Bombay High Court
COAP/90/2003 of CENTURION BANK LTD., PANAJI-GOA. Vs on 12 December 2003
COURT OF BOMBAY AT GOA COMPANY APPLICATION NO. 90 OF 2003 CENTURION BANK LTD., PANAJI-GOA. ....Applicants SHRI SUDIN M.S.USGAONKAR, Coram:- P. V. HARDAS, J. Date:- 12th December, 2003 P.C.: Heard Mr. Sudin Usgaonkar, learned Counel for the Applicant and the learned Official Liquidator. This is
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IN THE HIGH COURT OF BOMBAY AT GOA
COMPANY APPLICATION NO. 90 OF 2003CENTURION BANK LTD., PANAJI-GOA.
....Applicants
SHRI SUDIN M.S.USGAONKAR,
-Coram:P. V. HARDAS, J.-Date:12th December, 2003
P.C.:
Heard Mr. Sudin Usgaonkar, learnedCounel for the Applicant and the learnedOfficial Liquidator.This is an applicatin seekingpermission of the Court to amend theScheme of Amalgamation which has beenapproved by this Court by its Orderdated 12th September, 2003 in CompanyPetition No.9-C of 2003.Mr. Sudin Usgaonkar, learnedCounsel for the Applicant on instructionstates that a similar relief has beengranted by the Karnataka High Court onan application moved by the Bank ofMuscat. Apart from that, it is statedthat the amendment to the Scheme is inthe best interest of the Company.The learned Official Liquidator hasplaced on record a letter issued by theRegional Director, Department ofCompany Affairs, Mumbai. In essence,this letter gives no objection to theproposed amendment subject to the conditions which are stipulated in Clauses 17 and 18 of the Original Schemewhich mandates obtaining approval of RBIand the relevant Central Bankregulating the Bank of Muscat in its ownterritory. The learned OfficialLiquidator has also submitted that theamendment to the Scheme is in theinterest of the Company and as such theconsent of the shareholders/creditors isnot necessary.Accepting the statement of thelearned Counsel for the Applicant that asimilar amendment to the Scheme has beenapproved by the Karnataka High Court, inmy considered opinion, the interest ofthe Applicant/Company should besubserved by granting the aforesaidprayer for amendment to the Scheme ofArrangement.
Company Application No.90-C of 2003is allowed and the Applicant/Company ispermitted to carry out the amendment tothe Scheme of Arrangement.
P. V. HARDAS, J.