Karnataka High Court
Centillium India Pvt Ltd vs Nil on 31 March, 2010
Author: Subhash B.Adi
Bench: Subhash B.Adi
-1- IN THE HIGH comm" or KARNATAKA AT BANGALORE DATE:D THIS THE 31$'? DAY OF MARCH, 2010 BEFORE V _ 'I'HE HONBLE MRJUSTICE sUz3i«1Asi~~1 B.AD1_._»j COMPANY APPLICATION NO. 175/2o1q""" « » A' BEDWEEN "2 " 3. CEZNTILLIUM INDiA PVT LTD 4 H ~ REGD OFFICE EST FLOOR, w:Nc'+._A SALAPURLA CITADEL V 2 MUNCIPAL No.3, ADUooDij _V PIOSUR ROAD, WARD NO.67"~, BANGALORE-560 030. " «..._.APPIj.ICANT [By Sri. : A MURALI J-SjAoA_R AsSoc..1Aao'i:s. ADVS.) AND 'V V _ - - ' ' RESPONDENT
Couiisel fog' 1j}(f'..Vi"'s})V};)1i'.{?.iftJf1iV_1'l8.S filed the above Application under Seei,io1'1i'391 oi' th'eACo.fi*1pé1nies Act. .1956, praying that for the 1'ea-isoiis siaiizedv éhe":--'ei:*i_ this Hoifbie Court. may be pleased to ...dispen,se with o1'~._convening separate meetings of the shaifehoiderss-. secured cfeditors and unsecured creditors of the 'e_pp.!:icani coinpaii§;__ for approving the scheme of arnalgamatiion, wih-ere}uzicieia.t.13efAp131icani: company is proposed to be merged with'. 3' (":ora<ifp21_vfiy known as Transwitch India Private V1. V V' Lirni1,ed{"I'i~aif1sfe«i'ee Company) having its registered office at A--27, .._f.'__Mohan Go~'operai.ive IE}dLiSi1'ia1 Estate. i\/Iathura Road, New ".4'D.e'1i1:i--.1__ 10 V044, '(.0 be held at the regimered office of the Applicant '._CV,'OV"I:'!:{)_23.1"1;J or such other place may be consiciered by this E:-'oi*;.'bi'e'AACourt. for purposes of consider1'.i'1g and if thoughi fit. VA 2:g13p_fovi1'1g with or without. modifi.c21tion the aforesaid scheme of *z11iiaigari1a1.io11 and ei'c.._ "I"his application eoniing on for orciers this day. the court. Hléidti'. the f()Eiowi1'1g§:
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0 R D E R The Applicant Company is a Transferor Company seeking leave of the COLIFT to dispense with the iiieetilng of shareholders and creditors of the Applicant the purpose of approval of the Scheme Similar application is filed before Delhi by the transferee COI"I1p::111'y.l0f alpplroval ofAn1aEgamation. l H
2. The Applicant the status report of the Conjipany:"'as"."a{ell:' of the Chartered certifying that, :lgéotl.'vvth_releshareholders and all the three shareholders"hia;\}'e«.._give.ai unconditional consent for disperisationliofl h()lVdi_ng_vof7.._lthe nieeting of the shareholders __for approval of Seherne. Copies are produced at jlcollectively. The Chartered Accountant has also giverir Tanothefr' certificate at 'Ahnexure-J' wherein the l Chart=e_red_.~Act:'ountant on verification of the accounts has °'~.__ce_.rtified~ that, there are no secured creditors. Similar lCert:iiT;z:ateV"is also issued in respect of unsecured creditors __a__t "1TAhnexure+K' and it is (tertified that, there are no . V T _ Lg .. _4 E1i'1~S€(j3tlI'(i?d creditors. gl ../.""1"' -3-
3. it is stated that, the Company is a profit making Company and have surplus assets and is in a position to meet. the liabilities of t.he amalgamated company..__l the assets of the amalgamated Company will be..VV1nr;j_i1*eC't.ha--n sufficient, to meet the aggregate of thefifiippyliclant Company and the Tra11sfei'ee ,C_on1pa~;;1y;r-Tl"ie_s.i.at'us report"; also discloses the financial positioii of 'the Applicant Company.
4. in view__ofLth.e request made by the Appli<::'ant_"Clom.pa1'iy:-..coui_ld granted. Accordingly. I passthe Zfollovviriig i] _ _ c'on.yeni1.1g'o"i'meeting of the shareholders is ' E Edispens'ed.__wi4;h;
* «Alpplicant Company is permitted to file a C _;:c;n:;$any petition within two weeks from the of receipt of the copy of this order. and the petition would be subject to the result of the Company Petition or Application that is filed before the Company Court, Delhi.
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