 8..,/£21009

for 21 dimct'i.01'1 to c_1is;')e.j?[z'1'es.§~ \»vi{%:1 the  1'11ci¢vi"iz.1g.§ of i'i:.s;

shareholders and c1*editors__fE)'1?_a;;":p1'()\rir1<g.1}l1g9$(?hen1e of

am2,1Iga.m2m'c)11 \,v]'1i(':'h7 .xms fa:l](j"vi?§?:ﬁl..M  by order dated

"7--8»2009 of mm Cc)1L;:"1'*t':'." % C;

6. €Pet.{£1'onei* 2'1jjV{j.e1ﬁ':p'e1myV'Petition No.11?/2009.
the :vVV'1'r'a1"11sv1'7?;'-V1701"Hi,(,o1'ﬁ~pa.11'1y.-- c=.ar1*ies on business in

1:)1*c>1"1"1(')'ii.:'.ngf.M ';.:.s«9i--iSi:-i1V1;§.___ '":3'i" ez1ge1gi11g' any kind of

de\{<?l.0p1nci'1E'.,A w(1)1'kv' roc:;1:1'1'eci in the field of Biow

 ¢E':e§('r})1'13($i'c)g_§j/~,.A_ to c1c='\='el(')p. phe"1r'1ne_1. pmcitlcls 2-un(')ngsI.

  ?§tiv1--v"()111: in the memo1'.21ndum and A.r1,i(:Ie:s of

AS'5s()Ci.,;i1fi(31'i A1 1 1'1 e><1.u*e~"B".

_  7. The auth01'is<:<:i._ iSS1.l€:'d, subs('.:ribed and paid.--up

:~j:ha_rc~ capital of the 'I'ra1'1sfe1*()1' (:(m1pa1'1_V is more

54?



 

pa1't:i(%t.1la1*1y Sci 0111 in P£1l'2.I§jl'€Epl"} 5 of tho ;)(*t'i11'_r-nj1. The

Bala1'1_c:e--sheet' made uplo 3l--I2v200€-3 

duly a21udiled. dis(*1()ses its E1SS(':'.ES and h7<é1_bi}ii-i_éS.'0 2"Ij'hé

Board of I')i1*ec.101's of i}'1é=.* 'I"r,:1ii'Sit+:7()1*l.«cQn1p'a1';y.V"in the 7.

n1eet.iI1gg heid on 2004-2009 z:10p131'*'oyed e£rj:;;1"ad0}"Jtéti.iihe

scheme of z=1m.21lgam21.t.i(')1'igAnncx1.11'£j¥*'Af".= \$T*he1'eii1 the

Transferor c'()r11pa11yniV_s p1r'(')'}3()'s<--{(21'£0,136 111ei'gAed with the

Tremsfcrec' compa1'1y. 

8. '1'he. T f}}_13,.st'c1ft1}' 1'r§)n1_pa§r1_\: made an application in

200915;;:y\r}'1c:.fi(:.§¥' ﬂt.'r:i.s".rC()urt'. by order dated

7--8wQ.00--9  tilde holding of the 111ect.ings of

its sl2z11"é-hcil CI('1*s. z;1i:_Cf <.:rEc1iI'.()

  0000 MN()s.3vI*:'»(2i) and SVBHES) of the

 [email protected]';;j<i!f1'i'n" and Arltictics of ass()<_:ia.t'i()1'1 of 'the

"l'i*21I1:;.fei'<:tc:"' and 'iI'ra11sfer0r (%0r11pe1nies. respec1.ively.

.'A.p1f()vid:=.s for E1n'1a1g§an1at.i()n. 'I"}'1e~.sc petitions when

'._z{Ciniitl'eci :;m(i noiicres (')rcie1'ed on the': Regional Di1'€?(.'1'()I'

"for CIc')mp211':y Afi'ai1's. (13119-1"1r[1z1i as wcfl as the Officriaf

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(:omp1y' with the Ac(.'<m1'1I.ing S1a11d2.u'd Nc..).}4=--,_()1' the

C0mpeu'1ic£-1 [A(r("()m:1ti11g S£_211:da1*(:E:~7.) Rtaie-'s';« '2«G'{)6-. in

relation to a(:c~.m.:m_i11g post an12.1Igan"2;f1,iQr1_ '0i*.fhé..,,

Tran sfe I"()I' (éomp.e11'1y.

