IN THE HIGH COURT OP KARNATAKA AT BANGALORE
DATED THIS THE 20% DAY OF OCTOBER, 2010
BEFORE
THE HON'BLE MR. JUSTICE H.N. NAGAMOHAN':D,AS,, A
C.A.N6.847 2010
BETWEEN:
WEP SOLUTIONS INDIA LIIVHTED
REGISTERED OFFICE
40/IA, BASAPPA COMPLEX
LAVELLE ROAD , ,
BANGALORE: ' _, I A * APPLICANT
(SHRISAII ~P.IOEI:II=I,.j,ESP]'LEGAL , ADV.)
AND:
AAAAA .....RESPONDENT
~ RAEVELICATION IS FILED UNDER SECTION 391 OP
‘THE’CO£vfij’—-A3?JIES ACT, 1956, RM? RULES 6 8: 9 AND 46 8: 67
OF~._TH_E’ COII/IPANIEs(COURT) RULES, I959, PRAYING TO
_ ORDERFOR CONVENING OF SEPARATE MEETINGS OF THE
AEOUITT SHAREHOLDERS, SECURED CREDITORS AND
UNSECURED CREDITORS OF THE APPLICANT COMPANY
TOR APPROVING THE SCHEME OF ARRANGMENT
..,,.I3ETwEEN wEP SOLUTIONS INDIA LIIvIITED(APPLICANT
COMPANY/TRANSFEROR COMPANY) WITH DATANET
P,»
KL
SYSTEMS LIMITED(TRANSFEREE COMPANY) TO BE..__HELD
AT THE REGISTERED OFFICE OF THE APPVLI_4ACA_NT
COMPANY OR AT SUCH OTHER PLACE A.SfM’A.Y. BE
DETERMINED BY THE COURT, FOR 1éURP’OSES OF
CONSIDERING AND, IF THOUGHT FIT, AFFROVINC §7»’I”‘I”H__V
OR WITHOUT MODIFICATION T}}E».AFCé_RESA’ID’ SCHEME
OF ARRANGMENT AND ETC.,. pg :
This application CO1’1’1iI1g’:_OH_VfO1″ Orderspthisi lday,.._tl1e.3 court!’
made the following;
In this application,applicant/transferor company has
prayed fOf.’–{J”€1″IIE:l:ViSii_S’}lOI1v jto’1~Conx{eri;e. separate meetings of the
sharehioldersi’AF.i;and ofviiiilthe applicant-Company for
approving the’ rSc1ze’131″é-.,,,i__of “Arrangement produced as per
AnE§eXure–F “be:tWVeenv’ the Applicant COIr1pany(TransferOr
» Datanet Systems Limited(TraI1Sferee Company).
« 2′.Tii”_}7hei~i.:;.AVpplicant-Company was originally incorporated
under the provisions of the Companies Act, 1956, on 18.9.2007
A f_” the name and style of Wep Solutions India Private Limited
M Iivith the Registrar of Companies, Karnataka. The applicant
E–.»
r”-.}
/’
Company was subsequently converted into a public _.limited
company under the name and style as Wep
Limited with effect from 19.12.2007. The registerve’d.:.officei”ol” VlIl”I:\\\\\
applicant company is situated at 40/
Road, Bangalore-1.
3. The authorised share the’Applica1it;–Cornpany
is Rs.30,0(),00,000/– dmaiéa _iI”ii-to equity shares of
Rs.10/– each. _:”Issued,””suhlscriibeda aridzdlpaid up capital is
Rs.18,32~,54,4i3zt)l/4″agvtdeéjp -into’-s1,,a3*’j25,442/W equity shares of
Rs. 10/ V V
T he nialii1.oVh_}f_ects of the Applicant–Cornpany is to design,
V inK?ent,’v..dexfelop,–. manufacture, assemble, update, market, trade,
buty,l sell, ‘alter, resell, remodel, lease, install, revise, import,
expott,udistribute, service, and etc., and morefully described in
Kl\l/Ieiriorandurn and Articles of Associations, produced at
l m”AI1I1€X1l1’€-A. The latest audited balancesheet made upto
J1
ii
31.3.2010 and a copy of the said balancesheet is produced at
Annexu re–B.
5. The Board of Directors of the Applicanttfioliritiaiigi
apptoved and adopted the Scheme of Jtrrangerifientélinithellmeetiiig ‘
held on 31.7.2010, by virtue of which,_ the sha.re_lA.ca’pital
transferee company is reduced atlllfhléiratio of -1/l”5r”‘l-lof existing,
issued, and paid up share,c’apitz–i_l; the’. L’./[_ana’ged Printing Solutions
Division of the.v.Applica11t».Company’ lis «glide-linerged into the
transfereetvc.on1panj;3::and “etc-.,.
,6. The _:OlJ}e.i:t lClau’sle 111(3) (12) of the Memorandum of
applicant-company contemplates and authorises
.t_he__tiraiiisiereepoinpany to purchase or otherwise acquire whole
or any of the business undertaking.
~ l7′.”.The Counsel for the applicant has furnished all the
‘material facts relating to the applicant–corr1pany and he submitted
5….»
dis
that there are 1575 equity shareholders in the applicant company
as on 30.9.2010 and it is also submitted that there
creditors and 230 unsecured creditors in the applic~ant:.icompain3?,_V 0
Therefore, convening of the meetings ofithiejjveliqriityeshareholders,
secured creditors and unsecured creditors i’iV_arg;»..,necessary._*
Accordingly, I pass the following..ord’er:l”gA
1)
Appliicaitionl” is .lal:lovfed..V”e»j?ipp1icant-company is
.permitte’d’~to.lconyenegseparate meetings of
5i_e:1u’ity__shareho1ders,, secured creditors and
‘–:llr_§lc1itv§.irs on Saturday, 20.11.2010
11.30 a.rn., and 12.00 Noon
W,_ili=espect.i%}’e<i§}, at the registered office of the
00 <..Applicar1t~Company at No.40/1A, Basappa
ii)
“”Co’mplex, Lavelle Road, Bangalore–1 under
the Chairmanship of
lVIr.Ram N.Agarwal —Chairmjan 8: Whole
time Director, failing him 1VIr.Deepal<
A.Chari, Director.
The chairman shall issue individual notices to
all the equity shareholders, secured creditors
.3″
d’
Yn.
iii)
6
and unsecured creditors of the applicant
company mentioning the date, time and place
of the meetings and the applicant 5 xclonflpany
shall take out notices of the meetingsvin
Hindu’ English daily and” V’
Kannada daily, infits Bangalore editlonson or
before 28.10.20l0..h
The quorurn_V.’o~£_ thellneetingv-t_oF._;theV equity” V
shareholdersV_s_hal,l__ ‘L-»e_V “b.y_pe_rson or by
proxy,_z:€;e_culred2,j_b’creditors __shall be two, by
person. ‘by’ proxy7″anld*~ urllsecured creditors
lllgshhall. he by proxy.
shall. submit the report of the
‘1n_ee’tii1gls” —.___lwit’hin two weeks from the
” cionclnsionl of the meetings.
(ljrd’ere’d accordingly.
Sd/~
JUDGE