Sogefi Mnr Filtration India Private ... vs Nil on 22 September, 2011

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Karnataka High Court

Sogefi Mnr Filtration India Private ... vs Nil on 22 September, 2011

Bench: Aravind Kumar

 THE) HIGH COURT OF' KARNATAKA AT _Ef;';i?=;1'§:'.f€,T}I¢$+jfI;*§"}_f'<E

DATE!) THIS THE 221% DAY OF' sEr§.E.A_}ﬁ3E$é;: 20 II; A. V' 

BEFOEIE f; 

THE I~I0N'I--3LI:: MR. JUSTECE .A§z;AvII';I*} 

COE\/IPAIN*%:4;_.'PE'1'--i'1'I§3N "E3l_C);;ji;73_8/20 10

COMPANY PE'I'I'I'I"0§4_I{'__,I\Ic>. I3A:7f_2b Id;

IN COMPANY P3'<'.;_'VA,{'"'i'7I'E(Zf)Zi.'\A?VV'  I13f7f'2.0 
BETWEEN   =   I 

soc; EFI MNR FIE'[FRA'i"IOE\I.'INI3IAP\I7'1'.LTI).,
A (:0IvII:IAIw. I':wsIcOiRI>OI?sA*§EIJ"UNI:>EI2 THE
COMPANIES ACT,' IV95:3"IANI)"I~IAvI;;'~IG ITS
REGISTERED 'OFFICESVA'1':_E\IO'.--~54,f3/B,
EJIPURA MAIN ROAD, VIVEKNEIGARI
BANGALOREBGG CA7.' ..  . 
REPRESENEFEII BYI"1'S--.CVHI1j"£F
FEE\§A1\ECL!XE; OEWECELR SR1 RAJGQPAIII ..,PE'I'ITI@I\IE:R

gm' SR1 AIIIA FOR SRWAARU LAW FIRIVL

 $3VS"}.  

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 ' .MEz£;%§@§*~I§";a':%»3-"E

§'§"§'_4S§i§':;E'§"HS KIS.E\/§z%,H,s%BEVAN AN?) 'v'.&'ﬁ§%"ARf§M, AEEVS.

V  __'i'§RIﬁl'%EBAJI RA9 AIAJRE, sac mg RQC}



THIS COMPANY PI?:I'mON IS FILED UI\II>E:P SECTIONS
391 TO 394 OP '"I'f~IE COMPANIES ACT, I956, PPAPINO TO
SAN CTION 'I'H'Ei SCHEME OF AI.vEAI,GAMA'i"ION [email protected] BE
BINIBING ON ALL THE EZQUITY sIIAREIIOI,I>gE~2,~3.fsIiCURP:I:>
CREDITORS AND UNSECURED CREI)ITORS»__OF'"TI~I]:f-i...SA,II}

COMPANY AND ON THE SAID COMPANY.  

IN COMPANY PIETFITION I\§O.138/_2QI_t_i}
BETWEEN I  *

EIVIW ENVIRONMENTAL 
PRIVATE LIMITED, A COIVI}:'g»'sl§5':5..
INCORPORATED UNDER  

COMPANIES ACT, 1956 AND II:IAx:*IMI, ITS -

REGISTERED OFFICE 'AT NO. I, s*2ri.:\§O~I§s7,

KASAVANAHALLI MAIN"f€OA'E)_,V  

P.O.CARIvIEIIRAI\/I,  H
BANGALOI{E~5EiO Q35;  _  ~ 
RIEPRESENTEIT) BY' ITS: I3§I<ECf_I"OR,' '' 

sRI.ROI¥m}   

...PE'I'ITIONER

(BY sPI.v,S'AIP;AI<IAI3AfI*I?I; AIJV. FOR SRIVAARU LAW FIRM,

 --.  .,

T _  _  {A .,..RES?ON{}E=I'%I'T{
£3?" ;§;IzI'§*I'IfII$i~C:I%:I$IIIIIAIIAOEIAAN AAII3 '%'=&AYAI{AI'»"§§ A'I1PP:3.

