{"id":191439,"date":"2008-07-03T00:00:00","date_gmt":"2008-07-02T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/heartland-bangalore-vs-nil-on-3-july-2008"},"modified":"2016-03-01T05:31:21","modified_gmt":"2016-03-01T00:01:21","slug":"heartland-bangalore-vs-nil-on-3-july-2008","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/heartland-bangalore-vs-nil-on-3-july-2008","title":{"rendered":"Heartland Bangalore … vs Nil on 3 July, 2008"},"content":{"rendered":"
Karnataka High Court<\/div>\n
Heartland Bangalore … vs Nil on 3 July, 2008<\/div>\n
Author: Mohan Shantanagoudar<\/div>\n<\/p>\n
<\/pre>\n
IN THE HIGH com’: 0%’ KARNATAKA AT eameaw\ufb01xa
\nDATED THIS THE 3″‘ my 0? JuL.\u00a5_,;2aQ’s.    _<\/p>\n
swoag  <\/p>\n
me HQNBLE ;sxa.JusTIcE Mcm\u00e9s$HA%s4TAm6ca;:\u00a3>;a\u00a7<\/p>\n
CQWANV
\nBE EH:      <\/p>\n
H-tzarzb iand Barzgaiwtet-:ran:%cz’i;;31i{c\u00a7n_’ ~  . ” ‘ ~ % _
\nAnd Sezvicres Prxv’ ate Lin:_1_i1′:a=,ec’i—. ‘ X  AA<\/p>\n
A Canxy\u00e9zziy’ :ii1::<\u00a7:'f}01*ait::\u00a7\u00a7:"iL.\u00a31;;\u00a31s:1' the
\nPmvigion\u00e9 .;:\u00a5f'  <:un:ipg;:;ie:.__Act,,.? 1956
\nHas;i11g its ..RegiStfefed caf\ufb01tze at V
\nP10f} No._1f 1; 'B:;z;i1\u00e9=rghait$a Road<\/p>\n
Arake re, .13a11gaE_%3′- Q?..’–5<\/p>\n
Kaifnat\u00e9z ka. . . Patifiolzer<\/p>\n
 Sn: cm:ap;\u00a7gL’& C3,, Ac1v,,)<\/p>\n
 V_    ..R=::.\u00b0sp0nd\u20ac:nt<\/p>\n
 Sri 17;}As\u00a7eApak, far Official Liquidaior<\/p>\n
sr;..:3;:\u00a7:, Rajendra, ccsc far ROG)<\/p>\n
This Company \u00a73’ef:Etion is \ufb02ied zmcitsr Sections 391 ta<\/p>\n
 394 0f the (1o.mpza11;i{:s Act, 1956, praying to sailcticsrz the<\/p>\n
sclrmme 0f Arrangamezat zmd AmaEgan1a?:ion so as to be
\nbim:iir;.g on al}. the creeiitors, hath secumd am} unsecu\ufb02ed<\/p>\n
“*3:\n<\/p>\n
and the shamhol\u00e9ers of the. company and (:3 “t\u00a7:;<:. saini
\nCompany' .. _  <\/p>\n
This csmpany petition ctoming on f<3r"'0:\ufb01:'\u00a3i\u20ac#;"s.,VV<\/p>\n
the (301111 mach the fo}l0wi11g:~<\/p>\n
Petit.i011er–T1"a11sf6r6;*..__2
\npreSE:I1t pvatitian under   1  1394 of the
\nCsmpani\u00e9s Act,  _ (f\u00abg:r  referred to
\nas the 'Ac\ufb02 'fa:  of Merger.\n<\/p>\n
2:.   :f.L*\u00a7c \ufb01\u00bbf\ufb01:~rat@d on 38.8.2600<\/p>\n
un\u20aci.::1**- the p::;\u00bb;:s3%.:%:ga1* the Act, as a 13}:’iva1;e limited<\/p>\n
<::::\u00a7I;p\u00e9\u00a7::*;.jg*.A _   G\ufb01ice of the petitioner\u00bb<\/p>\n
 "sit1_;;;'\u00a2ad at P10: No,1\/ 3., Ba11I}e1*ghat'i;a Read,<\/p>\n
'  V' "Ara-}\u00a7\u20ac:1"\u00a7',\u00ab.i\ufb01azigalore76.\n<\/p>\n
V  authorized share capital of the p:=:ti’ti<}31e;'–<\/p>\n
g\ufb01aipa\ufb01y is Rs.E.~,G{),{){){)\/- consisting of 59,000 of equity<\/p>\n
 L\ufb01ifxares of B2310\/~\u00ab sack. The issued, subscribed and<\/p>\n
pai\ufb01 up capital is Rs.1,\u20ac}(},0\u20ac}8\/~ censisting caf V};-f_)1,0{}{} of<\/p>\n
tsqaity shares 0f \u00a325.10\/~ sack}.\n<\/p>\n
4. The main object sf 1:116 petiti0;:\u00a2i’\u00bb~L\u00a7:or\u00a71p%:\u00e91;\ufb01y’ K<\/p>\n
provide managerial, e:1gi11cT\u00a7%z:1*iIig1;  “mfai13iI.\u00a7g~,   <\/p>\n
softwar\ufb01 acctmizting  3..I”1d ‘
\nC\ufb01il\ufb01l\ufb01tafl\ufb01jf ta.Mu1’\u00a5:i    ot\ufb01\u00e9r
