Gujarat High Court
COMA/663/2006 of BALARA, CEMEMTS LTD. Vs .. on 26 December 2006
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD COMPANY APPLICATION No. 663 of 2006 For Approval and Signature: HONOURABLE MR.JUSTICE M.R. SHAH ========================================================= 1 Whether Reporters of Local Papers may be allowed to see the judgment ? 2 To be referred to the
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Issues
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
COMPANY APPLICATION No. 663 of 2006
For Approval and Signature:
HONOURABLE MR.JUSTICE M.R. SHAH
=========================================================1[Whether Reporters of Local Papers may be allowed ]to see the judgment ?1[Whether Reporters of Local Papers may be allowed ]to see the judgment ?
2To be referred to the Reporter or not ?3[Whether their Lordships wish to see the fair copy ]of the judgment ?3[Whether their Lordships wish to see the fair copy ]of the judgment ?
Whether this case involves a substantial question of law as to the interpretation of the of law as to the interpretation of the 4constitution of India, 1950 or any order made thereunder ?constitution of India, 1950 or any order made thereunder ?
5[Whether it is to be circulated to the civil judge ]??
=========================================================BALARA, CEMEMTS LTD. - Applicant(s)
Versus .. - Respondent(s)
=========================================================Appearance :MR SUDHIR M MEHTAfor Applicant(s) : 1,None for Respondent(s) : 1,=========================================================
CORAM :HONOURABLE MR.JUSTICE M.R. SHAH
Date : 26/12/2006
ORAL JUDGMENT
Present Company Application has been
filed for an appropriate order of convening separate meetings of the secured creditors, and shareholders of the applicant company for the
2/8JUDGMENT
purpose of considering and, if thought fit, approve with or without modification the proposed Scheme of Arrangement and/or Compromise.
2. Upon the application of the abovenamed
applicant by the summons dated 26.12.2006, upon hearing Mr. Percy Kavina and Mr. Sudhir M. Mehta, learned advocate appearing for the applicant, and upon reading the affidavit of Shri S.K. Gadhvi filed on 20.12.2006 and exhibits therein referred to [Exh-C being a copy of the proposed compromise or arrangement], it is ordered as follows; [i]
That a meeting of the shareholders
of the company shall be convened and held at the Registered Office of the Company on 29[th] January 2007
at 11.30 a.m. At Rajpath Club,
S.G. Road, Ahmedabad in the State
of Gujarat for the purpose of
considering and, if thought fit,
secured creditors.
notice to be inserted in the
Gujarat Government Gazette is
dispensed with.
[iv]That in addition, at least 21 days before the day appointed for the meeting to be held as aforesaid, a notice convening the said meeting at the place and time aforesaid, together with a copy of the compromise or arrangement, a copy of the statement required to be furnished pursuant to Section 393 and the prescribed forms of proxy shall be sent by pre-paid letter post under certificate of posting addressedtoeachsecured creditors, shareholders at his respective registered or last known address.
[v]
That Mr. S.K. Gadhvi, sponsor of
[vi]
[vii]
[viii]
theproposedschemeof
compromise/arrangement and failing
him Mr. V.K. Reddy, Director of
the company shall be Chairman of
the meeting to be held as
aforesaid.
The Chairman appointed for the meetingsdoissuethe advertisement and send out notices of the said meetings referred to above.
That the quorum for the said meeting shall be of two persons at present in person or through proxies.
That voting by proxy be permitted provided and that a proxy in the prescribed form duly signed by the person entitled to attend and vote at the meeting, is filed with the applicant company at the office not later than 48 hours before the meetings.
[ix]
That the value of each creditor shall be in accordance with the manner specified in the proposed scheme. In case of dispute, the Chairman shall determine the value for propose of the meetings.
2. It is further ordered that the Chairman do report to this Court, the result of the said meetings within 14 days of the conclusion of the meetings and the said report shall be verified by his affidavit.
3. This application is accordingly disposed COMA/663/20068/8JUDGMENT
of.
[ M.R. Shah, J. ]
rmr.