Karnataka High Court
Nydhile Infrastructure Private ... vs Nil on 29 September, 2011
Author: Aravind Kumar
Bench: Aravind Kumar
ye HURT OF KARNATAKA HIGH COURT OF KARNATAKA MICE cH wt MATAICA HIGH COURT © PMSRNATAKRA HIGH COURT oF RARNATARA HIGH Cc e Me gh wth KAP sae tat te am ap? 3 IN THE HIGH COURT OF KARNATAKA, BANGALORE GATED THIS THE 297" DAY OF ar BIEMEER, 2011. In RAS' TRU CTuRs PRIV NTE Lin Le OY TTS DIRECT TOK, GSAT) TARARAVANA, NO, 15, are FLOOR, GPP. SHOPPER'S S STOP, BANNERGHATTA RDAD, J.P. NAGAR, aro BANGALORE: ELS PHASE, " OF ¢ & RESPONDENT .4.NO.730/2011 18 FILED UNDER skoriow 301 OF \. TES COMPANIES ACT, 1956, PRAYING To Tay MEBTING OF . EQUITY SHAREHOLDERS AND CREDITORS OF 'Tur + APPLIC COMPANY, FOR THE PURPOSE OF cows JDERING, ME EEOC, TOF KARNATAKA HIGH COURT OF KARNATAKA HIGH COURT OF KARNATAKA HIGH COU! THE COMPA Sa a = CREDITORS ; SCHEME OF A mE bao tare Ps oe Le ape as io oe ee Ea wf Me dbo Ps Rea ae fe. i, Be sesbbe, '2 ae sodas es < -
Be 4 ae % ANT IF THOUGHT ETT, bis ALT MODIFICATION A SCHEME, OF SAID COMPANY BE CONSENT 1): HE ry Y FOR 'SANCTIONING _ DINESH KUAMR HOWIONWALA, NO.15, 4TH FI SHOPPER'S STOP, | ERGHATIA ROAD, J P NAGAR - BA NGALORE 860 075, (BY SRI. V. GANGABA), ADY) > AND NTs CABO rai SHOE is FILED UNDER SECTION Sok meal 8 ACT, cee al BQUIT UGA TION Wr rrcoes 'EN THE COMPANY ann AT MEMBERS OF THE | DISPENSED CTIONS MAY BE.
sesoeroetee URT OF KARNATAKA HIGH COURT OF KARMATAIA HIGH COUEF H COURT OF KARNATAKA HIGH tp at AiGe COURY OF KARNATAKA Hit Wir KR BLATT US MA, Yow tay Ae BE NO. 15, 4" FLOOR, OPP. SHOPPER'S STOP, BANNERGHATTA ROAD 382 PHASE, BANG KARNATAKA * APPLICANT BY M/S. V.G.B. Assoc ATES) . RESPONDENT CAND. 733/ 2013 Bs "HILED UNDER SECTION 391 oF THE COMPANIES ACT, 1956, PRAYING TO THAT MEETING OF poy SHAREHO JLDERS AND CREDITORS of THEE GAR MPANY, POR THE BUBRDSOSE OF CONSIDERING THOUGHT ST, a AEFRO Fy HOR WITHOUT TION 3 PI
- EEN THE GOMPARY AND THE SLATO "VIEW OF THEIR CONSENT TS THE TION AND BR ee NATAKA HIGH COURT OF KARNATA KA HIGH COURT OF KARNATAKA HIGH COURT | GIVEN. FOR PILING 3 OF THE SCHEME OF AM | nos. THIS DAY, THE COURT I MURE UF KARNATAKA HIGH COURT OF KARNATAKA HIGH COURT OF KAR REP. BY? Inet SiRECIOR. aR. V5. MANIKYA GUPTA, NO. 16, 2! FLOOR, OEP. SHOPPER'S STOP, APPLICANT:
"RESPONDENT bea Ls ALE UNDER SECTION 391 OF ACT, 1886, ; TO THAT MEETING OF AREHOLDERS AND CREDITORS OF THR WT COMPANY, FOR THE PURPOSE « AND IP THOUGHT §YT, APPROVING MODIFICATION, A SCHEME OF , VIEW OF THEIR AID COMPA mY THE 'TION AND THE DIRECTIONS MAY BE GF THE COMPANY FOR SANCTIONING THOM AND Rett APPLICATIONS COMING ON FoR 1 THE FOLLOWING.
