{"id":17192,"date":"2010-06-17T00:00:00","date_gmt":"2010-06-16T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/anar-vs-unknown-on-17-june-2010"},"modified":"2017-04-01T01:02:42","modified_gmt":"2017-03-31T19:32:42","slug":"anar-vs-unknown-on-17-june-2010","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/anar-vs-unknown-on-17-june-2010","title":{"rendered":"Anar vs Unknown on 17 June, 2010"},"content":{"rendered":"<div class=\"docsource_main\">Gujarat High Court<\/div>\n<div class=\"doc_title\">Anar vs Unknown on 17 June, 2010<\/div>\n<div class=\"doc_author\">Author: M.R. Shah,&amp;Nbsp;<\/div>\n<pre>   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\t \n\t\n\n\n \n\n\n\t \n\nCOMP\/252\/2009\t 7\/ 7\tJUDGMENT \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. 252 of 2009\n \n\nIn\n\n\n \n\nCOMPANY\nAPPLICATION No. 228 of 2009\n \n\nWith\n\n\n \n\nCOMPANY\nPETITION No. 253 of 2009\n \n\nIn\n\n\n \n\nCOMPANY\nAPPLICATION No. 227 of 2009\n \n\n \nFor\nApproval and Signature:  \nHONOURABLE\nMR.JUSTICE M.R. SHAH\n \n=========================================================\n\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\n1\n\t\t\n\t\t \n\t\t\t \n\nWhether\n\t\t\tReporters of Local Papers may be allowed to see the judgment ?\n\t\t\n\t\n\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\n2\n\t\t\n\t\t \n\t\t\t \n\nTo be\n\t\t\treferred to the Reporter or not ?\n\t\t\n\t\n\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\n3\n\t\t\n\t\t \n\t\t\t \n\nWhether\n\t\t\ttheir Lordships wish to see the fair copy of the judgment ?\n\t\t\n\t\n\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\n4\n\t\t\n\t\t \n\t\t\t \n\nWhether\n\t\t\tthis case involves a substantial question of law as to the\n\t\t\tinterpretation of the constitution of India, 1950 or any order\n\t\t\tmade thereunder ?\n\t\t\n\t\n\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\n5\n\t\t\n\t\t \n\t\t\t \n\nWhether\n\t\t\tit is to be  circulated to the civil judge ?\n\t\t\n\t\n\n \n\n=========================================================\n\n \n\nANAR\nSOFTCOM PRIVATE LIMITED - Petitioner(s)\n \n\nVersus\n \n\n.\n- Respondent(s)\n \n\n=========================================================\n \nAppearance\n: \nMRS\nSANGEETA N PAHWA for\nPetitioner(s) : 1, \nMR M.IQBAL A. SHAIKH 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 M.R. SHAH\n\t\t\n\t\n\n \n\n \n \n\n\n \n\nDate\n: 17\/06\/2010 \n\n \n\nCOMMON\nORAL JUDGMENT<\/pre>\n<p>Company<br \/>\n\tPetition No.252 of 2009 has been preferred by the petitioner\n<\/p>\n<p>\t &#8211; ANAR SOFTCOM PRIVATE LIMITED (Demerged Company)  and<br \/>\n\tCompany Petition No.253 of 2009 has been preferred by the petitioner\n<\/p>\n<p>\t &#8211; ENRICH INDUSTRIES LIMITED (Resulting Company), to<br \/>\n\tsanction the proposed Scheme of Arrangement in the nature of<br \/>\n\tdemerger of Shoftcom Division of Anar Softcom Private Limited into<br \/>\n\tEnrich Industries Limited.\n<\/p>\n<p>Mrs.Sangeeta<br \/>\n\tPahwa, learned advocate has<br \/>\n\tappeared on behalf of the respective petitioners  and Mr.M.Iqbal A.<br \/>\n\tShaikh, learned Central Government Counsel has appeared on behalf of<br \/>\n\tthe Central Government i.e. Regional Director, Western Region,<br \/>\n\tMinistry of Corporate Affairs, Mumbai.