{"id":182208,"date":"2010-01-07T00:00:00","date_gmt":"2010-01-06T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/loop-mobile-holdings-india-ltd-vs-nil-on-7-january-2010"},"modified":"2016-02-24T12:57:52","modified_gmt":"2016-02-24T07:27:52","slug":"loop-mobile-holdings-india-ltd-vs-nil-on-7-january-2010","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/loop-mobile-holdings-india-ltd-vs-nil-on-7-january-2010","title":{"rendered":"Loop Mobile Holdings India Ltd vs Nil on 7 January, 2010"},"content":{"rendered":"<div class=\"docsource_main\">Karnataka High Court<\/div>\n<div class=\"doc_title\">Loop Mobile Holdings India Ltd vs Nil on 7 January, 2010<\/div>\n<div class=\"doc_author\">Author: Ram Mohan Reddy<\/div>\n<\/p>\n<pre><\/pre>\n<p>IN &#8216;E&#8217;I&#8211;IE HiC}H C\/(Z){EI&#8217;\u20ac&#8217;I&#8217; OF Kz&#8217;\\RE\\IA&#8221;i&#8217;AKA AT BANGA.i..(.)RE<br \/>\nDATEI.) THIS THE 7&#8243;?&#8221; DAY OF JANUARY. 2010<br \/>\nB EFO R E<\/p>\n<p>&#8216;I&#8217;HI:3 HON&#8217;B1,\u00a3a MR. JUSTECE RAM MORAN RI:\u00a7f)_I JY__<\/p>\n<p>COMPANY PETITION No.92 OF 2oi)&#8217;9\u00ab    _<\/p>\n<p>BETWEEN:<\/p>\n<p>LOOP N1O1:3IL1~: I-IOLI)!I\\EGS f\u00a7\\J[f)1\/\\ 1.;1AM1&#8217;Ijh1I)f1v  &#8216; _<br \/>\n{FORMERLY BPL COMMUNIC\/-\\&#8217;I&#8217;IONS 1;:M&#8217;r&#8217;I&#8217;EI)3  V<br \/>\nA COMPANY R1_~:O1s&#8217;1&#8217;r-:1-=a1\u00ab:I&#8221;) u \u00a7\u00a5Ji..)&#8217;_f\u00a3I{ &#8220;m 1-_-:  , \u00bb A &#8216; &#8211; ; A _<br \/>\nCOI\\\/IPANIES ACT. 195b&#8217;ANI&#8217;i) 1&#8211;1Av~.1_NO 1&#8243;1&#8217;s__ 2 A<br \/>\nREGiS&#8217;I&#8217;ERIi3I.) OF~&#8217;I%&#8217;ICI:3 AT.  &#8221; _ &#8216;-\n<\/p>\n<p>31&#8243;) FLOOR. \u00a33RIOAI.;&gt;I:: (:1 :AMI&gt;A&#8211;:\u00ab&lt;. _  <\/p>\n<p>8\/2 UNION S&#039;I&#039;RI\u00a3i-C&quot;I&#039;. Om&quot;-&#039;~;~O.INI-&#039;f&#039;ANfI&#039;RY_ROAD<br \/>\nBANGALORE 550 001  &quot;  1  A.\n<\/p>\n<p>REPRESEN&#8217;I&#8217;EI&#8217;) III-&#8216;\u00a7R.I\u00a3IN m-&#8216; 1_&#8221;r&#8217;s&#8217;_ f<br \/>\nAUTHORISIED sr_A:;NA&#8221;1&#8217;OARY&#8221;~Q &#8216; &#8216;<\/p>\n<p>MR. \\f.:._t3AI&#8217;3\u00a73SA\u00a7_\\J MAN IAN . _ .1\u00bb&gt;I\u00ab:&#8217;m&#8217;1ON1-3R<br \/>\n{BY M \/S.IN\u00a3&#8217;)L%s\u00ab<br \/>\nAND:_ _ L L&#8217;<\/p>\n<p>   V  . &#8230;RI&#8211;:sII-&gt;ON13EN&#8221;:&#8217;<\/p>\n<p> .A(E5Y, Or2.1_,  &#8216;;Az,%;;x}&#8217;~i~.r,\\_r2s1&#8211;IA. CSC 1&#8211;&#8220;OR 1-a()(:}<\/p>\n<p>. &#8220;&#8221;.__\u00ab&#8221;_r}-21iS~v_..1i\u00a7Ia:AN11\u00ab:s ACT. I9E3t3 PRAYING TO SANCTION<br \/>\n&#8216;I&#8217;I&#8212;IIC&#8221; sc:H1+::w: OI&#8217; ARRANG1_::MI-\u00ab:N&#8217;r I\u00a3Ml3()I)II\u20acI) IN Till?)