IES "COMPANY cee eames Net EE te é.. ©.A NO.730/2011, 731 7386/2011 are ISH COURT OF KARNATAKA HIGH COURT OF KARNATAKA HIGH COUR OF KARNATAKA HIGH Cou OURT OF KARNATAKA HIGH COURT OF KARNATAKA st OURT GF KARNATAKA HIGH ¢ os he 2 BUS RNA AIA Mh HM COURT Op TOARINLATIONCA PERG ME a ". votgented for diap "onal and the extract of hition ie at Annexure and approving the schers of eration, which js at (herein telerred to aa "schme*}._ whersineder, the applicant ig ¢ als emuate with the:
Transleres Company ~ applicant in CANO, ? Saha el L : ate issued by the etatutory ", #e ger the o« auditor, which has along with A Yhewrd ested 21.09.2011, there are two choles and ey heave alec congertbad the approval af the adhere af ars the consent letters a are. re dated. 3e 4.2011 erm 02.05.2011.
oard of Dir entore sha ales 'passed a negolstion according their approval: of cliay pens ing with the 1 i of shareholders. their - canes: nit afidevite, wre:
plication at Annem ures Jte Jl. Aa per the certifiente of the, Stat fatory Auditor there is ome unsecured crediter of the the said urgecured oredier ie Pervete Limited' #hn lion of convening of the meeting. The eho A URT OF KARMATAKA Sd i.
ne ip = Bathe waht, < 28 <f ra Parad Slice % 'oe BDA PEK FOR I gt > Board'¢ of Direetora of the applicant con <> dated 30.04.2011 at Annexure Sguperunionce cp asuivaniens EEE SEEN eS alicavit is at Armexure-K which is worn to by the authorised Signatoriee of the secured and Leone creditors, The audited Balanos Sheet fer the fittiencial yes ae enn 51.03.2010 hes been ay Arnexire-D aryl Armexure-E., unde the ner and style of "BRP Steck Broking § Servioes | 'Like teed" which was J6.2006 and changed to « "Private company" a Oe.
subsequently wea changed 8 che. present name that is "Dorr Holdings Private ERTL : witht act from: 06.08, 20cy"
and ia having its + Reintared Office at the address mentioned in the cause tithes. The outhorived here capital of the apphoant 6 'et Re. 10 00,00, OO0/+ divided ints 1,00,00,000/- equity. shar af Re, 10/- each : paid-up | a a re capial of the commpary je at Bg.60. 00 ,000/ » The de B divided! inte 6,00,000 equity aby pany vide resolution F heve approved anc acopted igamation. The audited belance ahest and mded to the application es. per 7 Se EE SARNATAKA HIGH COURT OF KARNATAIA HIGH COURT OF KARMATAIA HIGH COURT s. Byivate Lumited* on 29.05.2008 . lneerparation at AnriexureA, ONENESS SUISSES GoM GER § Gt RARNATAICA HIGH COURT OF | the audited statement t imcluding profit and loss account of the 2 traneleror company made upte 31.03.9010 = appended 1 ts Ute application ae per at Annmexures D and E rene ect ct The Statutory Audditer's certificate Bled alongwith, & cheer: ag there . "ate. w0 :
dated 21.09.2011 wevld red thareholiers of the G4 tra The WO. > shareholders aad the creditors heve comsented for dispens nestion ofc core cling for approval and s notion | "of 8 ech ech i ihe applicant 3 the audited balance sheet > pvailable "eyEL 'pecond for the year ervling Bu
6) The applicant i tt C.A.NO.733/ 9011 (3 trameieror yi wag incorporated on 30.05.2008 urvler the same and style of "Ehagewath Shrugti Betetes Privat changed tot Sh@ present name ie. "Momus fafa Projects ao Pe, ARNATAKA HIGH COUR T CF F if 4, H COURT OF KARNATAKA HIGH ¢ OUR : furnishest ths affidavits in token of their ac EN ENONNEELEES ISIS SBI SGP BERS ATAICA KIGH COURT or KARNATAKA HEG Re.38,00,00,000/- divided inte 3,80 ,C0 000 equity shares of Ne.10/- cach and the seued, subscribed and paid-lip capital wy i at MOST F1O000) | divided inte 3,79,10,000 equity shares of Rs. 10/- each. The Board of.
Directors of the applicant company, vide resolution dated 30.04.2011 heave « ec eid adopted the scheme of : extract of eolution 1 is appended to Use apphcation as per Anmexiure-¥_ &. Thee cestitonte. 'sued chy t the Statutory Auditor the . Tasrag. dated 42.,.00.2011 re < creditor in atarehobbes aid one unsecu i the orediters applicant comps . The said shareholders have, consented for (Schem 2 have er one | "e audited balance sheet and the statement of profit and hea ee whe NATAKA HIGH COURT OF KARNATAKA
-QURT OF KAR
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ee veer @ ae mage shes 2 ee ge fone = i.