\n<\/p>\n<p>Mrs.Pahwa,<br \/>\n\tlearned advocate appearing on behalf of the respective petitioners<br \/>\n\thas  submitted that pursuant to the order passed by this Court<br \/>\n\tdtd.15\/5\/2009 in Company Application No.228 of 2009, the meeting of<br \/>\n\tthe shareholders of the demerged company was ordered to be dispensed<br \/>\n\twith in view of the written consent given by the shareholders to the<br \/>\n\t proposed scheme of arrangement. A meeting of the secured and<br \/>\n\tunsecured creditors of the demerged company was ordered to be<br \/>\n\tconvened on 25\/6\/2009. It has been submitted that necessary approval<br \/>\n\tfrom the Stock Exchange could not be obtained and therefore,<br \/>\n\tmeeting scheduled to be convened on 25\/6\/2009 was adjourned sine<br \/>\n\tdie. It has been reported that thereafter Misc.Civil Application<br \/>\n\tNo.116 of 2009  in Company Application No.228 of 2009 was submitted<br \/>\n\tbefore this Court for an appropriate direction to fix fresh date to<br \/>\n\tconvene the meeting of secured and unsecured creditors of the<br \/>\n\tdemerged company. That by order dtd.10\/11\/2009, the said application<br \/>\n\tcame to be allowed\/disposed of and it was directed to convene the<br \/>\n\tmeeting of the secured and unsecured creditors on 10\/12\/2009. It has<br \/>\n\tbeen  reported that the meeting of the secured and unsecured<br \/>\n\tcreditors of the demerged company was convened on 10\/12\/2009 as<br \/>\n\tordered by this Court and all the unsecured creditors of the<br \/>\n\tdemerged company have given their consent to the proposed scheme of<br \/>\n\tarrangement in nature of demerger of Shoftcom Division of Anar<br \/>\n\tSoftcom Private Limited into Enrich Industries Limited. It has been<br \/>\n\treported that though intimated, nobody remained present on behalf of<br \/>\n\tthe secured creditors in the said meeting. However,  subsequently<br \/>\n\tboth the secured creditors have given their consent in writing to<br \/>\n\tthe proposed scheme of arrangement. An affidavit by the Chairman in<br \/>\n\trelation to the meeting of the secured creditors as well as<br \/>\n\tunsecured creditors has been placed on record.\n<\/p>\n<p>It<br \/>\n\thas been pointed out that vide order dtd.15\/5\/2009 passed by this<br \/>\n\tCourt in Company Application No.227 of 2009, meeting of the<br \/>\n\tshareholders and unsecured creditors of the resulting company was<br \/>\n\tordered to be convened on 25\/6\/2009 and it was reported that there<br \/>\n\tare  no secured creditors of the resulting company. It has been<br \/>\n\tpointed out that as Certificate from the Stock Exchange was not<br \/>\n\treceived, meeting of the shareholders and unsecured creditors of the<br \/>\n\tresulting company was adjourned. It has been reported that<br \/>\n\tthereafter Misc.Civil Application No.115 of 2009 was filed by the<br \/>\n\tresulting Company  for an appropriate direction of fresh date of<br \/>\n\tconvening meeting and the learned Single Judge granted the said<br \/>\n\tapplication and directed to convene the meeting of the shareholders<br \/>\n\tand unsecured creditors of the resulting company on 10\/12\/2009. It<br \/>\n\thas been reported that  accordingly meeting of the shareholders and<br \/>\n\tunsecured creditors of the resulting company was convened on<br \/>\n\t10\/12\/2009 as ordered by this Court and it has been reported that<br \/>\n\tall the shareholders and unsecured creditors of the resulting<br \/>\n\tcompany have given their consent to the proposed scheme of<br \/>\n\tarrangement in nature of demerger of Softcom Division of Anar<br \/>\n\tSoftcom Private Limited into Enrich Industries Limited. An affidavit<br \/>\n\tfiled by the Chairman with respect to the meeting of the<br \/>\n\tshareholders and unsecured creditors dtd.22\/12\/2009 has been placed<br \/>\n\ton record  at page Nos.129 to 139 confirming the above.