<\/p>\n<p> &#8220;,_SCf&#8217;~II\u00a3M.Ei. OI&#8211;&#8216; AMA.1..=!~:j:,r&#8217;1_&#8217;I&#8217;1ON} BY THIS I-I().\\:&#8221;f3LI&#8217;~l C(I)U.R&#8217;I&#8217; wrm OR WiT}&#8211;IOUT<br \/>\n&#8216;~\u00ab.&#8221;;\\.\/tOm_P1CA&#8217;raON AND 1\u00ab:&#8217;1&#8242;(:.\n<\/p>\n<p>Ii: &#8216; = -~&#8217;.I*i&#8217;-I-i 13 COURT MAO 1; TI &#8211;:1-: 1&#8243;O\u00a3,.!.OWING:V<\/p>\n<p>TI-&#8220;IIS PE&#8217;I&#8217;E&#8217;I&#8221;IOi\\?. COMING ON I&#8217;-&#8216;OR ORDERS. &#8216;FI&#8221;IIS I )\/-&#8220;\\Y<\/p>\n<p>M<\/p>\n<p>0 R D E R<br \/>\nThe p&lt;:t&#039;itio1&#039;1e:*1~. 3-1 (_&#039;01&quot;1&quot;2p211&#039;1_v m-igi1121lly im.*o1&quot;p0rat&lt;?d<br \/>\non 31A12w1993 in the St&#039;2&#039;31I&#039;&lt;=* 0!&#039; }{211&#039;nz.1E21.kz&quot;1 m&#039;1dcr El&#039;1&lt;i\u00e9&#8211;..1&#039;1amo<\/p>\n<p>Te11&#039;1ge1&lt;) Securi1.ics P1&#039;iv-me !.imitc(&#039;I. C}&#039;12;111ge(l iAI..:_%~1V1&#039;a:i1e&quot;-1;)<\/p>\n<p>BPL Celiular Hoiciings l..i111iIc(.i. by 2.1 {ms-.;h &#039;Co:*E:jjficr?\u00e9&#039;1!A0OfV&#039;<\/p>\n<p>inC()1&#039;p()ra&#039;\u00a3.ion (fated 1\u00bb6A1995 f2J.111(:1&quot;j,&lt;_Ct:. a&#039;1;.;&quot;a:i_i1\u00ab_t.g\u00a7&quot;&#039;BP&quot;,,<\/p>\n<p>C0zIm1L1niC211.io1&#039;1::: I_,imit&#039;&lt;r&lt;;l on 14w07w&#039;2000 2\u00bb1.1&quot;&#039;.;r,i&#039;: &quot;i.}&#039;2e.;&#039;\u00e9j*2i&#039;i7t\u00e9r&#8211;..<\/p>\n<p>to the prcseln 112-lme i.g&#8217;:&gt;j.&gt;\u00bb \u00a7\\\/Iobil.-:&#8217;._&#8221;&#8216;\u00a7:i&#8211;ii}cii}}gs India<\/p>\n<p>Limited, on 21-O5A2OQf3,_!.)y_\u00ab&#8217;A$cg{i1-;f1_i1%&#8221;the f.l&#8217;t&#8221;,:.&#8217;,\u00a7}&#8221;zV (?\u20ac3&#8217;U;f&#8217;iCi\u00a3&#8217;1fC?<\/p>\n<p>of ir1C()rpo;&#8217;at.i(&#8216;)n. &#8216;I&#8217;hc 21ci&#8217;ci_1&#8217;es _\u00e9 bf =&#8217;\u00a3:hC&#8217;\u00bbif\u00a73g&#8211;ist&#8217;.e1&#8217;ed 0f!&#8217;i(:e of<\/p>\n<p>the pefiti()1T1&lt;\u00a719  (ff-.():1\u20aczf1:i;&#039;i:&#039;1_\u00a7&quot;. 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Compzzmy CI&#8221;]}]&#8217;_)(.)\\-\\~&#8217;t'&#8221;l&#8217;S the (&#8216;.*(&#8216;)mp2&#8217;,1i&#8217;1.},-I 1() .r_\u00a73cliiCe<br \/>\nits silare (\u00e9apiiral in &#8216;c1(.'(&#8216;.(I)l'(.1.&#8217;:1]&#8217;1(&#8216;L&#8217;. wii.1&#8217;1 1110 })1&#8242;(&#8216;)&#8217;v&#8217;ii,&#8217;ii1fii:1?'&#8221;;:&#8221;\u00a7)1?. i&#8217;11C<br \/>\nCompanies Act. &#8216;1&#8217;1i1c B0::&#8217;il&#8217;C.l of Uil&#8217;t&#8217;.(&#8216;,1.(&#8216;)I&#8217;S of<br \/>\nCompeliiy (=.(.)i1vc:iic(1 the \u00abxim~&lt;.)::&quot;(i&#039;i&#039;i&#039;m.iiy<br \/>\nof its Sha.l&#039;C]&quot;}(.)](&#039;]CPS 011 ( \\\\&#039;l&#039;;1&#039;(\u00a7:_ii&lt;:&#039;E&#039;c?. 2<br \/>\nLmarzim()usly 1&#039;cso1vc(i in  (Jl.