»s3IaI.IAIIIzIIjeAAIII RAG IIIAIIIIEI COC FGR AOCI
'§"'§§II:§ C§IAIIPAIsI'I:" PE';'E'I'Z'§{}P;" IS E'§.L€I} :IIIIi3EI2 SE.€fj'I'I®I\ES

I.  .:E3ééEI_fE'{}V"394 OP 'I'H_E'; CG1'vE?AI\I'IES AC3: I§E§6? %>§{PIYEI\I§ "£0
 "'--E»}2%£"§I{fA7I'I%I\E '§§'§~IE SCE-IEI'I/'IE OP AIPIALOAAAATIOIII SO AS -"PO BE
 IiIII\I'I:'>'INO ON ALI, THE EQUITY SHAREHOLDERSI SECURED



A4,,

menticmed in the €_',£i1,iS€ title of the res_pe<:t.ive: Bath
the tzomparzies aye inctorporated in t".h:«": St,21te«'.'%3i" §{21_f1'1éiVéai%{aM"%}'y

the Regiﬂraz' of Companies and t;he..QE:je.§:t Vﬁ§'i"€§}7;e '§'f;a:.r1S.f'ef:;r

and "I'rar1sf<:-res companies  '?én't1m€_r.atAé::I{"*~_iVi*:7ith<3" 

Memozrandum of articles 91" .fiSSOvC:?E"l'E'iOI1  to ':the
respective partitions. The  of '.af%1e;ige;r;;at.ion is at
Annexure-F in both i1":'t:..v_pe'é,i*.VVi{§'11".s§:.'1'  aut'§i€)riVied and paid
up share Capit:a1 of botah '$,1ie  aisé-:0 reflected in

the Compaznyv I~'€'_1}i'i:3'__o1'1s.:' " V'

8. " '"i"--he  V'0f""d*ireci0:'s of the Transferar and
Transferee '(:QH1par:ieS._Vha..v7e resoived at their meetings held on

 8.6.2Q{j9"~by épp'rp_§--f_i'n.g the scheme of ElZ}1€:11g8;II1Elt.§0E} and

 rAe€;Qli1fi_<§::{.p;issed at the said Board of D.i.re3e::'£.0r.s meeting has

'::se:,f~€::';_ §p5E'"€3§§«€_1 {'fG{iv.""iﬁ.?hi}€ seeking pe:*m§s:3§o§'; {sf {his atetzri; for

{ii$p%;:":.$a§§.«r>:ij'..--§€ c{}z1arE::1§ng,{ Of m€€t:ing in CA N:>=S.56 [2318 aﬁd

  <§"E,§2@§*€}.":. Thﬁf '.i"'§*e2'::$f:::°{}7:° and "F r'21;":s§i%:=:r€{2 ("fi{}H§§3§':E}T'§§€S §'ILE3.{§ féieé

VT?§;'§2s.56 am? 5'? 0'? EQEG Sﬁéfkifig far <i§:?&;pe:2$§ng with tbs:

 .,. *c0;%2v@::::ing of meetiixlg of Share hoiderg, secureﬁ creditors and

§



-5"

unsecured Creditors and on examinaiion of such prayer, this
ceuxft, by order dated 14.2010 had di$pens¢d_:"-x§?'i1;_h the
convening of the meeting tn the extent of eqxzﬁfy 

and securfsd creditors. As ordzaredmby iI'1iE+5"('fif)'L1.:'£'f"L} .meefi:1g"~..

