{"id":161135,"date":"2011-06-28T00:00:00","date_gmt":"2011-06-27T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/monaco-vs-unknown-on-28-june-2011"},"modified":"2018-09-02T11:23:11","modified_gmt":"2018-09-02T05:53:11","slug":"monaco-vs-unknown-on-28-june-2011","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/monaco-vs-unknown-on-28-june-2011","title":{"rendered":"Monaco vs Unknown on 28 June, 2011"},"content":{"rendered":"<div class=\"docsource_main\">Gujarat High Court<\/div>\n<div class=\"doc_title\">Monaco vs Unknown on 28 June, 2011<\/div>\n<div class=\"doc_author\">Author: J.B.Pardiwala,<\/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\/135\/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. 135 of 2010\n \n\nIn\n\n\n \n\nCOMPANY\nAPPLICATION No. 226 of 2010\n \n\n \n \n=========================================\n\n\n \n\nMONACO\nPETROLEUM PVT LTD - Petitioner(s)\n \n\nVersus\n \n\n.\n- Respondent(s)\n \n\n=========================================\n \nAppearance : \nMR\nABHISHEK M MEHTA 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 J.B.PARDIWALA\n\t\t\n\t\n\n \n\nDate\n: 23\/03\/2011 \n\n \n\n \nORAL\nORDER<\/pre>\n<p>1.\tThis<br \/>\nis a petition filed by the petitioner-Transferor Company for sanction<br \/>\nof a Scheme of Amalgamation of Monaco Petroleum Pvt. Ltd. (Transferor<br \/>\nCompany) with Panama Petrochem Ltd. (the Transferee Company)<br \/>\n(hereinafter referred to as &#8220;the Scheme of Amalgamation&#8221;<br \/>\nor &#8220;the Scheme&#8221;) under Section 391 and Section 394 of the<br \/>\nCompanies Act, 1956.\n<\/p>\n<p>2.\tThis<br \/>\nCourt, vide its order dated 06.08.2010, dispensed with the<br \/>\nrequirement of convening meetings of Shareholders and Unsecured<br \/>\nCreditors of the Transferor Company. The petitioner Transferor<br \/>\nCompany does not have any Secured Creditors.\n<\/p>\n<p>3.\tThe<br \/>\npresent petition was field and was admitted vide order dated<br \/>\n25.08.2010. The public notices for the petition were duly advertised<br \/>\nin the newspapers and affidavit dated 22.10.2010 confirms the same.\n<\/p>\n<p>4.\tDespite<br \/>\nthe public notices, no one has come forward with any objections to<br \/>\nthe said petition.\n<\/p>\n<p>5.\tNotice<br \/>\nof the petition has been served upon the Central Government and Mr. P<br \/>\nS Champaneri, learned standing counsel appears for the Central<br \/>\nGovernment. An affidavit dated 11.03.2011 is filed by Mr. Nahta the<br \/>\nRegional Director dated 11.03.2011 whereby the Central Government has<br \/>\nno  objection for the proposed scheme of Amalgamation.\n<\/p>\n<p>6.\tNotice<br \/>\nof the petition has been served upon the Official Liquidator and<br \/>\nOfficial Liquidator appointed one M\/s. Amal Datt &amp; Associates,<br \/>\nChartered Accountants, for carrying out the above investigation work<br \/>\nand after scrutiny of the Books of Account and affairs of the above<br \/>\nCompany, have submitted their investigation report dated 31.01.2011<br \/>\nand based on the report of the Chartered Accountants, Official<br \/>\nLiquidator filed his report in Company Petition No. 135 of 2010<br \/>\nstating that the affairs of the Transferor Company have not been<br \/>\nconducted in a manner prejudicial to the interest of its members or<br \/>\nto the public interest and accordingly the petitioner-Transferor<br \/>\nCompany may be dissolved. The learned Regional Directors had<br \/>\nsubmitted that the transferee company is required to prepare its<br \/>\naccount after amalgamation as per account in standard 14 notified by<br \/>\nthe Central Government. The learned counsel of transferee company<br \/>\ndrew my attention to para 11 of the scheme of amalgamation and<br \/>\nsubmitted that para 11 of the scheme clearly provides that the<br \/>\ntransferee company will comply with accounting standard 14 while<br \/>\npreparing its account after amalgamation. In view of submission made<br \/>\nby the learned counsel, I am satisfied that the points raised by the<br \/>\nlearned Regional Director have been duly answered and the objections<br \/>\nraised by the Regional Director do not survive.\n<\/p>\n<p>7.\tUpon<br \/>\nperusal of the entire material placed on record, the scheme appears<br \/>\nto be fair and reasonable and is not violative of any provisions of<br \/>\nlaw and is not contrary to any public policy. None of the parties<br \/>\nconcerned have come forward to oppose the scheme.\n<\/p>\n<p>8.\tThe<br \/>\nRegistered Office of the Transferee Company-Panama Petrochem Ltd is<br \/>\nsituated at Plot No. 3303, GIDC Estate, Ankleshwar 393 002, in the<br \/>\nstate of Gujarat which falls under the jurisdiction of this High<br \/>\nCourt. It is informed that the Transferee Company has already moved<br \/>\n2nd motion petition being C.P. No. 156 of 2010 connected<br \/>\nwith C.A. No. 227 of 2010 before this High Court.  The counsel of the<br \/>\npetitioner company has informed this Court that the case was listed<br \/>\ntoday in the same Court.\n<\/p>\n<p>9.\tHaving<br \/>\nheard Mr. Abhishek M Mehta, learned advocate appearing for the<br \/>\npetitioner Transferee Company and       Mr. P.S.Champaneri, Central<br \/>\nstanding counsel appearing for the Central Government and report<br \/>\nsubmitted by the Official Liquidator and having gone through the<br \/>\npetition and being satisfied that the arrangement would be in the<br \/>\ninterest of the companies and their members and creditors, prayers in<br \/>\nterms of the prayer clause are hereby granted.\n<\/p>\n<p>10.\tIt<br \/>\nis directed that the record of merged company shall be preserved for<br \/>\nfive years from the date of this order.\n<\/p>\n<p>11.\tThe<br \/>\npetition is accordingly disposed of.\n<\/p>\n<p>12.\tSo<br \/>\nfar as the cost to be paid to the Central Government Counsel is<br \/>\nconcerned, the same is quantified at                  Rs. 7500\/-. The<br \/>\nsame may be directly paid to the learned standing counsel, Mr. P S<br \/>\nChampaneri, appearing for the Central Government.<br \/>\nPetitioner-Transferor Company was also directed to pay Rs. 5,000\/- to<br \/>\nthe Official Liquidator for submitting his report.\n<\/p>\n<p>[J.B.PARDIWALA,<br \/>\nJ.]<\/p>\n<p>JYOTI<\/p>\n<p>\t\t   \u00a0\u00a0\u00a0<\/p>\n<p>\t\t   Top<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gujarat High Court Monaco vs Unknown on 28 June, 2011 Author: J.B.Pardiwala, Gujarat High Court Case Information System Print COMP\/135\/2010 4\/ 4 ORDER IN THE HIGH COURT OF GUJARAT AT AHMEDABAD COMPANY PETITION No. 135 of 2010 In COMPANY APPLICATION No. 226 of 2010 ========================================= MONACO PETROLEUM PVT LTD &#8211; Petitioner(s) Versus . &#8211; Respondent(s) [&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-161135","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 v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Monaco vs Unknown on 28 June, 2011 - Free Judgements of Supreme Court &amp; 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