&#039;c&#039;&quot;1:.i-.=s\u00a7V  <\/p>\n<p>of A1&#039;1&#039;emgen1t:?1&#039;1&#039;: as e.1V}.3&quot;p..1&#039;W.e.l&#8221;&#8221;i;&gt;yj&#8217;t I-16&gt; .$1mi~c1*i&#8217;\u00a2;aici&#8217;ers of the<\/p>\n<p>Company. the i1iei&#8221;gci* (._)f-&#8216;S&amp;.1I&#8217;i&#8217;vi&#8217;&amp;&#8217;l TI&#8217;;.&#8217;l,_i1&#8242;:.i&#8217;gvP_1&#8217;i\\&#8217;a1(.&#8217; I.,imi1cd &#8212;<\/p>\n<p>the &#8220;i&#8217;ransf&#8217;erQi&#8221;C.\u00a7)i?i&#8211;i;)zmy \u00a7\\v.i.~f.l1&#8243;i.ht:f7}&#8217;ii;1_iif:isihree Compariy in<\/p>\n<p>E}1(&#8216;,(&#8216;(.)l&#8217;Cf&#8217;c&#8217;iI&#8217;1(T(:3&#8243;. w&#8217;i&#8217;\u00e9.i&#8217;i&#8221;V'&#8221;.&#8217;:5cb&#8217;i&#8221;i1i&#8217;j:&#8217;1.&#8221;=.E:iT)()&#8217;=_ 2-&#8216;-1&#8217;i&#8221;i(i &lt;)thci&#039; E-1[_)p1i(&#039;,.&#039;:1b1\u20ac&quot;<\/p>\n<p>i3l&quot;()Visii19_I&#039;}S ofIii&#039;L9:&#039;A$:ti~.!&#039;{%&#8211;c1_\u20acT&#039;*\ufb01.xriili Cleuisc 19 of the A.i&#039;t.i(tles<\/p>\n<p>()fASS()(TiE3Vfi\u20ac,).1;1 vSE1i);\u00a7(&#039;f&#039;i: i:&lt;.;1._ E1&#039;.&#039;.()1&#039;1l-il&#039;I&#039;11&amp;-1I&#039;i()I&quot;1 by this (..?&lt;.)uri..<\/p>\n<p> _   is~.&#039;_st,21t:cci at I3e&#039;ii&#039;z:i;_g1&#039;e1;&#039;)ii 22 of the petiizion that<\/p>\n<p> l&quot;ZC;&#039;.Ci1i(.?Ij iUIAV\u00a7&#039;v.OiM the (&#039;&quot;apit&quot;21l p{11&#039;S{.I&#039;c&#039;1l&#039;H to the special<\/p>\n<p>I&quot;es(ii..uti{._)&#039;i&#039;i -.;)\u00e9.1ssc3(i by 1.]&#039;}(&#039;&quot;.&#039; s1&quot;1;1reI&quot;ioidcrs an its {\u00a3xtre1~<\/p>\n<p> bi&#039;ciVi_I12:11*y&quot;&#039;General Mceiiirig l&#039;&quot;:eE(:i on 7&#039;&#8211;3~2009, will not<\/p>\n<p>_&#039;  3;.&#039;,i\\}fcxiSei}r aiieci: the potii&#039;i0iicr V\u00bb T1&quot;d1&#039;1SfE?l&quot;\u20ac(.&#039; Comp;-my or<\/p>\n<p>&quot; &quot;ifs sha1&#039;t31&#039;11*c%&lt;&quot;\u00a3iI()i&quot;s eiritif i.11ait&#039; ii. woziid<\/p>\n<p>bi<\/p>\n<p>not Cause any pI&#039;Q}&#039;11cii&lt;ie to {.119 (&quot;,l&#039;CdiII(&#039;)I&#039;S of the petitioner<\/p>\n<p>\u00bb\u00bb~ Company.\n<\/p>\n<p>E0. Le21I&#8217;I&#8217;1ed (&#8220;0L11&#8217;1sc] for the pc1&#8243;i1i0neI&#8217; submi1_sTtV1&#8217;121t:<\/p>\n<p>Company Pet&#8217;1&#8217;1.1&#8217;0n No.87?\/2009 filcd by <\/p>\n<p>Comparly before U&#8217;1(&#8216;f.&#8217; I~*IigI&#8217;1 (.I()1.1rt ()I:;_J1.Idicetai{.1v1*~\u00e9i:&#8217;_2.11 &#8216;{30r11bay&#8221;<\/p>\n<p>in the m211&#8243;t.e1&#8242; 01&#8217; S(&#8216;.hE&#8217;.lT1\u20ac &#8216;&#8212;_()f&#8217;4? &#8220;21[r1&#8217;2i171\u00a7@i&#8217;f1s\u00e9fi\ufb01-.