\n<\/p>\n<p>Both<br \/>\n\tthese petitions came to be admitted by this Court vide order<br \/>\n\tdtd.29\/12\/2009. Notice of hearing of the petitions were directed to<br \/>\n\tbe published in  Indian Express  (English Daily) and  Lok-Satta<br \/>\n\tJan-Satta  (Gujarati Daily), both Ahmedabad Editions and<br \/>\n\tpublication of notice in the Government Gazette  was ordered to be<br \/>\n\tdispensed with. It has been pointed out that accordingly the notice<br \/>\n\tof hearing of the petitions have been published in the aforesaid two<br \/>\n\tnews papers as ordered by this Court and Affidavit confirming the<br \/>\n\tsame have also been placed on record. Despite the above, nobody has<br \/>\n\tsubmitted any objection to the proposed scheme of arrangement.\n<\/p>\n<p>Notice<br \/>\n\twas ordered to be issued upon the Central Government to be served<br \/>\n\tthrough the Regional Director, Department of Corporate Affairs and<br \/>\n\tMr.M.Iqbal A. Shaikh, learned Central Government Counsel has<br \/>\n\tappeared on behalf of the  Regional Director. An affidavit has been<br \/>\n\tfiled by Mr.Rakesh Chandra, Regional Director, Western Region,<br \/>\n\tMinistry of Corporate Affairs dtd.31\/3\/2010   and it has been<br \/>\n\tsubmitted that the resulting company has proposed in  the Scheme at<br \/>\n\tPara No.10.1.2 to issue of equity shares to the shareholders of the<br \/>\n\tdemerged company in consideration of transfer of demerged unit. It<br \/>\n\thas been submitted that the resulting company does not have<br \/>\n\tsufficient authorized capital to issue the above said shares to the<br \/>\n\tshareholders of the demerged company and hence the resulting company<br \/>\n\t has to increase its authorized capital suitably. It is submitted<br \/>\n\tthat in this regard the resulting company has given an undertaking<br \/>\n\tvide his letter dtd.18\/3\/2010 for increase its authorized capital.<br \/>\n\tIt has been further submitted in the said Reply that save and except<br \/>\n\tas stated above, the Scheme is not prejudicial to the interest of<br \/>\n\tshareholders and public. Therefore,  it is requested to pass<br \/>\n\tappropriate order.\n<\/p>\n<p>Mrs.Pahwa,<br \/>\n\tlearned advocate appearing on<br \/>\n\tbehalf of the respective petitioners has reiterated what has been<br \/>\n\tstated in the Undertaking dtd.18\/3\/2010 and it has been stated that<br \/>\n\tthe authorized share capital of resulting company  i.e. Enrich<br \/>\n\tIndustries Limited will be increased by Rs.5 Crores (Rupees Five<br \/>\n\tCrores only) comprising of 50 Lacs share of Rs.10 each for effective<br \/>\n\tallotment of new shares to the shareholders of the Anar Softcom<br \/>\n\tPrivate Limited. Therefore, it is submitted that subject to above,<br \/>\n\tthe proposed scheme of arrangement in the nature of demerger of the<br \/>\n\tSoftcom Division of Anar Softcom Private Limited into Enrich<br \/>\n\tIndustries Limited, be sanctioned.\n<\/p>\n<p>Heard<br \/>\n\tMrs.Sangeeta Pahwa, learned<br \/>\n\tadvocate appearing on behalf of the respective petitioners  and<br \/>\n\tMr.M.Iqbal A. Shaikh, learned Central Government Counsel appearing<br \/>\n\ton behalf of the Central Government i.e. Regional Director,<br \/>\n\tWestern Region, Ministry of Corporate Affairs, Mumbai.