{"id":139739,"date":"2011-07-12T00:00:00","date_gmt":"2011-07-11T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/jmp-vs-unknown-on-12-july-2011"},"modified":"2016-04-22T08:19:01","modified_gmt":"2016-04-22T02:49:01","slug":"jmp-vs-unknown-on-12-july-2011","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/jmp-vs-unknown-on-12-july-2011","title":{"rendered":"Jmp vs Unknown on 12 July, 2011"},"content":{"rendered":"<div class=\"docsource_main\">Gujarat High Court<\/div>\n<div class=\"doc_title\">Jmp vs Unknown on 12 July, 2011<\/div>\n<div class=\"doc_author\">Author: Anant S. Dave,<\/div>\n<pre>  \n Gujarat High Court Case Information System \n    \n  \n    \n\n \n \n    \t      \n         \n\t    \n\t\t   Print\n\t\t\t\t          \n\n  \n\n\n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t\n\n\n \n\n\n\t \n\nCOMP\/118\/2010\t 4\/ 4\tORDER \n \n \n\n\t\n\n \n\nIN\nTHE HIGH COURT OF GUJARAT AT AHMEDABAD\n \n\n \n\n\n \n\nCOMPANY\nPETITION No. 118 of 2010\n \n\nIn\n\n\n \n\nCOMPANY\nAPPLICATION No. 198 of 2010\n \n\nWith\n\n\n \n\nCOMPANY\nPETITION No. 119 of 2010\n \n\nIn\nCOMPANY APPLICATION No. 199 of 2010\n \n\nWith\n\n\n \n\nCOMPANY\nPETITION No. 120 of 2010\n \n\nIn\nCOMPANY APPLICATION No. 200 of 2010\n \n\n \n=========================================================\n\n\n \n\nJMP\nFINANCE PRIVATE LIMITED - Petitioner(s)\n \n\nVersus\n \n\n.\n- Respondent(s)\n \n\n=========================================================\nAppearance : \nMRS\nSWATI SOPARKAR for\nPetitioner(s) : 1, \nMR PS CHAMPANERI for Respondent(s) :\n1, \n=========================================================\n\n\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\nCORAM\n\t\t\t: \n\t\t\t\n\t\t\n\t\t \n\t\t\t \n\nHONOURABLE\n\t\t\tMR.JUSTICE ANANT S. DAVE\n\t\t\n\t\n\n \n\n \n \n\n\n \n\nDate\n: 17\/03\/2011 \n\n \n\n \n \nORAL\nORDER<\/pre>\n<p>These<br \/>\n\tare the petitions filed by the petitioner companies for sanction of<br \/>\n\ta Scheme of arrangement in the nature of Amalgamation, amalgamating<br \/>\n\tJMP Finance Private Limited and Raghuvir Investment Private Limited,<br \/>\n\tthe Transferor Companies with Insutech Industries Private Ltd, the<br \/>\n\tTransferee Company under Section 391 read with Section 394 of the<br \/>\n\tCompanies Act, 1956.\n<\/p>\n<p>It<br \/>\n\thas been pointed out that vide the orders dated 22nd July<br \/>\n\t2010 passed in the Company Applications No.198, 199 and 200 of 2010,<br \/>\n\tthe meetings of the Equity Shareholders and the Unsecured Creditors<br \/>\n\tof all three companies were dispensed with in view of the written<br \/>\n\tconsent letters placed on record.  There were no Secured creditors<br \/>\n\tof the petitioner companies.\n<\/p>\n<p>The<br \/>\n\tsubstantive petitions were admitted vide orders dated 3rd<br \/>\n\tAugust, 2010.  The public notices for the same were duly advertised<br \/>\n\tin the newspapers &#8216;Indian Express&#8217; English daily, and &#8216;Sandesh&#8217;<br \/>\n\tGujarati Daily, both Vadodara editions dated 13th August,<br \/>\n\t2010 and the publication in the Government Gazette was dispensed<br \/>\n\twith. Affidavit dated 26th August, 2010 confirm the same.<br \/>\n\t No on has come forward with any objections to the said petitions<br \/>\n\teven after the publication. The same has been further confirmed by<br \/>\n\tthe additional affidavit dated 16th March, 2011 annexed<br \/>\n\tto the petitions.\n<\/p>\n<p>Notice<br \/>\n\tof the petition of the Transferor Companies were served upon the<br \/>\n\tOfficial Liquidator attached to the Gujarat High Court. Vide the<br \/>\n\treports dated 11th March, 2011 filed by the Official<br \/>\n\tLiquidator, it is observed that the affairs of the Transferor<br \/>\n\tcompanies have not been conducted in a manner prejudicial to the<br \/>\n\tinterest of their members or to the public interest.  