&#8217;5&amp;1?&#8217;<\/p>\n<p>am211gama1_i0n Ar11&#8217;1exu1&#8217;e\u00e9&#8211;&#8220;H&#8217;_&#8217;.&#8221;wyvas A&#8217;a:an&lt;&#039;?ti&lt;&#039;)1j1c%d&#039;&quot;by ~Urde.:*\u00bb &#039;<\/p>\n<p>dated \u00bb-4-12-2009. subje(&#039;l&#039; II)&#8230;_g:\u20acx!,1(&#039;f%,i_\u00a7)l&#039;1 By&quot;&#8211;\u00a3&quot;Viji$ \u00a7C01.11&#039;1&#039;. in<br \/>\nthis pemion.\n<\/p>\n<p>11. &#8216;I&#8221;hiss&#8217;  (3&lt;1i_&#039;.i&#039;l&#039;i&quot;&quot;. iI1&quot;._T.C311 (&#8216;()l1S\u20acl&#8221;11&#8242; in the ac(&gt;0rdi1&#8217;1g<\/p>\n<p> wif1&#8242;;&#8212; 1&#8242;:h e= :&#8217;::s(fm3111\u20ac of a1naiga1n;&#8217;1l&#8217;i&lt;&#039;)r1 while d1&#039;rec1.ir1g<\/p>\n<p>c:6nx?&#039;e1&#039;1ir1g&quot;&#039;:i_i&quot;$110 l11(&#039;(TliI}g of 1.11:) 1_2m3e0ured (&#039;*redit&#039;or.&lt;s on<\/p>\n<p> ._\u00bb2w5u2G(v) \u00a7_ at 10.30 21.m. 211&#039;. its I&quot;egisf.ere&lt;:i ()i&#039;i&#039;.i&lt;:e. The<\/p>\n<p>&quot; &quot;1&#039;rari&#039;s.fe.re\u20ac: Coxnpemy I&#039;12.1vi1&#039;1g &lt;_:0n1;)iie(.1 with the said<\/p>\n<p> ottier. the Chairman] of i&#039;h&lt;&#039;.= r1&#039;1ocIin;__{ filccl his 1&#039;cpoI&#039;I&quot;_<\/p>\n<p>UK<\/p>\n<p>Am&#039;1exL1re~&quot;S&quot; st.al.i1&#039;1g\u00a7 i111;-11&#039; the 1.I.nseCi.1rcd e1&#039;edii.0rs<br \/>\ni.m2.L1&#039;1im0us}y app1&#039;(.)ve(:.} the s(*he:m=-;.= of ai&#039;1&#039;a.1&#039;agei1&#039;1ei&quot;1i.\n<\/p>\n<p>12. It is st&#8217;a1&#8217;e(i} iiiat xipoii the sc._&#8217;.heme {raking effec&#8221;t..<\/p>\n<p>a t0i&#8217;a1 of 9.27.750 equity s}&#8217;1:e1:&#8221;e.s will be iSSll\u00a7'{1&#8242;:&#8221;i.\u00a75&#8217;~,l.}}(&#8221;<\/p>\n<p>shz11*e}1()1(ic%rs of the T]&#8217;\u00a31l&#8217;1Sf(.&#8217;l'(&#8216;)l&#8217; C0n11:)a11_\\,\u00ab*. Th  <\/p>\n<p>Company will issL.1e and allot. 8._4.().,QOO =-rgf<\/p>\n<p>Rs. 10\/ ~ each fully paidmp [the &#8216;:\u00a5?Aii*9:i.Anew&#8221;ec}i,s_ityAus\u00bbiV&#8217;i&#8217;e1;;e\u00e9::&#8217;}<\/p>\n<p>in the ratio of 84:1 and Li&#8217;p\u00a7)&#8221;1&#8217;1&#8230; t.}1c&gt;&#8221;:%L:he&gt;r11Ve;V cf()_ihii1g: i1&#8243;1tO&#8221;<\/p>\n<p>effect. the &#8216;l&#8217;ransfere,e Cc.)n1.1.3ai1:.r &#8220;will i\u00e9;s~u..e &#8230;v:iz1d allot.<br \/>\n8&#8242;?.75O equity s}&#8217;1211&#8217;\u20acrs&#8221;i)i&#8217;i }?'{A..%\u00a7&#8217;I;_()\u00a7&#8217;;*,\/V\u00e9\u00e9 c\u00a7}&#8217;:e: i1.VVI&#8221;tiz.1V}y })diCi&#8221;UI3 {the<\/p>\n<p>2&#8243;&#8221; new ecliiitfy. s}1:\u00e93:i'(75;;&#8221;&#8216;).