of the uraesecured crediters Was'---_h€]'<':1A.  'A

report has been ifiied by   Sf 
unsecured ctreditors vqted  :;h._f: }£3..:9c£;'>T{§t:t{;1i§s<:thc*n1€ and
as such, proposed  Came to be
approved by  report is
placed   A perusal of

the $aid '3"cpo1v"t'1.,:*g€}§iV1d»Vgr§ "ii0*"sh0w that before convening the

meeting i:1cii{%i«.:i ua1v"n<5i:iCés VVE31'€ «:iespate::h€d by the chairman

'¢-._7f'th€ .H'§.é'€>.?;i:3:g and Han advert.iseme:{1i was aisse Carried out on

vt:i1e§~*z1€xx*-spapers. As ordered by this ecurtg these

'€:'w0"-€€;:§:1p;1ﬁj; P@?:.:i.%<>n-3 were fﬁaé e*;n<:1{>s5§:f:g§ the athzuirzrsaizks

 ;?e;3{}1't.. "E-'ifziss <r0'mri:' by {}E"€§ffE" dgﬁed §,'?,2GE_Q <):"c¥€:r£:{i nQt;?{:<:: GT3;

%'>'E'%.éE":?':§€.}'§:g§4§ E}:;:"6<E3f',e:::° gmﬁ €}ff§{ié§;.aE E,/iquE€Za§<}r. §@%:§€:§G§:é=:::<~;;

.N"

 xra-Ere 3}:-30 ;}<'~::°:ni'st@d Us €:a:'r}; Gui: pubiic E"j€}?iCE in Engiish

daﬁy, Hiﬂﬁti and K_an:1ada daily Véjaya iiarnaiaka, Bangaiore



#gM

Ed1'ii_<)3:1 by fixing the d.att": of hearing as 17.8.2{§'i5L:;--.T:f)fIicia}

Liqttidator has filed OLR 'N0.296/2-011 

"reported that affairs of the "J'Q1*21i'1s'f5t:o':f g:.c; n*1}'m;a1:1y*7«'is"'A ndt L

Conducted in any rnanner p:rej1ﬁii§:i:é4;lV_A.'t.0 
share holderg or public   VVVCs'I*1a1"t§:VrVc-:-Ci
Acc0'L1nt:a.m;'s report, }}»»"1',"'..$ﬁ.   In View of
the same, repert of Offiegiﬁti'  No.296 / 201 1 is

hereby accepted L  _  *

4. I§ iféci'.Q_r_.f1as appeared through the
iearrzc-:d .._ACc:1'1'i::faV11"v'{Q-;?ﬁ*t:1fii1a§jé'nii Counsel S1': Ambaji Rao Najre

and a naeffxr;  fiI¢d'AggiE*E}iLg their CO,T1S€I1i1 faint sar1Ct1'_om'ng the

 scheme. L'i%'¢3gion'a1AI:)_i_;f@<:tQ1' has fiied affidtczxrit raisirag following

 t_V 0bs€:fva%,§Gz1sg' Queries:

{1.3v"§$»§.::1a":e §{>% 0? paid up azapiiaii af hgih §3<:t.i€:i::m<-3&2'
 :?<3m_p9.:1i€s is heid by 2;. §<>rei§};§z: é3.m',i£.:e" 2,'-*iz..,
§i4§"e::"ami:a} SA. '§§'"E§? "§':*a.::$fs2"e@ ;:9mpzm:,.-* 
:"€:%qui§°€€§_ ':15: {<{3m§3i3" with :«;2;;3§3§;';€:;&'§::E£:= :g}§'€}?i&'S§GEE8 {sf
FEMA and FEM 3°€§g?;ﬂI:i'{.§.OI1S whiie issuizzg

3

 ,,.

'E



#74

Shares, to sllare hoiders of Tr21nsf<-:r0r Coxﬁpany
as per scheme. A    u  .
{2} Clause E41, E. and 16 of the scheme are--A4'{§er;i,f%é;ﬁfiC*:::§.fy' V'
to each ether in. "respect Mgf S{E1.{.LIS'" SE1'/;"a,1"c'3'AVs, *
'1.mnsfer0r ctorzzpany pL1rsLg:éI'1t   
scheme. The remark in c1xV;:g1s»s'e._  
shares of the '{1'»':i'1'1SfC"K1"{.Ziﬁ'._.€OH1;f3i1:1y'.Shﬁlvii"%§fZ}'ﬁ3_iffZ'1;1€ to* L
remaixl with respeci[i§*e.._x share]ﬁ<3'}:i_§ré:.  f9£'he1'eas,
clause .16 s.tai:.¢s i,_'rié;t" ._2m121'1vg£ir1'iaiion the
shares of   'Technologies Pvt.