12. 'I'h:'> 1112:-1i.c1'iaE <<:')1'1.._1'(>('0r.d I_I'1*2.11 tile'

Board of I')1'r'C(tt()1"s pf I110 é§'2»i1})E1}1i(7é.  Vg,>:§pi11€d that
the rnerger oi' thﬁ    13e1T1eficial and
profitable {4() 0p.e1'211-<3'  instead of two
dif1"e1"e11t _1,'../.i_1'1  of the f21("'1. thezt the
TI"'c1I]vV$'fCV1v'(:) l'*~£;bl€'i:R_£1I}  owned subsidiary of the

In 'view of Elm e1(ivan1a1ges. it is

'l.'1'21r1 si"(% 1."0'e.= . (T€')'1'T:i"§I)a,g¥l'l}': V' 

said I'.}[12T1"i..._4tMl'i.f.,.' ;sLt!'1C*'I11"(~..._c:j'f' amai.g:a.1m2;11.i01'1 Am1exure~"'A" is

be;I51cifitA"is1l 1'1(.)f."01'1l},»i,i(J tho Sh&1]'Ch()Id('I'S but afso to the

' _C'I":td1 £:(")'1':-*3 :(3Vi' t'l'1e com pany.

.13.-.'Fhc=: mat.erie'.1l on 1'ect01'd f'1.1rt.her dir-:.c,:I0ses that

.' ..b{)1.h the ctompanies have (rompl1'ed with the provisions

'~_oI°'Se('tI'4i<)11 391 of t'}'1<==-' ('§ornp2mi(:s Act and the orders

"'}:)z1ssc?rJ by this Court in 1119. 1't,'.S})('(.?Ii\='C 211.:apii<"ations. The

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shz11'el1<)}c.ic=21"s and <"1'cc'fim1"s of the C<'>1n1:)e.:11'1ies 1'12=we

e1pp1"(>\«'ed the s;c'.*l1c.n'1(==:: of 2-1r11z1lg2:a1'n2:11ion A1':.nV(5X1;zj1"C:"A"

and tl1eref(.)1"e. I am of the ('mlsidered'ly'iew[._i:f'121i* 

cfompanies llave 1112;-adtr out 2:1"(?g1;«:1;'e. for s.~;a1.11'(":1.1'<.mV"Of the T.

S(21'1(3l11("?. of e.11'1'121lg21m 21:" ion.

14. lT)(:spitc p11blicat_i__d1;1v_(3%: Ills-r"11<;:.g_11"i1j{;_{ of these

pe1.it1'0ns, none of 1:1'1'<=? .:%;i1.A21'1.'cl'i'<')§(ié%'2'§;.x »(3r:<9_ciit(j)1'..<';. employees
or any othervpe1'sQriS" --!i;;1\ré._é1;_)13r,"e1:j¢Ei before Couri to

oppose'. th.c"~s'(:F£;é_1:1cr'v  am al:>j'21m;»1't icm .

 1.

5H."T}.':'Vi'f:f (>bj'c§(:!._i'(")r.1 s 1'_ai«Hccl by H16.' Regiollzil Direcrtm that: i4'k141~2'1L£$re1'}/3.1)" 10 of the ._<;(tl1cmc are 110$ C()1j.1pIiz11'1I' '' wi1I1V 1'h<'4' (','.(.)1n1')2L11ics (A('<.'()111"1t:i1'1g SI'.a1'1c!ards} morc* appmpriallcly A(.'("r<)1{.11'1I.i1'1g Sialluielrd A 3.54». "I]}v1€-?>_T 1' Vraf1fa.=.=--fe.1~<=*<* ctompejuly has filed an z:»1fficlaviI_ dated. 2'F«:O£,.:_>20.}.:'O u11(ic1'i'e1ki11;;' to comply with the said .' ..sVf:La11'1ci'21:r(is. 'l'he A11di1'.or's report ciisc]c)ses 1:l'}a1' the affairs '~_(5}' ~1'l'1(.~. TI"£:l1"l."a'f('.£'()l' c'()n1pa1Ta},~' are not ("()1'1(.i1.z(_'1"e(.i in 3,1 9 manner prc{j:.1cii('ia.1] in the i1'11e1'c?sI of the sha1'c>l1_rI3lcicrs or creditzors.