&#8221;&#8216;iI() ihe Equity she11*e.holcio::rs of the<\/p>\n<p>&#8216;I&#8217;1*a11si&#8221;e1*0r &#8216;CVc)i1i;)\\z:i:~1y-iii&#8217;&#8211;ii_ii'&lt;:&quot;&#039;1-z&#039;.i:io of i : 200. The Equity<\/p>\n<p>sha1&#039;r;.;+3~v aiid V p.1fcVi&#039;e,1*eI&#039;1t,-.c&#039;: s~;}&#039;12u*es; held by the &#039;i&quot;1&#039;a1&#039;1sieI&#039;()1&#039;<\/p>\n<p>.V&#039;C.Qffi}3E1Ii&quot;}L\\:?&#039; &quot;i:1_ the &#039;l&quot;1&#039;21i1sfe1&#039;ee Company shall stanci<\/p>\n<p>i&#039;ea1=iceiied&quot;&#8211;\u00ab.,  xiii-i.1Ii()1.1t EI1.l1y f1z:&#039;t&#039;:he:* e1pp1ic&#039;:z=:ti011. acri.<\/p>\n<p>i11sti1&lt;.Li111,e1&#039;1i.Vt)? deed. The relnaiiling s11a1&#039;es of {he<\/p>\n<p> r23I1sfe&#039;r&#039;ee Company wiii be cancelled in the ratio (K2199<\/p>\n<p>_&#039;  Sll\u00e9ireis out of ee:1-eh 2200 equity .~si&#039;12u*c:.s 2-and (&#039;1*e(1ited to the<\/p>\n<p>&#039; &#039;C&#039;e1pii.al Rec:1L.1(?1i()n A(tc0:..1 m. which will then be acljuste&lt;.i in<\/p>\n<p>33%<\/p>\n<p>the debit bz1};1I1(.&#039;.c in the P1&#039;of&quot;:&#039;t&quot;&#039; 2;1n(:l loss Ac(&#039;*o1.11&#039;1t of the<\/p>\n<p>&#039;i&#039;1&#039;a:&#039;1si&#039;er&#039;e&lt;:&#039; C om pa 11y .\n<\/p>\n<p>13. Though public 1&#8217;1&lt;.)ti(:&#039;&lt;=== was issL.ic-2_ci&#039; &quot;(&#039;)&#039;n.. &#039;v&#8211;2_5wQ_5;_<\/p>\n<p>2009 pursu2&#039;u&#039;1t E0 the&#039; (I)I&#039;d(&quot;.&#039;i&#039; (la-xtcjgl \u00a3Z)f&quot;&#039;<\/p>\n<p>the creclitors or sI&#039;1e&quot;11&#039;t:*}1(&#039;)l(ie1&#039;s e1&#039;;j)pc;:m.=&#8211;:i i3ci&#039;&lt;ar&#039;E:: C::mr&#039;ti1:_tic)<\/p>\n<p>oppose the saxicl 1&#039;\u00a2&#039;-rsoIu1io:=:&quot;. &#039;4-.._&#039;VI&#039;11e r&#039;w2cgi&lt;.)1&#039;1zI-:1&#039;[)ire:c;?trr3r. onf<\/p>\n<p>notice. represcmlcd by (&#039;():1:&#039;1_s_\u00a21&#039;~5u~!\u00a7mi&#039;\u00a3S &quot;t\u00abE:1;_:1 fin: has 110<\/p>\n<p>obj ectiion f0 1&#039; p\u20ac}&#039;E&#039;I1i1I in}; h C  c;n&#039;1E&#039;&#8211; ff. _air.1f21nge1nent.<\/p>\n<p>14. In ihxjVCirc&#8217;1.t\u00a7msl.zz&#8217;1\u00a7c.t\u00a2S;fi*.3-un *c_;f&#8217;Vt:11e opinion that<\/p>\n<p>the pI'();)()s_;,ej.(1&#8243;&#8216;\u00abal\u00e9iid-;&#8217;1 oi_&#8217;&#8211;.._1&#8242; I&#8217;:r_j&#8221;F1&#8217;a1_1sil:1&#8217;e&lt;;v Company. in no<\/p>\n<p>&quot;I213? . 2i\u00a71&#039;e(%t.S 1&quot;h(=:J.qi&#039;I&#039;1j1\\(+:7\u00a7&#039;VS4\/5&quot;&#039;fwf&#039; U19 (&#039;I&#039;L.&#039;diI.()i&#039;S as well 2&#039;-1.5 the<\/p>\n<p>S}1&#039;c&#039;1I&#039;(%}1(j)1dV.L&#039;i&#039;17b; 0i {._!1(*._ (_:&#039;.f&quot;.)..I~&quot;A1V&#039;1})i1l1_&#039;\u00a7-&quot; e&#039;I.11(! that thc rcs0111I&#039;i(&quot;)11<\/p>\n<p> A1m&#039;\u20ac:x1:1_13&#039;c~.