Ltd', would be_ea:<;c;e11ex.e,' ' '

    

(3) In rﬁépig ii of 1";'1c:{gei'" _{::f-- 'Vamghorjsed capital <3?

£:'r;§11 "isi"g:~.r<j':*" C'g1npg;:},5f'*wfi'Eh  of t:r'an.sfe1"ee cc)m'par1y

__ gg f)Z:(')v:\?i:d-i'§T_C'fvvii'}.,'éV?15l'1L1'l3'€'1_4j:2g'l5f the SC1'1€I"£1€, it is ::-3i,ated

 ' 01% V...ei;f}:3c'ti'.:<~3 date, the authorised
Cfzlpiir-1_1 ESE'  t'1.'2:if;3i%31'ee c4;>mpan32* wiii remain as Rs.
_O11e.; crpi.'f3 a13cVi sixty lakhs orgiy which appears to be
.;x;rrat}:1g: H  ""Th.ve Company hag to give cerreci.

»  iziaziifiéfatiem.

 Ex-:'é:r'z1ed Cmmsei eippezsyrixzg far §€E§.é'i{}ne:" in C8?

 Végfzd i38,f2® E9 hag fiksii the zagfﬁfktvié: of Ciziesf Fma:1{:§a,i

-  %3_§fi{:é%r aemai §:'i§"€i{?€.{}§" 0? E336 §"':%$p€<_:E,"é1~*::% iE<}§E'§.§Z}§f:Z'ii€fS§. E3': ggzirza 36 E'

  4%, E, 422, 353.}; 5:2 arm? 6 sf the exffidavﬁ, 0? SEE S1 i?%aja<50§€aEg

E'; _

dated 26.8.2011. it is stated as under:



4.1.

42

comply with the said. ctoncilitionss. Regulation 7 0f
the FEXVIA Regulaiiions is extrac,-teal beloxvfor ready
ré:f€1"e'nce:   '~

Regulation 7.XXXL5<LX

1 state that Clause'-¥"'L1'-chi 5:>f _. Scthieifhe lﬁfl
Amalgamation provides for a.ivsi't'gaiiGn ' p§fiQ1"*=;t3 i:3i1€:*. --

issue of equity shares in 'the Tra'nlsI'ereelCf<';m'p&ny
in terms of Clause 21.6' of lWfli.§;v.._,_HScl31erI1c.V '0f
Amalgamation. Om}é»--lthe eq3,:itytlé;ha'tf€sVVare issued
by the Transferee C0mpa1'1y, Sa3,c:h issue of shares
will lead to 4::aVr3Ce1Vl"2ii1t>3§i' aﬁcl exiirigmshnzent of the
equity shar®s:l"Qf '.tl1::§'Ti'arll3{'<:1for Campany. More
so, in View of the {anti ih;1tl'1:licV'l"fransfer0r Company
will stand {:li'ssnl'vedysritlavezgfibeing woumtl up ag
pep (3'l._faL:-use $13 ioffthe Scilergé of Amalgamation, on
thé. Anlalganlaiiion being sanctioned by
mmmmmmmal-

  state. llllai.fl:-s:l'}§ér(:entage of €quity share holding

f;:>sl't3.Qr;._b€1:x¥"€'e11 the: fereign equity share holders
i.e.;" ..Fi1traul;o SA, France and the Indian Equity
Sha,re"l'i€»~l<:iers will rezmain sarne ex-ﬁr: after the
pi'é-Lspased allatment of eq2,1if,§_; shares of the

 Petitiufrner Company, ll, is true that the shares Sf
" « f-theiz"'§ranSfer0r Calnpemy EMW Emrironmental
. Tgazihilologies Privaérge Llmliieé, will be cancelled Ea:

