Karnataka High Court
Manipal Ecommerce Limited vs Nil on 1 September, 2010
Author: H N Nagamohan Das
Bench: H N Nagamohan Das
i ' IN THE HIGH COURT OF KARNATAKA AT BANGAE[;QRE DATED THIS THE 14*'? DAY OF SEPTE f BEFORE. 4" THE HONBLE MR. JUSTICE H.I§';__N'AE}AM'Q HA'l'*J "
C.A.Nd.?3@fi 2010 % A ' BETWEEN: ' MANIPAL ECOMMERCE L:1\/1-'r1f}§:IL3"' . _ REGD. OFFICE: N402, NOR1"H B1.0CK._, V « D1cKENso1§I<--:20uM3,_,._~;'. ' BANGALORE «$69 04:}; » _ KARNATAKA, V:NDL3;V ' ~ ' ..APPLICAl\Ii{' (By Sn SA}: p',]%QHN', _ADfi/;). "
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.RESPCvNDENT 'I_'hi2.afppi2'[ca£iTon filed under Seaman 39} of the Companies, Act, 1.956 praying that for {he reasons stateé in the accompanying affidavit; may be pleased for an order for cnmvening separate meetings of the shareholders and creditors of the Appiéeaet Company for approving the Scheme of Amalgamation of 'iEVI_a'11i;',>a§ Ecozemerce I.,,:Lz::§ted (Ttamferor C0}'I1p€il':}-'*) with .KL:i'r'Et}If1u'.1=,_§'1fiifi<§». ('Fra:r1sferee Clompaety), to be held at' Registered V' appiicant company or at such other place as 1n_a'y~be:"det'et"rnineé 'try the Court, for purposes of cons';ciefir1g,. ;_.ar...d, {if_:tiiot1ght:V<fit;; approving with or without m0dificati1t}n(s)" {he afor'es2i'ic1"SeE1e}E1ie' of Amaigamation and etc., This appiicatien coming on 0rde1.'s_ tins Court, V made the following : --
D"E'?._':4 _ This application 'is'fi§et1__f':;i;%1cierf_Sec't.i_en 391 of the Companies Act, foe '_eon'verne separate meetings of shareho1€f1ers_.--"'at1fliii. eretiétore'"£>§_«tI;1e flppiicant Company for sanctiehing thefiehexiie Of,'/X'x"Ii1Ei}g£1;lI1Ei[§OD of applicant / transferor company 'with 3.\V/V1".'s.'I{1_'1r1ot'i'.»e.Ltd. / transferee company: The ~ , prGp£3':S€dASCh€II1G"0f,$'{3t}8.1ig31"11atiOI1 is produced at Annextzre F. V 'V _2'.-,'»I"i;e"teA}§p1ica11t is 3 registered company was ineerporeted on "tinder the pro'visé.0r1s of the Companies Act, 1956 in State.«:'of Karnatai-ta. The applicant Company is engaged to "{;.3Vf§f"f'A'(}I1. the business of providing eiectttmie commerce services '2 'I :0 buséaess organizatiozm and ozher reiateé sezwsices etc. amongst others and more fully described in the memerandz11_1fi"'a'13--:1"a.fti.c:leS« ef association of the applicant c:om.pa§1}r§)rodL:cc;'d 'at~--;{X:1ne:{11:'e A.
3. The Regisiierad office of flue;-Aa3gf;1ic'a.fit.."C-oir:p'ae1}y:.;vjé sittzated at N -M 701, North B1oC§§;,"1\{Ianip3'§.- Cer1tre,_ =§?:?'f).ickensen*. V L' Road, Bangalore - 560 r1'1r}e------eVV{1tv11OI'i_sAed s'h3:'e.Acap}ita1 of the appiicant company is Rs. Crores Only) divided into e3.§;,G'fl.7V(VL):V:(},OO{:):' 10/- each (Rupees Ten) flpaidmp equity share capital is Rs.9,A'NgO'8,D00.!j.A'eliv§de@'""i:ito 97,10,800f- equity shares of Rs. (Rupees»'1A"e'n)' eaefh.
t%1e latest auditeci Balance Sheet of the ;;_1pj{>__1i<:A:a11::'"c.<}_:r;§5;111}7 made up to 31.03.2010 furnished at Annexure B. '3. The Board of Directors of the applicant cornjtézint/{;f"*«.st"'its meeting held on 10.05.2010 have approved the of Amalgamation by virtue of witicftj thelapplicarrt .__c0r,e,pl3'r1ly is proposed to be merged with the Complzmyl'lcnowrras. Ltd. 5' transferee company.
6. As per the certificates__atl':Arlfie}eure_G issued by the Chartered Accourjfint thergeiare 15 shareholders 7.08%l7-01°33 the Certificate issued by the Chartered fitccorlntant'stlatirig that there are no secured crediters gper AnneXure~~~}«'4 the Certi.fi.ce.te issued by the Chartered ;4'tcct5r:rrta.1_1t', there are three unsecured creditors. 7,.' learned Counsel for the applicant and perused the entire' "papers. The application discloses all the relevant materials 3 relating {'0 the company and therefore, it; is necessary :0 cigiivene separate meetings of the eqiiity sliarehaiciers and Cr__{5ditC'iIf$---{§.ii'.t:he* M appizécant company in accoréance yyiith v:_H,eii'ce','.Vthe following:
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i) Application ii
ii) Permitted meetings of p.111. ané equity 1111 H on 29.09.2010 at Hotel Banga1ore~O1 under the Cii2ii'1'r13.an3.E.1ip of Sri Harish Pai Kaxjhikar, D':re<:t0:{° applicam. company or in his absence Sri Tense fiiiicihakar P31, Director of the applicant company.
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iii) The Ciiairmari sbal} issue individual notice tag 311 the sliareholciers and tinsecured cred_i_tél'r's' ' applicant compamr znentipniiig _tiié"'13.ii:"ptiseg'.date,"' time and place of thxe rnéeté.ngs~. tin or Wb~eft5fé 06.09.-mo. _ _ __ __ V
iv) The applicant -- co1n_p_é'i:y_ sih_;>JI tahkemit nnitice of the meetings ..'T'me_ Hindu' and in K§3.Tli"iflG1,3 dg;'iAIy?'U'tiayaVé'nif in 'its'VBaI1gaIo:'e editions ' * Q1' a§5i.09.2b"i'0.' "
V) the meetings of the shareholders shaii ¥J:'s.------five and urzsecnned creditors shall be twig M - 4VV:e$_[u:}3CEiVe1y.
vi) . i i " ii. Pfoxées permitted.
vii) The Chairman shaii s11b§§':it his report xx-*i€{"§é;1[t\9v'() weeks frum date of coraclusion of the n"§<%3etinVgs_,L' 5 _.__ '
viii) Clumfening the meeting of the s€fC.E1T ed ?cr,é'di4t0rS'is._V ' dispensed with as thereigare no sé<:a§1--.r_e.d.A§:i'--edimrAs. 5 .' Ordered a<:C(:)rc§i11gEy.