-ffij&#039; :i\u00e9&#039;\u00ab:c:3._s__\u00a2I&#039;.;) I09 confirxm-=:d. Ac(_fc)rdir1g1y, 1 pass<\/p>\n<p> 1 1,16 ib1i&#039;0v\u00a7&amp;ri1\u00a7gAinrclm&#039;:\n<\/p>\n<p> (i) &#8216;i&#8217; hj_e.5&#8217;recipacttion oi&#8217; l.1&#8243;l(&#8221; slmre (\u00e9apital of&#8217; the<\/p>\n<p> ._\u00bbpet&#8217;:it:i(m1&#8217;1 ])a$sec1 2-Ii thcr n&#8217;1et:&#8217;ti:&#8217;}g nfi:1&#8242;}e sha1&#8217;e}mick%:&#8217;s on<\/p>\n<p> 7&#8242;-$342009 An11ex.u1&#8217;c-&#8216;3 &#8220;L&#8221; as c&#8217;1ct&#8217;21ile(i Imder:<\/p>\n<p>Mi<\/p>\n<p>&#8220;Res0l\\=&#8217;cci Hl\u00e9lii. in Ecrms of&#8217; me prvisioz&#8217;1s<\/p>\n<p>of Ciausc-L&#8217; 7&#8242; of Hit&#8221;? Sciioine of Arra11gci&#8217;nc{:.&#8217;i&#8217;~!._<\/p>\n<p>{Schc1&#8217;11c:) as appi&#8217;0\\-&#8216;(&#8216;rd by the Sl&#8217;1a1*eh()lciers=.(\u00a7&#8217;i7_ <\/p>\n<p>the C(&#8216;)mp2my and })i&#8217;c1(&#8216;(&#8216;fd hcf()i&#8221;e this 1.]i_:'(.&#8217;_&#8217;.&#8221;{&#8216;;?'[j&#8217;i&#8221;i_.1v&#8217;v&#8217;\u00a7_&#8217;_5&#8242;.. -1-<\/p>\n<p>for 1&#8217;efcrc:1(&#8220;c. ill the m==21.1.i re Of11]C1&#8217;g3;C,iT.,(:.}_}:~S\u00e9&#8217;1~!&#8217;jVI.2-1_<\/p>\n<p>Tr&#8217;a1c1i:1g Pvt. Ltd. with H&#8217;i;;iMCOi'&#8221;\u00a3&#8217;!p\u00e9:\ufb02&#8217;1&#8217;1yfeliid iii&#8221;<\/p>\n<p>a1C(*0i&#8217;c1::1I&#8217;1(%211}. ~~,1;:rf:e\ufb01\u00b0~ iv<\/p>\n<p>appiicable. pmvi 5 ion  &#8216; T _(.)&#8217;f. _V the &#8216;Cc)n2 ,;)2.1ir&#8217;1ic?-.=f\u00a2_&#8217; ~A.r:i. <\/p>\n<p>1956 [Act] {ii&#8217;1c.i1.iciivii&#8217;ig &#8216;  211iy&#8217;&#8212;  is&#8217;1&#8242;.&#8217;2-1i1.if:!_()i&#8217;y<br \/>\namendmeri 1. 0 1.&#8217;  &#8216; en  &#8216; &#8211; ._ A1-&#8216;he:&#8221;eV\u00a7iAi}  an (71<br \/>\nclause 19 of the 4&#8217;AV1&#8217;_i&#8217;i'(:it:-s+;5t.)i&#8217;  of 11hr:<br \/>\nC0mpany_*&#8211;  ;&#8217;\u00a31&#8217;i&#8217;1(&#8216;i::&#8217;;  to<br \/>\nC()I1fii&#8217;4i]]\u00a7._:._:V&#8217;1&#8243;(ivI&#8217;_;,&#8221;:\u00bb:&#8221;1&#8242; i\/:&gt;=:1iic&#8217;1::;;.r)_u:&#8217;J1  :\u00a7&#8211;)i:&#8217;  &#8216;&#8221;i&#8217;I:1e H0n&#8217;ble<br \/>\nK21 m  v:_A:*1i1ti}v O&#8221;t:&#8217;hi: bodies and subjrx-,1&#8243;\n<\/p>\n<p>t.{5&#8217;_s:L1\u00abchV c(;)1&#8217;*:V&#8217;Ei&#8217;it_ii(:&gt;:.1_\u00a7&#8217;-gig; may }:)c prc.*sc&#8217;i*ibcCi by<\/p>\n<p>E-&#8216;tl&#8221;}yV (:&#8217;.J&#8221;iv1&#8243;l(?I&#8221;H &#8216;wl&#8221;1iAi&#8230;\u00a25:7&#8217; giuiiiziiig such app:&#8221;ove&#8217;11.<\/p>\n<p> Cvonseiiiif &#8216;p.eA1&#8217;n1i.sV3i()1&#8217;1 21:&#8217;1ci\/or S&amp;1I1(.TU()i1. which<\/p>\n<p> \u00a7E&#8217;)Ci_.\u00a7-1gl'(&#8216;.t?(i to by the E302:1i&#8217;d oi&#8217; I)irectc:)r*s of<\/p>\n<p> 1h:\u00e9f._C&#8221;dir:pgmy [whi(:&#8217;1&#8217;1 imiy ijjc 2-1gg1&#8243;ccrci 1:0 by i:i&#8217;1&lt;-.