16. The 1'c=r1"111s of HIE' s(':}1c111:>'--~o':7- ..'c:§U11éjiigéi-FI1c1f{i()I1 il'1di(?aI.('i' that that wiI':1'1 c1'fc(.:.==1-_v f'1?:a.rr}? tA'rT1§§ -s*£1'id°V§ia1.Er:;;_'211l . debts. liabilimrs, d11e.s:; e"1n:ci'«.Qbligé'1{.i(§1'1s of I':'h§c-'V.T.[7;j2msfer--z:n*' Company and any acc1'e1i()fies_(3«2:_V z.1ddiI'--i«(>1j1_s Q51' deletions tliercto. after H163' ::.p1'3()ii1te?§i ; dE1--iC,A s;ha1l. without. any f1.1rther act or.i1'1st,1jzI'rr1eii'[, 0'1',§:F_(:ctd.. .§.5ifE1'l'1d t1'aI1sfe1'red or deemed _t_,o in the Tmnsferee C0f'1VV.D..'<_i_.11v:'gz "'.ssf(:)' fmrn that date, the and (_)b1iL2;'at:i0ns of the '1"r2.11Tas1'«bui ('i()ii1;$}}* .V .' ~_Up011 1.110 s(_?1'1e111c being sa1"1('.I;i0m=éd and V bec.:(')m ii.1g f§112':.*lly effe(_'.t,ivc, the 'l"1'211"1s1'e.1"ee ctonipany shall ca=I1Ce)._}'a!l«~"'ii.s sha1"es held in the 'I'reu1sfemr Company. a .' .A subsi"d1.a1"y (::<')mpa1"1y and as such. no f1'e$}'1 shares are to _ be ~i'SS1.1ecf.

18. All {"119 cn11:)l()yecs of the 'l'r.2111sfe1'o1' ('*.on1_pany in service on 11118 eff}-:(*1.ivo date shall b{3(:c)1ne tI1<:~«§3'1":1';3l§jy§3es of the T1'a11sfe1'ee C(')m}').21r1y on .<;uch de1t..§>'"\.vi1.}j'(3-ﬁt':

bI'€E11{ or i1'11(=:r1'up1ion in s:.c-é1*\'ic:t?"'2u1d Q11 _t;h"c':-Uip.:>19mfs; éirydb conditions-3 not l(%5.-3&3 1'2-1v()1.:r21b1'é.V 1.;h~.'c'1A.lT t.ii'(..1sc-?~ .5«L1'b:§i:st:vi'r1g with the 'I'1'z;msf"e1'()1' C()1"I']})kl~!fv]';\;"'...'AS 21lre>.ac1.y _"1j1c)f'i(t<§d suprah no employee of t.}1cf.~T1'1'e111si'é'1*r:f"r't(5'm1)a11y"i"1.e[S appeared before Court. to oppose ihe L..s;(§l":'e1I_1.éa'm21lgan1at.ion.

19.._ :'W};121\/at unanimously z1pp1'(Vv)_\_/gjclvp 2'1n1at ion Am1<éxm'e -- ii is Ed sit. in zeippcal ()'v'€l' the value jL1dgn1L«'m;4_'_4arclmlcicrs who are supposed men c)£"'~-x.1;rV(v:;_;f_l_Ac¢1 and reas(')11ablc people who know t.hei1' ._ba3r';r:f'it__ and i1p11.e1'est'. un<:E_c:r1yi1'1g the pmposed 'sch(:n1e. -~ 20.11] the céircumsi'.2:1.n(:Cs. petit.i(p)1'1t=21's have n1adt=r " "<)*u.t_ 2: Case for S&1I'}(".'fi(}1"1 of thc S(I'h(:?ﬁ]C of 2'u11211ge1.1nati()11 'A11I1ex1.11'e~"A". Hen("(?. the I'0llowiI'1_sg order':

33% {7} P<>iiti011c1'$ are c"!i1"c('.I'.cc:i to ;.>21_v .r_='>Qs1 of Rs:3.5.OO0/-- to be rcmi£t.cci to the of 111:) Reg_3",i(_)112-11 i..)i1'c(.7t0r.

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