'l§{*u 0'? gush C£iIZ{?€llal.l£i}}fl.. i:.h€: ?€'£"%'i'lO:1€*i" Campazzgg

3 will alleii $750 <3<:;1;13Zt:2' sl123;}:e$ to llzéi s3xi:5€i:3§_§ slzare

l"i{}l{l€E'S (sf Ellikls? Em-"ir0:1§n:%:"ll;e1l '?e{:lm0§0g1?e:s'-3
P:°i'::9..'f{e ljilﬁliéfﬁl Sf E?'J'hi(T'.l'l §€3Q/E2  2185138 €::;_a'z3§t'.}?'
$l2&":il'€;*.S will be a_ll{>%:1::eé ﬁzz: §'.§lé.r:.:*l{; SA, l9?§"'Z?1;.§}.€(3€§= '§'l:JZ:--:§
is ezgzzéglgi. 285Q8 s2q;;:i.€::i s3l1a;'@:';-; laclizgj halé by
lﬁltrazxte SA, France, 2:: ;3r<:$€=:n':: in EZIVEW
§I"ﬁ?'iFOI1EI}*';'§'1'€23.l '"l'e{:h§wl@gies Private Llmiieé.

E



#12-

Company sshaﬂ contirme tar» re:mair1 with 
sshareholders V-shase 1'1é.11'.{1€S are 
Registrar ofiviembera. 'A H L. --
1.

4.2. Or: and from authoriaéeci capital of tiiV_e*T.r21n;é;fi:'forV the Trzxnsferee C0mpaI1yVu{v.r§»i1§_d bé":n§;Kfg€§d f;:)get11e;; and the authov1':i&s~s:_{1 A thc%'V""k'r'é§nsferee Compzmy will (:r<)r<-3 sixty--fi\?-re lacs. CQi1s§3q11<:i'1'if' ' IV of the the Transferee COH11§E1ﬂ3f 8\ 'if:VV'.i';<3:::'>v¥.':;'{=Vt431°:.}€}*1.?1t all the observations made by the Reg'iéstra_r ofC§)n1;§an.i:s:s $tar1ds duiy complied with. In fact, i',hé'L'1e:ai*%f:e{'i' »CQ:1nsé'§'"::1ppear'ing for the Registrar of Conapanies meme with Registrar Sf Campames as :10 {}b;§t%.£:%:.i{_:_--{1' i:h€:* affidavit €§£ﬁ.€',(§ '?IE},2TQEE fiiésé by the ;:ze"::_,§'?{.i=::a:"'};s::.z".'.-1; CEEHEQEEIEEJ sigma éiiééé (I;%j€{3§§£)E"§.$ f:°a3;$€{i by the "~T§_«';e;::§§A;~1*-:«*a'.':':.1:" sf Campémiég $.55 C{}§i{'E:§§.'§€i{.§ a,a:ié,h. 'E"'§:e §i«;:;§i{§ 'z1:&:z*z€_} §';§is~ﬁ " "-%:éy' {E163 Cez:%.:"aE Gavernzneiﬁ, Sia§';Ci§§'i§ €3{}§.EE'iS%3§ :21 {i{}1%1'"§(. am:

E 22.9293 1 is piaced an recard.

#13".

9. Thus, the objections or quézries Regionai Director 'zhr*ough Regigttrar of C(;1:1}3§i§t;.iéS..}':as__b€ien', ' complied and unde1'tak'i.'ng gm-'<-3n is'».hezf€bj? a{?.(_?€'pfCdI '