*<\/p>\n<p> &quot;&quot;BO&amp;:1I;(\u00a31&#039;:_&#039;C)::f I.)i1&#039;c(?1&#039;()i*s of 11119 Comparly {which<\/p>\n<p>&quot; r;x&#039;pAi&#039;essi()1&#039;1 shall :&#039;n(.&#039;i1.z(ie Board or any<\/p>\n<p>h&#039; .  CE)&#039;I11mi1tc:c c:(msiiim:.c\u00a2(! by i&#039;I&quot;l(&quot; Bcmrci}. the<\/p>\n<p>_?(:011sc:n1. of U&#039;1(&#039;:&#039;. (&#039;oi&#039;npz-iny be e;m(i is hc%H3i)y<\/p>\n<p>giw31&#039;1 for 1&#039;f3d1,.i(&quot;I.i()l] of sl&#039;1z\u00bb1re ctdpiiai of the<\/p>\n<p>93%<\/p>\n<p>&#039;    <\/p>\n<p>C0mpa11_v by way of (7e;111ctc. shares of  100 e,acjfE*a&#8221;-.T<br \/>\nor s1.1(.*.h n1..1m\u00a7:)er of equity or p1&#8243;\u20acfc1&#8243;e11(~.C Shh<br \/>\nthat rnay arise }:)1.u*sua11l&#8217; to the S(&#8216;he11m*&#8211;\u00ab 1.:gj()1.i&#8221; <\/p>\n<p>the ir1&#8243;1pIeme?11I.aIion 1.hc&#8217;=;&#8217;1&#8243;c()f.\n<\/p>\n<p>Resolved fu1&#8217;lhcr that B()211:*~r&#8217;| rh_&#8217;:_i1&#8217;_V:\n<\/p>\n<p>&#8216;hereby an 1ih01*izc&gt;d I 0 *rf1&#8217;0\u00ab-..;V1:&#8217;1c_i &#8220;pti&#8221;i;f()VI&#8217;11&#8243;1&#8217;l'(}h.\u00a7<br \/>\n210115. deeds, 11131191&#8243; 2u&#8221;1c&#8217;l x&#8217;i=vi;1_xi&#8217;1}&#8217;.-gs n12 1;y in<br \/>\ntheir absoiutx:-* .Ciis;\u00ab(:1&#8217;eI&#8217;:&#8217;it5&#8217;i1&#8243; L (1{c?\u00a2&#8211;Vf1&#8217;1._{&#8216;c&#8221;?1t*(:|&#8211;.:&#8217;En &#8216;i}.1E;=_ ss1.:'{)_jV\u00a2'(&#8216;rt&#8217;_ r112&#8243;11&#8242;.t.:==;&#8217;a&#8217; of<\/p>\n<p>the abC__ive:{&#8220;cVs&lt;:;v1&#039;:1I:i%)1iV  A..1&quot;}&#039;m&#039;__V&quot;&quot;fI121y in IIh(&quot;il&#039;<\/p>\n<p>ab&quot;S&#039;t)&#039; i&#039;L11. \u00a2j disE*f11&amp;:t.itfnicicrc-11&#039;i&quot;Iii. a 11 (E p ro [36 r. &quot;<br \/>\nis &#039;cQ1&#039;ifi%r1*r&#039;:&lt;%rV_(;l&#039;. &#8211; f v<\/p>\n<p>.-{ii} Tlici f()m&#039;1&#039; 0}&#039;. 1\ufb01i111.:1c as dCt21i}c(&#039;l L11&#039;1clc?r .s1.ancls<\/p>\n<p>FORM OF MINUTE<\/p>\n<p>&quot;Ap;51*Lci\\*ei.l  hc1&#039;c-31;)_v e1(*(&#039;(::)1*c&#039;lc(| p1.lr.s51..1;:;11&#039;1I to<br \/>\nS\u00e9(:.1i&lt;j\u00a71&quot;: 100 of the C(,)l&#039;1&quot;1pE-,1l&quot;}i(:&#039;3S AC1. 1.956. 10<\/p>\n<p>A  th\u00e9 Special res01m&#039;i()r&#039;1 of the Company cl21t:.ed<\/p>\n<p>A&#039;   ..&#039;Ma1&quot;&lt;:h 7. 2009. 21p;;)rovi1&#039;1;;;&#039; the reduction 01&#039; the<\/p>\n<p>WK<\/p>\n<p><span class=\"hidden_text\">22<\/span><\/p>\n<p>issued, s1.1t)sc.1*ii;)(&gt;(&#8216;f 2-md paidnup eql.1i1&#8243;y (&#8216;%z31pi1.al<\/p>\n<p>of the Company by Rs.249.34.45.lOO\/&#8211; from<br \/>\nRs.249.45.80.0i30\/m divided i:1t(&#8216;}24.94.58.OO\u00a53&#8243;\u00bbj<br \/>\neqL.1i1y slmrcls of Rs. 10\/ M c21(&#8216;1x1H__&#8221;&#8211;v  V<br \/>\nRs.11.33.930\/- ciivideti mm .1.13.39344&#8217;::E'(1i;%\ufb01.