Karnataka High Court
Bill Forge Private Limited vs Nil on 21 October, 2009
Author: Ram Mohan Reddy
Bench: Ram Mohan Reddy
A 1 _
IN THE HIGH COURT OF RARNATARA AT EANGALORE
DATED THIS THE 21" DAY OF OCTOBER, 2009
BEFORE
THE HON'ELE MR.JUSTICE RAM MOHAN»REDOE"".:
C.A.NO.667 OF 2009
BETWEEN:
EILL FORGE PRIVATE LIMITED, x_ _
A COMPANY INCORPORATED ONDER TH; I_q
COMPANIES ACT, 1956, HAVING ITSi V,
REGISTERED OFFICE AT 9C, "',- K_E:
EOMMASANDRA INDUSTRIAL AREA,"_ '"
OFF HOSUR ROAD, _'*, ;""*»j .N. . ,»
BANGALORE -- 560 oa9'3,j *_ {-5 " 'L; APPLICANT
(BY SRI v.G.E,ASSOcIAIEE,'ADvS;)-'
AND:3
NIL O,O , 'zV*[';OgO"5 I RESPONDENT
V_ _ TRIS APPLICATION IS FILED UNDER SECTIONS 391
"-,OF~ TEE. COMPANIES' ACT, 1955 PRAIING TO PASS AN
_I ORDER; THAT MEEING TO EE HELD AT THE REGISTERED
' 'OFFICE; ~OF, ;TEE APPLICANT COMPANY OF EOPITY
~SRAREHOEDERS AND UNSECORED CREDITORS OE THE AROVE
COMPANY, ,FOR THE PURPOSE CONSIDERING AND IF
THOUGHT' 'FIT, APPROVING, WITH OR NITHOUI
., MODIFIATTON, A SCHEME OF AMALGANATTON PROPOSED TO
,NnBE MADE EETNEEN THE COMPANY AND ITS MEMBERS AND
.f,CRREDITORS OF IRE SAID COMPANY AND DISPENSE NITH
2 THE MEETING OF SONDRI AND UNSECORED CREDITORS AND
ETC'!
THIS APPLICATION COMING ON FOR ORDERS ?HIS
DAY, THE COURT MADE THE FOLLOWENG:
LAR
-2...
O R 9 E R
The applicant, a company incorporated
under the Companies Act, 1956 {for 'sng§tX
'Act') having its registered' office .5: sthei
address shown in the "qcafisé_t::1¢ '~seehs
directions to convene Vthe "meetingKioi*"thew'
equity shareholders, _secured creditors and
unsecured creditors* while fdispensing with
convening the meeting c§*sundry and unwsecured
creditors" aforj 'épproving H»the scheme of
arrangement.V
2. *Ihe, applicant a company incorporated
under 'the Act" has ____ authorised. share capital,
',particuIars,of which are set out in paragraph
d2 of the affidavit of K.Ravindra the director
ofu the Vappiicant (transferee company). The
V*:ohjects of the Transferee Company are set out
'in the memorandum and articles of association
{Annexures--Al and A2) as extracted at
paragraph 3 of the affidavit. Ehe applicant
M
- 4 u
Madras. The applicant has disclosed all
materials oarticulars relating to the Cospany
in the balance sheet made up to 31.3F2GQ8 duly
. %_
audited by its auditors. jh§rnvg§r_ ofaiu
unsecuredc creditors asiz on r;3i§8;2UQ9EMYis
enclosed with a memo dated 2iu10,2GQ§ ana":£=_
is pointed out that ithe_ outgoing etowards
unsecured creditors is approfiimatelfi"Rs.18.00
crores and in that .view: of "the" matter the
contentionf ofV the §iearned"~counsel for the
applicant ytoW dispense «with holding of the
meeting' of" xthe A unsecured creditors is
unacceptable.-_ There is a: necessity 'to cail
fioftaaflfieting of the unsecured creditors of
'.the Agpiicant Company in accordance with law.
'Hence, the following
:ORDER:
rdfi}_ The appiicant-- company is permitted to hold the meeting on 15.12.2009 at 11.60 AM of the Equity Shareholders; 12.08 noon of the Secured Creditors and 2.00 Lti .. 5 ..
(iv) The quorum for the meeting of unseeered creditors shall be 25% of the gfiflo unsecured. creditors, while tie §@otfimt_ for the meeting of equityiefieteool@eretV shall be seven('?) creditors shall beatwof2);_:
(V) Vote by pregy i$ Qeim;tted;
(vi) The_»Qhairman 'ehallx file his report witBifi*"fiifteefl.V@ays "frame the date of * """ "the3meetinQ.\ C}A;No;667fO§"§é"ordered accordingly.
*mr/ %