However, the<br \/>\n\tOfficial Liquidator has requested this Court to direct the<br \/>\n\tTransferor Companies to maintain their books of accounts and records<br \/>\n\tfor a period of 8 years from the date of sanctioning the scheme and<br \/>\n\tnot to dispose of the same without prior permission of the Central<br \/>\n\tGovernment. The Transferor companies are accordingly directed to<br \/>\n\tkeep their  books and records for a period of 8 years from the date<br \/>\n\tof sanctioning the scheme and not to dispose of the same without<br \/>\n\tprior permission of the Central Government.\n<\/p>\n<p>Notice<br \/>\n\tof the petitions have been served upon the Central Government and<br \/>\n\tMr. P.S. Champaneri, learned Standing Counsel appear for the Central<br \/>\n\tGovernment.  An affidavit dated 04.02.2011 has been filed by Mr.<br \/>\n\tUttam Chand Nahta, the Regional Director, North-Western Region,<br \/>\n\tMinistry of Corporate Affairs, whereby the only observation made<br \/>\n\tpertain to compliance of the Accounting Standard &#8211; 14 of the<br \/>\n\tTransferee Company.\n<\/p>\n<p>The<br \/>\n\tattention of this Court is drawn to the Additional Affidavit dated<br \/>\n\t16th March, 2011 whereby the said issue has been dealt<br \/>\n\twith and it has been submitted that the petitioner companies shall<br \/>\n\tcomply with the applicable accounting standard. Considering the said<br \/>\n\texplanation, the observation of the Regional Director does not<br \/>\n\tsurvive.\n<\/p>\n<p>Heard<br \/>\n\tMrs. Swati Saurabh Soparkar, learned Advocate for the petitioner<br \/>\n\tcompany and Mr. P.S. Champaneri, learned Counsel appearing for the<br \/>\n\tCentral Government.  Having gone through the petitions, and having<br \/>\n\tconsidered the submissions made in this regard and being satisfied<br \/>\n\tthat amalgamation would be in the interest of the companies and<br \/>\n\ttheir members and creditors, prayers in terms of paragraph 15(a) of<br \/>\n\tthe three Company Petitions are hereby granted.\n<\/p>\n<p>The<br \/>\n\tpetitions are disposed of accordingly. So far as the costs to be<br \/>\n\tpaid to the Central Government Standing Counsel is concerned, the<br \/>\n\tsame are quantified at Rs.3,500\/- per petition. The same may be paid<br \/>\n\tto the learned Advocate Mr. P.S. Champaneri.\n<\/p>\n<p>\t\t\t\t\t\t\t\t\tSd\/-\n<\/p>\n<p> (Anant S. Dave, J.) <\/p>\n<p>Caroline <\/p>\n<p>\t\t   \u00a0\u00a0\u00a0<\/p>\n<p>\t\t   Top<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gujarat High Court Jmp vs Unknown on 12 July, 2011 Author: Anant S. Dave, Gujarat High Court Case Information System Print COMP\/118\/2010 4\/ 4 ORDER IN THE HIGH COURT OF GUJARAT AT AHMEDABAD COMPANY PETITION No. 118 of 2010 In COMPANY APPLICATION No. 198 of 2010 With COMPANY PETITION No. 119 of 2010 In COMPANY [&hellip;]<\/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":[16,8],"tags":[],"class_list":["post-139739","post","type-post","status-publish","format-standard","hentry","category-gujarat-high-court","category-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Jmp vs Unknown on 12 July, 2011 - Free Judgements of Supreme Court &amp; 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\/jmp-vs-unknown-on-12-july-2011\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jmp vs Unknown on 12 July, 2011 - Free Judgements of Supreme Court &amp; 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