{"id":143793,"date":"2008-11-11T00:00:00","date_gmt":"2008-11-10T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/appearance-vs-unknown-on-11-november-2008"},"modified":"2015-06-12T03:02:49","modified_gmt":"2015-06-11T21:32:49","slug":"appearance-vs-unknown-on-11-november-2008","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/appearance-vs-unknown-on-11-november-2008","title":{"rendered":"Appearance vs Unknown on 11 November, 2008"},"content":{"rendered":"
Gujarat High Court<\/div>\n
Appearance vs Unknown on 11 November, 2008<\/div>\n
Author: D.H.Waghela,&Nbsp;<\/div>\n
   Gujarat High Court Case Information System \n\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\n\n \n\n\n\t \n\nCOMP\/90\/2008\t 5\/ 5\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. 90 of 2008\n \n\nWith\n\n\n \n\nCOMPANY\nPETITION No. 91 of 2008\n \n\n \n======================================\n \n\nCITIZEN\nINFOLINE LIMITED \n\n \n\n& \nCITIZEN\nCOMMUNICATION LIMITED \n\n \n\nVersus\n \n\n.\n- Respondent(s)\n \n\n======================================\n \n\nAppearance\n: \nMS NIYATI K SHAH for\nPetitioner. \nMR ANSHIN DESAI, Central Government\nCounsel. \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 D.H.WAGHELA\n\t\t\n\t\n\n \n\nDate\n: 11\/11\/2008 \n\n \n\nCOMMON\nORAL ORDER<\/pre>\n
1.\tThese
\npetitions are filed for sanction of a scheme of arrangement in the
\nnature of amalgamation of Citizen Communication Limited, the
\ntransferor company, with Citizen Infoline Limited, the transferee
\ncompany, under Section 391 read with Sections 394 and 394-A of the
\nCompanies Act, 1956.  The notice under Section 394-A has been issued
\nto the Central Government through Regional Director and learned
\ncounsel, Mr.Anshin Desai appears for him.  Learned counsel appearing
\nfor all the parties have agreed upon an order in following terms.\n<\/p>\n
2.\tThe
\npetitioner companies are stated to be belonging to the same group and
\nengaged in similar business.  The transferee company is listed with
\nAhmedabad and Madras Stock Exchanges.  The Board of Directors of both
\nthe companies have thought it fit to amalgamate both companies for
\nbetter and advantageous management.\n<\/p>\n
3.\tPursuant
\nto orders dated 21-1-2008 and 6-2-2008 in Company Application Nos.6,
\n7, 66 and 67 of 2008, meetings of equity shareholders and secured
\ncreditors of the transferee company as well as meetings of equity
\nshareholders, secured creditors and unsecured creditors of the
\ntransferor company were convened after publication of public notices.
\n The scheme of amalgamation was approved unanimously by all present
\nand voting personally or by proxy at those meetings and the report of
\nChairman showing result of the meeting is annexed to the petition.\n<\/p>\n
4.\tThese
\npetitions were admitted on 17-3-2008 and public notices for its
\nhearing were duly advertised in the newspaper ‘Indian Express’ and
\n‘Sandesh’, both Ahmedabad editions, on 20th March 2008.
\nPublication of notice in the Government Gazette was dispensed with.
