Gujarat High Court
Applewoods vs Respondent(S) on 10 April, 2012
Author: R.M.Chhaya
Bench: R.M.Chhaya
Gujarat High Court Case Information System
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COMA/150/2012 2/ 2 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
COMPANY
APPLICATION No. 150 of 2012
In
COMPANY
APPLICATION No. 100 of 2012
=========================================================
APPLEWOODS
ESTATE PRIVATE LIMITED - Applicant(s)
Versus
.
- Respondent(s)
=========================================================
Appearance
:
MRS
SWATI SOPARKAR for
Applicant(s) : 1,
None for Respondent(s) :
1,
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CORAM
:
HONOURABLE
MR.JUSTICE R.M.CHHAYA
Date
: 10/04/2012
ORAL
ORDER
1. By this application, the applicant seeks to withdraw the earlier proceedings being Company Application No.100 of 2012, whereby a scheme of arrangement in the nature of Buyback of Shares and Restructure of Capital between the applicant Company and its shareholders and creditors as contemplated under Section 391 read with Sections 78, 100 to 103 of the Companies Act, 1956 was envisaged. By earlier application being Company Application No.100 of 2012, the applicant herein had prayed for dispensation of the meeting of the equity shareholders and has also declared before this Court on the basis of the certificate issued by the Chartered Accountant confirming that there are no secured creditors. The applicant had, therefore, prayed appropriate directions from this Court convening the meeting of the unsecured creditors which was to be held on 30.4.2012 and other directions were also issued by this Court while disposing of the said Company Application No.100 of 2012 by an order dated 16.3.2012 including the issuance of public notice. By this application on the basis of the resolution passed in the 44th Board meeting held on 30.3.2012, the applicant seeks permission to withdraw the proposed scheme of arrangement in the nature of Buyback of Shares and Restructure of Capital between the applicant Company and its shareholders and creditors.
2. Mrs. Swati Soparkar, learned advocate for the applicant further states that no further steps i.e. issuance of public advertisement as well as individual notices before 21 clear days have been given.
3. Considering the averments made in the summons as well as the affidavit in support of the summons, the application deserves to be allowed. The applicant is permitted not to comply with the directions issued in the order dated 16.3.2012 passed in Company Application No.100 of 2012.
4. With these observations, the application is disposed of.
[R.M.CHHAYA, J.] mrpandya Top