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es 2, wo eS af e de in wt oe ca be a é 4 = £ Ea ?
q Raued, 'subscribed, aud paid-up oaplial of company is at company "as passed ee Xe ene d adopting th 6 acheme of ama berate foo Seocunt lor the year ending 31.03.9010 cotmpary is produced eleng with the application as. per Anmexures D ard © resyec Stare. G. Agypliesert comipazty (4th waneferor company y) in ©.A.NO.738/ 2011 wee incorporated under the» mene avai sivie of "Meal Growth Eatates Private te Limited" later changed ite name to "More Sees Ve ures. Private Larited" wef, OS. 2008 ea evidenced from ch the certificate < of imeorporation appended to the application as ger at Anne ureA aryl w its Registered: Office . at the address 'r ihentioned in the cause ttle ort tie application,
10. The authorised: share' 'capital of the applicant company a8 (on. SI. 08. 2010 § is at Rs.40,00,00,000/» divided inte 4,00 00,06,90 Oo equity a! ol Ne.iQ/- each ered the & cd inte 3,47,66,667 equity shares of 34 76, ,86,570/- divid . Rs. 10/- . "each, "The Board of Diresters of the transferee ution ae or 20.04.0011 approving ation. The extract of aaicd MATAIA HIGH COU By OURT OF A eC "Directors of the transferor companies as also the line of ee EEE MEIER LEE WARBLER MIGH COURT OF KARNATAKA HIGH COURT OF KARMATAICA HIGH reeclltion is appended to the application as per Anriexure FP. or i Bled « The certificate of Statutory Ax OTUs Wik 2 nym dated 21.09.2011 which reflects that there are" three 7 hipkiers im the applicant company ard one vumaee scoured . creditor. These eherehoiders i appended w he application which aye al Ant : Anes Bl Feapeotively a il, Tae faotand yarn ere Articles of feeonaton of these brane ie: or Com :
86G feschition as referred ts i that for brining in eynergy in the ¥, tne acheme of Loperetions of the transferee con hert hee | vec by the rewpective Hoard of cs LRE ey oe OURT CF KARNATAKA HIGH Ce ot He 1 NINN IMINESSIOUAIBG, PEGE COURT OF KARNATAKA HIGH COUR'T OF KARMATAKA HIGH ¢ ikened; cubes cxtbvend \. "aml wlopsad a scheme of g coripanice ia beneficial to its shareholders.
12. C.A.Noe. 7352/2011 is by "Beyanice infrastr notre .
ate Limited", [yr incorporated under the name asic style of. "Pradesh Infrastructure Private Limited? oni 2, 9.2008 axl was subsequently ¢ te thie . oreserit namic Le. ""Bevence t Y infrastructure Private Linsited." oa 1b. 2. 20% GO as per the Certificate of Inoorporatio on appended ed '® > the appleation at cure 'A', TT Regine Office of i the | Applicant Conn authorised in, at the address meritioned ae the dause title. pital of thie Applicant se Rs.30,00,00,000/ - ved, inta- 35 00, 000. By salty Shares oF Re. 10/+ each ane ine and paid-up ehere cagtal jis at 2 00 00,000) divided into §20,00,000 equity shares of rd of Directors of the Applicant « aipasy ip ts resolution dated 30.04.2011 have approved s metion. The Cer 'woes ieuied by the Statutory Auditor, which is filed along with the &
a) erick was initially | eo GH COURT OF KARNATA 4 HIGH COURT OF KAR NATARA HEGM COUR "ERE UMEARISEM EARS FTG COURT OF KARNATAKA Mi » Account, whic oh is ap * toss its at te, 18,36 fO3/- @ os para 13 thal the applicant OORT memo dated 29.06.9011 reiects that there are aes ected creditors, tre shareholdere aru) eit weeecure! creditors, in the Certificate dated 27.06.2011 issued by the Statuary . under two diferent loan aoco units trom the amas 'onde. i 2 Liznthed arel eats we ich the: unsecured he said Cartificate, The eased thelr cormerzt tion, and fer *Alpecwing with the ther congené to -- application at Anmesn ws A te KS Peapectively, 'The audited jalance Sheet ancl the atat ve: ar wit of Pro it erei Lowe Account for the ¥e Snding 'Si, 03. 2010 ia produced at Ann Eto the prosest epplicaton. ended to the application, reflects that by the applicant at Wy hac ne turnover curing & ie ESE SE ee eR GURY OF KARNATAKA MICK COURT sy hE & MARMATAKA HIE¢ * "both trans feror companies \ hewe exercised SEN SELMAREMARA FG COURT OF KARNATAKA HIGH COURT OF the seid financial vear and the fost lax profit of the transferee CRESS ty was at Re.35,48,0901/- arwl ae euch the tram igines cotipany has its reserves and surplus. It ie also stated that S, the tansieree company hae ite recerves and Be urplus. of B8.6,23,15,141/- as om 31.03.2010 which would be snore :
tent aml adequate to Emeet tise abilities of "the Waneleror comparies. This fact is 'ho evidenced from the me eheet of the Travia ' Comp arse wo Wai upto ure-D. . ik is "notiosdl from the records 31.03,2010 as ver J re ere mo secured i creditors either froin the treme feror or trenefere..
i4. The: applic sant 'sompan ves heave gleced rel ra terie le betiore this Court irk siipport of prayer sought for by aly seeking disvensation of then. in chése.. ae pplication converting af tha as weting of sharehoiders and creditere to seider the scheme of ation tt ie geen that ech con approved by the respective Board of Directors of az transferee companies who "record also disclosed that appiosnie have cormolied with a"