\nNo one has come forward with any objections as regards the scheme of
\namalgamation and grant of sanction.\n<\/p>\n
5.\tNotice
\nof Company Petition No.91 of 2008 is also served upon the Official
\nLiquidator attached to this Court and report dated 16th
\nJuly 2008 is filed by him in Company Petition No.91 of 2008, with the
\nobservation that affairs of the transferor company have not been
\nconducted in the manner prejudicial to its members or to the public
\ninterest.  Similarly, notices of both the petitions have been served
\nupon the Central Government pursuant to which an affidavit dated 20th
\nJune 2008 is filed by the Registrar of Companies, along with letter
\ndated 17th June 2008 of Regional Director, requiring
\nlatest financial statements of the company.  The transferee company
\nwas also required to furnish no objection letter from Ahmedabad and
\nMadras Stock Exchanges.  Accordingly, the financial statements are
\nplaced on record and the transferee company has also placed on record
\nno objection letter from Ahmedabad and Madras Stock Exchanges.\n<\/p>\n
6.\tDuring
\nthe course of proceedings, the petitioner companies have filed
\nCompany Application Nos.470 and 471 of 2008 for modifying the scheme
\nof amalgamation and those applications have been allowed by order
\ndated 14-10-2008.\n<\/p>\n
7.\tIt
\nwas seen that the Stock Exchanges at Ahmedabad and Madras have
\ngranted their no objection letters subject to insertion of two
\nclauses in the Scheme of amalgamation and the petitioner companies
\nhave expressed no objection to those clauses being added to the
\nscheme of amalgamation.  It was also pointed out by learned counsel
\nfor the Central Government that, pursuant to the order made in
\nCompany Petition No.65 of 2008, following clause was also required to
\nbe added in the scheme of amalgamation of the petitioner companies.\n<\/p>\n
?S…………………..if
\nany criminal prosecution is initiated against any of the Transferor
\nCompany or the directors of any of the Transferor Companies, the
\npresent order sanctioning the scheme of amalgamation of these
\ncompanies with the transferee company shall not come in way of such
\nproceedings.  The fact of Amalgamation will not give any immunity for
\nsuch past deeds.??\n<\/p>\n
8.\tSince
\nthe parties have agreed to accept addition of paragraphs as aforesaid
\nand modification of the scheme of amalgamation and the arrangement
\nfor amalgamation is stated to be in the interest of the companies and
\nits members and creditors, the scheme of arrangement for amalgamation
\nof the transferor company with the transferee company, produced at
\nAnnexure-E in both the petitions, is sanctioned subject to addition
\ntherein of following three paragraphs as paragraph nos.7 (a), 7 (b)
\nand 7 (c):\n<\/p>\n
?S7\n<\/p>\n
(a) The company will endeavour that the equity shares to be issued in
\nterms of the scheme, be listed and\/or admitted for trading on the
\nrelevant stock exchanges, whether in India or abroad, where the
\nequity shares of the Company are presently listed and\/or admitted to
\ntrading.  The Company shall enter into such arrangement and issue
\nsuch confirmation and\/or undertaking as may be necessary in
\naccordance with the applicable laws or regulations, for the above
\npurpose.  But, on such formalities being fulfilled all such stock
\nexchange shall list and or admit the said shares also, for the
\npurpose of trading, subject to fulfillment of the requisite
\ncompliance\/documents and upon completion of the laid down formalities
\nin the matter by the company.\n<\/p>\n
7<\/span><\/p>\n
(b)\tCompany maintains a minimum non promoters’ holdings of 25% on the
\npost-scheme capital as per clause 40 (A) of the listing agreement
\nwith the Madras Stock Exchange and at least 25% of the new shares to
\nbe issued pursuant to the scheme of amalgamation shall be locked in
\nfor a period of three years and the balance new shares for one year
\nfrom the date of listing of the new shares on the Exchange.\n<\/p>\n
7<\/span><\/p>\n
(c) \tIf any criminal prosecution is initiated against any of the
\nTransferor Company or the directors of any of the Transferor
\nCompanies, the present order sanctioning the scheme of amalgamation
\nof these companies with the transferee company shall not come in way
\nof such proceedings.  The fact of Amalgamation will not give any
\nimmunity for such past deeds.??\n<\/p>\n
9.\tAccordingly,
\nthe petitions are allowed and disposed with the direction that the
\ntransferee company, namely, Citizen Communication Limited shall stand
\ndissolved without winding up.  The petitioner shall pay Rs.3,500\/- in
\neach petition by way of cost to the Central Government by cheque in
\nthe name of learned advocate, Shri Anshin Desai.\n<\/p>\n
\t\t(D.H.Waghela,
\nJ.)<\/p>\n
*malek<\/p>\n
\t\t   \u00a0\u00a0\u00a0<\/p>\n
\t\t   Top<\/p>\n","protected":false},"excerpt":{"rendered":"
Gujarat High Court Appearance vs Unknown on 11 November, 2008 Author: D.H.Waghela,&Nbsp; Gujarat High Court Case Information System Print COMP\/90\/2008 5\/ 5 ORDER IN THE HIGH COURT OF GUJARAT AT AHMEDABAD COMPANY PETITION No. 90 of 2008 With COMPANY PETITION No. 91 of 2008 ====================================== CITIZEN INFOLINE LIMITED & CITIZEN COMMUNICATION LIMITED Versus . – […]<\/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-143793","post","type-post","status-publish","format-standard","hentry","category-gujarat-high-court","category-high-court"],"yoast_head":"\nAppearance vs Unknown on 11 November, 2008 - 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\/appearance-vs-unknown-on-11-november-2008\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Appearance vs Unknown on 11 November, 2008 - 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