CP No.194 of 2011
With
CA No.203 of 2011
IN THE HIGH COURT AT CALCUTTA
ORIGINAL JURISDICTION
ORIGINAL SIDE
In the matter of:
SRP Oil Pvt. Ltd. & Anr.
Before:
The Hon’ble Justice
I.P. Mukerji
Date: 13.06.2011
Appearance:
Ms. Manju Bhuteria Adv.,
Ms. Asha G. Gutgutia Adv.,
The Court: The first objection of the Central Government is that
the authorised share capital of the transferee company is insufficient to
allot shares to members of the transferor company/companies, according
to the scheme. Learned Counsel for the petitioner assures the Court that
the necessary increase in the authorised capital will be made by eight
weeks from date.
As far as the sale of shares at a premium point is concerned, I have
decided in the case of CP No.536 of 2010 with CA No.815 of 2010 (in the
matter of Astha Dealcom Pvt. Ltd. & Ors.) on 16th May, 2011 that such
issue may be pursued by the Central Government in another forum and
that it was not relevant in a sanction of scheme application.
2
I follow that judgement and keep this issue open for the Central
Government. Accordingly, I allow this application by passing orders in
terms of prayers (a) to (i) of the petition.
In the event the petitioner supply a legible computerized print out
of the scheme and the schedule of assets in acceptable form to the
department, the department will append such computerized print out,
upon verification, to the certified copy of the order without insisting on a
handwritten copy thereof.
The petitioner is directed to pay costs assessed at 200 Gms. to the
Central Government.
All parties concerned are to act on a signed photocopy of this order
on the usual undertakings.
(I.P. Mukerji, J.)
SP/