Gujarat High Court
Rajeev vs Respondent(S) on 11 August, 2008
Author: Ks Jhaveri
Bench: Ks Jhaveri
Gujarat High Court Case Information System
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COMA/44620/2008 4/ 4 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
COMPANY
APPLICATION No. 446 of 2008
=========================================================
RAJEEV
S MARDIA AND RASIK S MARDIA PROMOTERS & EX-DIRECTOR -
Applicant(s)
Versus
.
- Respondent(s)
=========================================================
Appearance
:
MRS
SWATI SOPARKAR for
Applicant(s) : 1,
None for Respondent(s) :
1,
=========================================================
CORAM
:
HONOURABLE
MR.JUSTICE KS JHAVERI
Date
: 11/08/2008
ORAL
ORDER
Upon the application of the abovenamed applicants by summons dated 5.8.2008, upon hearing Shri Saurabh N. Soparkar, Senior Advocate appearing with Smt. Swati Soparkar, Advocate for the applicants and upon reading of the affidavit filed on 5.8.2008 in support of the Judges' summons for directions and other relevant annexures attached in support of the contents of the affidavit filed by the deponent (Exhibit E being a copy of the proposed scheme of arrangement):
IT IS ORDERED:
1. That separate meetings of the Unsecured Creditors, Equity Shareholders and Secured Creditors of Mardia Steel Limited, (the Company in liquidation), be convened and held at Mini Cascade Hall , the Rajpath Club Ltd., S.G. Highway Road, Ahmedabad in the State of Gujarat on Monday, the 29th day of September 2008 respectively at 10.00 a.m., 11.00 a.m and 12.00 noon for the purpose of considering, and if thought fit, approving with or without modifications, the Scheme of Arrangement in the nature of compromise with the creditors of Mardia Steel Limited (the company in liquidation) and Reconstruction of Capital.
2. That at least 21 clear days before the meetings be held as aforesaid, Notice convening the said meetings, indicating the day, the date, the place and the time as aforesaid, together with a copy of the Scheme of Arrangement, copy of the Explanatory Statement required to be sent under section 393 of the Companies Act, 1956 and the prescribed Form of Proxy shall be sent by a prepaid letter posted under Certificate of Posting, addressed to each of the Equity Shareholder, Secured Creditor and Unsecured Creditor of the Company at their last known address.
3. That at least 21 clear days before the meetings to be held as aforesaid, Notice convening the said meetings indicating the day, the date and the place and time as aforesaid be published, stating that copies of the Scheme of Arrangement, the Explanatory Statement required to be furnished pursuant to Section 393 of the companies Act, 1956 and Form of Proxy can be obtained free of charge at the registered office of the applicant company and/or at its Advocate's office i.e. 204, Akanksha, Opposite Vadilal House,Mithakhali, Navrangpura, Ahmedabad 380 009, once each in Indian Express, English daily (Ahmedabad Edittion) and Jansatta, Gujarati daily (Ahmedabad edition).
4. That Mr.Ravi Kapoor, a practising Company Secretary and failing him Mr. Umesh Ved (practising Company Secretary) shall be the Chairman of the aforesaid meetings to be held on 29th September 2008 and in respect of any adjournment or adjournments thereof.
5. That the Chairman appointed for the aforesaid meetings do issue advertisements and send out notices of the said meetings referred to above. It is further directed that the Chairman of the meetings shall have all powers under the Articles of Association of the Applicant Company and under the companies (Court) Rules, 1959 in relation to conduct of meetings including an amendment to the Scheme or resolution, if any, proposed at the meetings by any person(s) and to ascertain the decision of the meetings on a poll.
6. That the quorum for all the three meetings of the Secured Creditors, Equity Shareholders and Unsecured Creditors shall be 5 (Five) members present in person, through proxy or through the authorised representatives.
7. That voting by proxy is permitted provided that the proxy in the prescribed form and duly signed by the person entitled to attend and vote at the aforesaid meetings, or by his authorised representative, is filed with the applicants at their office at Ahmedabad, not later than 48 hours before the said meetings.
8. That the value of the vote of each shareholder and creditor of the Company shall be as per the records/registers of the company and where the entries in the records are disputed, the Chairman of the meetings shall determine the value or number for the purposes of the meetings and his decision in that behalf would be final.
9. That the Chairman do report to this Court, the result of the said meetings within 14 days of the conclusion of the meetings and the said Report shall be verified by his affidavit.
[K.S. JHAVERI, J.] ar Top