\u00a7'&#8221;&#8221;~&#8217;is<\/p>\n<p>shares 0fRs.1O\/- c2:Cl'&#8221;1.&#8221;\n<\/p>\n<p>(iii) The pet&#8217;i1&#8242;.:&#8217;0ncr &#8212; (Jc_&gt;1*zT1pz-11i&#8217;y rt.) 1b(:l;_gC&#8217;=.1  (;:(,);:.y~!.}iis_<\/p>\n<p>order and s(:}&#8217;1en1e. duly autm;i&#8217;i~i.i&lt;&#039;%2:-11.\u00e9(iV._by&#8211;.{h&#039;e: R&#8211;.cg_ijiSt&#039;r211&#039; of &#039;<\/p>\n<p>Companies in Ka1:&#039;m:1.t:&#8212;11:21, wi&quot;\u00e9&#039;?1=tile&#039;&quot;1.nspc2(*i.()1&quot; VGeneral of<br \/>\nStamps in the State&#039; of;_Kain}i1\u00a3fe.1}\u00a7;:1&quot;&#8212;fog&#039; &quot;\u00a2_l&#039;1E&#039; p1.1rpse: of<\/p>\n<p>adjudicatiotl &#8216;(\\f&#8217;.5i&#8217;a!.l1}1j\u00bb: ;-(%&lt;.: 2&#039;1&#039;c.:\u00a7\u00a7t&#039;;-;:&#039;(&quot;iiugly.<br \/>\n{iv}  ;)ef&quot;11_.i(&#039;)&#039;;.1c&#039;?r.in c.:2=u1sac p1..1bli(.:e&#039;:-11i(m of the form<\/p>\n<p>01.&#8217; p\ufb01airililg\u00e9s (51&#8217;7&#8230;.n1(%ctji11\u00a7.}; in the &#8220;Hindu&#8221; 2.11&#8217;1d &#8220;Vijz:1yz.:1<\/p>\n<p> .K21r.1&#8217;_1ai:i;1Ke1&#8221;-, &#8220;~&#8211;B211&#8217;ag21lo1&#8243;e ecl.it:i0n. wii.h.in 30 days of<\/p>\n<p>in_t&#8217;Vi&#8217;mVat.Vi'(3~:Vi_&#8217;~of &#8220;\u00a2,_l 1&#8217;f;~&#8217;s ()1&#8217;de=&gt;r to the I3&#8243;\u20acc3;\u00a7ist.1&#8217;21r ofC(&#8216;)n1pa.111i0s.<\/p>\n<p>S&amp;\/we<br \/>\nJudge<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karnataka High Court Loop Mobile Holdings India Ltd vs Nil on 7 January, 2010 Author: Ram Mohan Reddy IN &#8216;E&#8217;I&#8211;IE HiC}H C\/(Z){EI&#8217;\u20ac&#8217;I&#8217; OF Kz&#8217;\\RE\\IA&#8221;i&#8217;AKA AT BANGA.i..(.)RE DATEI.) THIS THE 7&#8243;?&#8221; DAY OF JANUARY. 2010 B EFO R E &#8216;I&#8217;HI:3 HON&#8217;B1,\u00a3a MR. JUSTECE RAM MORAN RI:\u00a7f)_I JY__ COMPANY PETITION No.92 OF 2oi)&#8217;9\u00ab _ BETWEEN: LOOP N1O1:3IL1~: [&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":[8,20],"tags":[],"class_list":["post-182208","post","type-post","status-publish","format-standard","hentry","category-high-court","category-karnataka-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Loop Mobile Holdings India Ltd vs Nil on 7 January, 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\/loop-mobile-holdings-india-ltd-vs-nil-on-7-january-2010\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Loop Mobile Holdings India Ltd vs Nil on 7 January, 2010 - Free Judgements of Supreme Court &amp; 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