{"id":128758,"date":"2009-03-11T00:00:00","date_gmt":"2009-03-10T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/prateek-lifestyle-limited-vs-nil-on-11-march-2009"},"modified":"2015-04-14T08:10:11","modified_gmt":"2015-04-14T02:40:11","slug":"prateek-lifestyle-limited-vs-nil-on-11-march-2009","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/prateek-lifestyle-limited-vs-nil-on-11-march-2009","title":{"rendered":"Prateek Lifestyle Limited vs Nil on 11 March, 2009"},"content":{"rendered":"
Karnataka High Court<\/div>\n
Prateek Lifestyle Limited vs Nil on 11 March, 2009<\/div>\n
Author: H.G.Ramesh<\/div>\n
C.A.132 2093\n\nin THE HIGH com-rr or KARNATAKA AT  \" \n\nDATED TI-I18 THE 111'! DAY or   % T\n\nBEFORE \n\nTHE Honrnw. MR. .ztITs1*1c\u00a2'1si\u00a7c-z,z12An\u00bbr'\u00a7;\u00a7I$I\u00bbv '~ \" k\n\n \n\ncoupmw APPLICATIG \ufb01\"\"HO.1V.32. G?   k\n\nBETWEEN:\n\n1 PRATEEK LiFES'I'YLE LIMITED\"     \n\nIS A COMPANY INCORPQRA'i\"'ED.,UNf}.ER'~'\u00a7f'}i'E\nCOMF'ANiES.ACT 1956, AND HA3;\/'{--NG'ITS'\n\nRECHSTER ED\"To\u00bb-:rF1c\u00a7*; A3' '\"'MADHUVA\u00ab3~\u00a5wV1 HAR\"\n\n#703, 1_s*I\"'FLo;.Qr_:, 331)' B\u00a3,OGK,v..6'.FI~i' FEB\"\n\nCROSS; {NEAR 13173 SHQPPI-NC} COMPLEX)\nKoRAMA\u00bbsCuaL:._g, 3  V '-- ~  \n\nBANGALORE 56:\u00a2J'o34;.\u00abV\"-   APF'LiCAN'I'.\n\n(BY SR1.  4$AT1:s':\u00e9I',j.'+{D'sr,4'_L'Pz\u00a7}:;;\u00a7\u00a71ANATH RA] ASSOCIATES}\nAND: V . V'  _ \n1 ,, .:;xz:L   ~ V  RESPONDENT.<\/pre>\n
  _ “”*:*92~1i”s.5;f A?P:,1cAT1\u00e9\u00a7\u00a7 IS FILES UNDER SECTIONS 391 TO
\np394 ‘op ‘FHEaCO{v\u00a7PANIES ACT, 2956, PRAYING THAT FOR THE<\/p>\n
REASONS_’SsTATEQ.}~THEREiN THIS HONEESLE comm’ MAY BE
\nPLEASED To.’jeRL>ER ‘I’I~IAT:~
\nTHE c4oNvvi;:m\ufb01~G AND HOLDING OF INDIVIDUAL MEETINGS OF<\/p>\n
 ‘.SHARE3H\u00a7I}L\u00a3)ERS AND SECURED CREDITORS BE DISPENSED
\n‘”‘x__’W’~.\u00a5’FH ANEIYTO PASS ORDERS TO CONVENE AND HOLE}<\/p>\n
‘B-5,,EE’l’I-NG OF’ UNSECURED CREDITORS OF THE APPLICANT<\/p>\n
 CO\u00a7!I_PA.\u00a5?iY TO APPROVE WITH] WITHOUT
\n._ ‘MC}.E)IFICATIONS\/AMENDMENTS, THE PROPOSED SCHEME OF
\n  QAMJELGAMATION AND ARRANGEMENT WHEREIN, IT IS
\n, ‘PROPOSED, THAT THE ENTIRE BUSINESS AND UNDERTAKENG<\/p>\n
2 .\n<\/p>\n
(LA. 13212999<\/p>\n
OF PRATEEK LIFESTYLE LIMITED AND HUBLI .~&…?4l?A,REI.SA’
\nPRIVATE LIMITED BE MERGED AND VES’I’E’.D _=WI’Z’H’~ _’f_T\u00a7’I1E-.-_T I-
\nPRATEEK APPARELS PRIVATE LIMITED AS A GOING-._COI*3CEi?N’_ .,
\nON THE TERMS AND CONDITIONS FULLY S’FA’I’_’\u00e9TD’ THE. SAID__
\nSCHEME 80 AS TO BECOME, AS F’ROi\\d””I”i-IE A?PO!N’I’E-D DATE <\/p>\n
AND E’I’C., <\/p>\n
THIS CA comma ON FDR ORIBERS, THIS-.IjAIV  I<\/p>\n
cover MADE THE FOLLOWING  ”\n<\/p>\n
oaneg-\n<\/p>\n
In this applicati’e+n_   the
\nCompanies Act, 1956,  Lifestyle
\nLimited    with
\nconvening,  of meetings of
\n of the company for
\nthe  “‘::f’ie scheme of amalgamation<\/p>\n
and a.f1″e.t1geriienf:’whici1  at Annexure-“A” and has also<\/p>\n
    to hold the meeting of the<\/p>\n
 to consider the said scheme of<\/p>\n
I I _ amaigam__a\ufb01e1:iand arrangement.<\/p>\n
  I  Iigearrled counsel appearing for the applicant-<\/p>\n
 refers to Paragraphs 28 & 29 of the af\ufb01davit of<\/p>\n
 “S1’\u00a7{.: Raghu A. Hegde, a Director of the applieant—-<\/p>\n
\/<\/p>\n
W<\/p>\n
CA. 132; 1;\u00e9<5es\u00a7j'   – .,<\/p>\n
Company and submits that the   K  <\/p>\n
seven (7) shareholders and all   igixim <\/p>\n