10. From. the maiteriai. Qn rec0:fd, th<3 ap.pé;arsw.to be fair and reasonable and €h€ 'S§3]1€ITi€ i'9,._ri'(}f;7 cdntrary to 'the public policy. As o'rcief«:--id_ b§,i«'AVth_i;s"t:.Q1,1L:'%;% the ﬁﬁzitioners have taken out public notice and._th §ére§ is"~n.G~.g1¥§3earet11c:e on behalf of either the or '"€hé" §Vrri';'31.0g,.>*:<3es 01" the public to oppoge the'-- Scrhérmié-;.,%4V;~'§,1I"tTh%: requisite s'£;at'ut:0ry require:m€nts have b63611 «5c2_n1pIiéd_ s.>x?:'._'t,l*1'., .T' :':1;._ it is-. Aa E's'0 seen that secured cre£Eit,0rS and share E§':>.§;(§é:'<s "a,.p_;>r0vecE the SChf;'I'}.'}.€;3 cf Amzﬂgamaéiian amd ibis A<€'{~:.::_,§';+;{': ?'4.2€}EG peasged in $91255; 28% haﬁ _ c§i$pé':1s€~:§¥:é"ﬁE: $335: {?O§"§Vf3E1§§"1§§ £3"? éiizsi §§},{:',E?"€§IE§_§ Gf sharéé Esgiéers .;:';';A<i,T}s.s§-é§::::"{%{E <"::'§3:d§"§<}:"$- AEKE as; {:»z"{i~.€;>,§'e:'~:%d £33; '?,%.2{}E§ §sE€€-éizzggf %:'§:'éei= Li'i1S€3C'L'£§'€€§ 2$r<--?:&ii0:'§ E1225 been {:@n<§:;2r::¥;@d Ey {he gym' _.

Chairman appointed by this <:0L:rt: and a repczrt ha§3_-been filed as; per A11I1eXur€~E that by rzéqigxisitas: maj{fsrit.y..sch{:mc haig been approved. The Regisﬁrar af Compa:1ie$_.f§2i$" Si":-::z__i4c3i1_"t1faai affairs of the Transferor Companyjs net" '{1n:32{1}duCteC1 in ma11::"1e::* prejudicial to the int:eres3.:: oﬁitrs m¢r:J_E:5'<:ré Er V'7pJ:gab1ic'."* "

Thugs commérttiai p}"ud€n<:e£:2§er<:is%<3vd'"by i:.'t'i'éA..';:;I:1_;;re_.3hciidgérs, cured Creditors, 3lI'}SE3C1;£I'f§('}._V {;3"€dit(5i'-S C)'f: izhgg petitioners Company desen-£3 toV152'acctef5ié€; 4afid._'the scfhéizae is entitied to be :3anCtii011ed_ A'Qc0:'cii11gJV3;';:"-I_ 4}'3a»s;~:~.¢]'_1£:3 'foilowing:

%:>ORDER cmﬁx137gnd hﬁ%0f2OU}an3hm$byaH@@d. Stthenle <>fAma1game1i.i(>I1 as per' A:m<3;=s:u;':=:~F is approved and sanc:'{.i<.m.eé ssubjezit t0 the ."2§%g;:;d '°uniiE" in {ﬂan-$6 143 9? £118 s<:he3me:5 {xvi {iii} §£1?{}&1.§§{E1§TiE1'EiO3} is; €i€§if'E.zi':€}; anti s':,§aS¥;i%,m'«3d ':9 i;*.§_1e;: *:.2m§*{iiss~:. "s3ubs§3q:.:§3m ii)": ﬁiigmss EV sf ma ?vE£:r:1<>r2::':{:§'Ls::': :-and §ar§4i{:E.€rs5 =3? E1S$S<}€i2i'i.§.i'}f§ {)5 the C{>mp2zn3: 375:; $:,1§*é,a§3E.y amirndétd :10 £36 in {1G':'lS{}}}ai'1€".'.€ 2z:i%;i3 <%}.2m$@ 142 0f the Scheme of Amaigama.!:io1':, %WM,"

-13,

(iv) The p<2tit;i0r1€rs Cempany $ha}] fiie certiﬁed"

this order bef<3:r<:: .Reg;'s€,r21r cf C0Inp21nie:a:--.\xriiAhi%}; 1 * days; frem the dam. of receipt of the: {71'"E'i'\'§'¥"1:'.. 9

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