\n<\/p>\n<p>It<br \/>\n\thas been submitted  that the  demerger of Shoftcom Division of Anar<br \/>\n\tSoftcom Private Limited into Enrich Industries Limited will be for<br \/>\n\tbetter utilization of the resources, assets and the properties  of<br \/>\n\tthe Companies resulting into higher running on capital. As stated<br \/>\n\tabove, all the shareholders and unsecured creditors of the demerged<br \/>\n\tcompany and all the shareholders, unsecured and secured creditors of<br \/>\n\tthe resulting company have given their consent for approval of the<br \/>\n\tproposed scheme of arrangement subject to increasing its authorized<br \/>\n\tcapital by the resulting company and as mentioned in  para 6 of the<br \/>\n\tAffidavit of the Regional Director and Undertaking of the resulting<br \/>\n\tcompany dtd.18\/3\/2010. There<br \/>\n\tdoes not appear to be any impediment  to grant the proposed scheme.<br \/>\n\tAdvertisement of the public notice of this petition was published in<br \/>\n\ttwo daily news papers having vide circulation, however, nobody has<br \/>\n\tobjected to the proposed scheme of demerger.  The proposed scheme<br \/>\n\tof demerger does not appear to be contrary to law and\/or the public<br \/>\n\tinterest.\n<\/p>\n<p>\tIn<br \/>\n\tview of the above and for the reasons stated above, both the<br \/>\n\tpetitions i.e. Company Petition No.252 of 2009 and Company Petition<br \/>\n\tNo.253 of 2009 are hereby allowed and the prayer in terms of para<br \/>\n\t16(A) of Company Petition No.252 of 2009 and prayer in terms of para<br \/>\n\t17(A) of Company Petition No.253 of 2009, are hereby granted and the<br \/>\n\tproposed scheme in the nature of  demerger of Shoftcom Division of<br \/>\n\tAnar Softcom Private Limited into Enrich Industries Limited is<br \/>\n\thereby sanctioned on increasing authorized share capital  of the<br \/>\n\tresulting company and on condition that the authorized share capital<br \/>\n\tof the  Enrich Industries Limited (resulting company) shall be<br \/>\n\tincreased by Rs.5 Crores (Rupees Five Crores only) comprising of 50<br \/>\n\tLacs share of Rs.10 each for effective allotment of new shares to<br \/>\n\tthe shareholders of the Anar Softcom Private Limited.\n<\/p>\n<p>\tBoth<br \/>\n\tthese petitions stand disposed of accordingly. Cost to be paid by<br \/>\n\tthe respective petitioners to Mr.M.Iqbal A. Shaikh, learned Central<br \/>\n\tGovernment Counsel  is quantified at Rs.5000=00 (Rupees Five<br \/>\n\tThousand only) per petition.\n<\/p>\n<p>\t\t\t\t\t\t\t[M.R.\n<\/p>\n<p>SHAH, J.]<\/p>\n<p>rafik<\/p>\n<p>\t\t   \u00a0\u00a0\u00a0<\/p>\n<p>\t\t   Top<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gujarat High Court Anar vs Unknown on 17 June, 2010 Author: M.R. Shah,&amp;Nbsp; Gujarat High Court Case Information System Print COMP\/252\/2009 7\/ 7 JUDGMENT IN THE HIGH COURT OF GUJARAT AT AHMEDABAD COMPANY PETITION No. 252 of 2009 In COMPANY APPLICATION No. 228 of 2009 With COMPANY PETITION No. 253 of 2009 In COMPANY APPLICATION [&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-17192","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>Anar vs Unknown on 17 June, 2010 - 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\/anar-vs-unknown-on-17-june-2010\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Anar vs Unknown on 17 June, 2010 - Free Judgements of Supreme Court &amp; 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