individual letters of ecnsen1;~'\u00bbA11nexu_19e~"I" se\ufb01es to   ,<\/p>\n
-implementation of the scheIne’i’iw;iL*1outV”ai1;j}iaineigdment<\/p>\n
or modi\ufb01cation and ‘   nc “secured
\ncreditors.       ‘i ‘ i<\/p>\n
3. In  ‘ceri–.$e;'”it.”i:of:”igiief”shaibeholders of the
\napp1icant~c\u20ac\u20aci:iV1.1}J\ufb01%?’i3;?\u00a7gIV.   Valnalgamation and
\n ”  to above, the
\nhoiding xei\ufb02iei   shareholders is dispensed<\/p>\n
with. ; ‘ As the V-ccmgpaxiy has no secured creditors, the<\/p>\n
    is alsc dispensed with.\n<\/p>\n
 ._   the amve, I deem it appropriate to<\/p>\n
V V’ _ pen\ufb01it  z\ufb01vplicant-Company to convene the mee\ufb01ng<\/p>\n
K V’ V   its misecured creditors to consider the scheme of<\/p>\n
.’.ei\u00ab’_.ai’ija\u00a7i1\u00a7ement at Axmexure-“A”. Accordingly, I make the<\/p>\n
T ”   fcllosaring order:\n<\/p>\n
W7\/a<\/p>\n
 .{jv’}.__”~ti1e:”‘vvo\ufb01ng at the meeting shall be by<\/p>\n
CA. 1.32’; :2′<)'e:\u00a7j   ~ .\n<\/p>\n
(1) holding of meetings of the  b b’
\nand secured creditors’ “Oi”\u00bbthe’._
\nrelating to the schemelat :7-A<\/p>\n
dispensed with.  –\n<\/p>\n
(ii) the appHr;ant~Com.pa-{\ufb02y  permittedi to
\nhold the V   ef  unsecured
\ncrediters on  am. at
\n“Maaihg\u00a7ran:=A__Vihs\u00a7r”,”\u00ab. 1$z\u00a2;vbo%3k;e:’: Floor, 3rd
\n  EDA Shopping<\/p>\n
M %%%%   Bangalore-560
\n0.3-‘i’;v.*~V   ‘  ‘<\/p>\n
(iii)    the meeting shall be
\n” ”   \ufb01msecured creditors;\n<\/p>\n
  poll and proxies shall be permitted<\/p>\n
..  attend and vote at the meeting; the<\/p>\n
” Pmxy forms duly signed by the<\/p>\n
unsecured creditors shall be \ufb01led 48
\nhours before the meeting;\n<\/p>\n
(V) the Chairman of the meeting shall be Mr.
\nRaghu A. Hegde, one of the Directors of
\nthe Comiaany and failing him, Mr.<\/p>\n
\/,<\/p>\n
3<\\b\/<\/p>\n
c..A. 13212009<\/p>\n
Pradcep Agar-wal, who is also one " <\/p>\n
Directors, as an alternate Cha1'I'1I1a':Iji; . t "L".  <\/p>\n
(vi) the Chairman
\nI}(}tiC6S to the
\napplicant shall
\nof the notice of  Eithe
\nEnglish  “File;  (Baxitgalort-:
\nEk\ufb01\ufb01on) and .n:}inct.Kaonada. da\ufb01y
\n“xannaaa.p\u00a7ab\ufb01a”j}Eangak\ufb01e Ednmnn,
\non by  ‘i234-Q.3–QG\u00a739’;\n<\/p>\n
(viii  report of the<\/p>\n
I A 14 days from the date of<\/p>\n
t\ufb02mmw\u00a2\u00a7aft<\/p>\n
  2t)(3~’). igailowed accordingly.<\/p>\n
sd\/-\u00a7__
\nIudg\u00e9<\/p>\n","protected":false},"excerpt":{"rendered":"
Karnataka High Court Prateek Lifestyle Limited vs Nil on 11 March, 2009 Author: H.G.Ramesh C.A.132 2093 in THE HIGH com-rr or KARNATAKA AT ” DATED TI-I18 THE 111′! DAY or % T BEFORE THE Honrnw. MR. .ztITs1*1c\u00a2’1si\u00a7c-z,z12An\u00bbr’\u00a7;\u00a7I$I\u00bbv ‘~ ” k coupmw APPLICATIG \ufb01””HO.1V.32. G? k BETWEEN: 1 PRATEEK LiFES’I’YLE LIMITED” IS A COMPANY INCORPQRA’i”‘ED.,UNf}.ER’~’\u00a7f’}i’E COMF’ANiES.ACT […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,20],"tags":[],"class_list":["post-128758","post","type-post","status-publish","format-standard","hentry","category-high-court","category-karnataka-high-court"],"yoast_head":"\nPrateek Lifestyle Limited vs Nil on 11 March, 2009 - Free Judgements of Supreme Court & High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/prateek-lifestyle-limited-vs-nil-on-11-march-2009\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prateek Lifestyle Limited vs Nil on 11 March, 2009 - 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