\nc}.ie1::z’\u00a3:$ in {ndia  .’\u00bb3\u00a7r~::vid<\u00a7 E\u00e9biisultancy far
\nicieluti\ufb01catic-:1' {if  Gb\ufb01\u00a7\u00a7\u00a7i\u00aei\ufb01es in India, in<\/p>\n
  a.s\u00a7 "S\u20ac:'\u00bbi'txI.rar\u20ac developmerat, gwatzn
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i:}.e_ntiii4:i:a:t\u00a7;{21i:.V<':~f S3;-\u00e9S"0f mew projects, etc.<\/p>\n
'  = 51'..Th6'ViV::\u00a7;\u00e9i\u00e9{i13.g 9f the Board of Directors 0f the:<\/p>\n
   was heid on 1. 12.2907, in which the<\/p>\n
A  Mergrza" was appreved. A eapy cf the Sitheme<\/p>\n
 _ _ 0f..f:\u20ac{.\u00ab:\u00a7rg\u20acr is produced at Am1&xure~\u00bbA $0 the petiticm.<\/p>\n
6. The })6{ifiOf}6F~COI}1p8;f1}F has only fine securad<\/p>\n
creditor and the said securad creditcsr E15355 given N0<\/p>\n
L\/5<\/p>\n
Qbjectis\ufb02 for “the Scheme 0f A1Tar1ge:1;\u00a7i:\u00a7\u00a7;;T._V The<\/p>\n
petitiGI1er~C0n1pany has two s11a1’eI1:)ld\u00a7:’S’   of<\/p>\n
them have no Gbjectien for the Scheme… __’:f;T.h\u20ac~..\u00a7311se\u00a7:im~f;{“i’-<\/p>\n
eraciitors have: 3150 given  I5I<:~f'D\ufb01j\u00a7{:ti\u20ac5:':'  -:<\/p>\n
Schema. '1'heref0re, $36..\n<\/p>\n
apijiicatiorx befer\ufb01 this  -1:;;1d’\u20ac 1′  391 of the
\nAct, in CA.N<\u00a7. '}i\u00a7'\u00e9;5_1 " permission to
\n\u00ab::1ispe1'1s\u20ac  " }:1:::eiiI1g of the
\n     aim us:1s\u20acc'L:1*ed
\nC1;i:dit::1"\u00e9{VL"%i3'i df "app%\u00a7.<.:ati0I1 was eliowed a\ufb01d<\/p>\n
conv\u00e9f\ufb01jiig \u00a7\ufb01'_\ufb02'1?\ufb01"F1T.1:\u00a7\u20ac'\u20acTi}1g 0f the $ha1*eh61de1*s, secsured<\/p>\n
.\u00bb};redi?Q1's a:1:iVV__:,;:33cwcz13:*r:d cret\ufb01tors was dispensed with.<\/p>\n
'   th\u00e9: presserit mtitiezi is filed on 31.12.2007<\/p>\n
"   513%;-ravai of {I16 Schelne by this Cce':.1r"t.<\/p>\n
x  L 7. This Ctcwurt. issued 110t:i<::e of the petition it} the<\/p>\n
V'  Regienal Direc\u00e9tor and 31% Gi\ufb01cial Liqtiiiiatar and 33st)<\/p>\n
orcimeii advartiseiazxant; in "Hmdu" and  nizacia,<\/p>\n
. 5 ,
\nPrabha" Iiewspapers. Accerdimgly, the aCiV\u20ac1"iiS\ufb013111\u20ac:i1i 0:"<\/p>\n
the petition was taken gut in {ha said newsp\u00e9\u00a7p\u00e9\u00a7i_'$\u00a7'' ,<\/p>\n
8. Though ‘\u00a3116 Ragistmr Gf  <\/p>\n
wi\ufb011 “S16 iigtic\u00e9 and th0ug1?i \u00a7pi\u20ac\u00e9”\u00a7\u00ab.<\u00a7 Xff:1;:1'\u20ac*_{$'\u00bbi\ufb013i'1_t\u00a7:{i *'!:}}?'1  <\/p>\n
aezivecats, til} this day,   ':T1f1.\u00bbV\u00a3}*t}'1\u00a73r
\nwerdss, he does net hav$"a$f\u00a7;\u00bb0bjj\u20ac:Ctic\u00a7nA i'}i;1' VS\ufb01;;hen1\u00a7 sf
\nBv'\u00a3e1'ger. V' 'V A V'<\/p>\n
9. Thy:  his report. 0:11<\/p>\n
 Ceurt that the aifairs 0f the<\/p>\n
  not appaar to haw: been<\/p>\n
.. g\u00a7\u00a7iGIE\u20ac3L1Ct\u20ac\u00a7ii”  a manner prejudiciai to the i3:1te1*e:.st af its<\/p>\n
A ” -. _V;1*:r:\u00a7:I3A7:.’j\u00a33i?’;\u00a7t:%’s\u00bb3.a:_):{‘ to the pubiic.<\/p>\n
 V”\u00a7:’1″1e ‘\u00a7’ranssferee Company is a Baku’ based<\/p>\n
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bath {hit shamh<)k1e:'s :31' the pe\u20acitie11\u20acr'c0n:1};:a11\u00a7; 113%<\/p>\n
M<\/p>\n
no csbjectian for marger. ?urs'u.ant t0 the: S\u00ab_che111e 03?'
\n%.\u00e9\u00a7erge:: ~*::2'1:13.”}.1; af<\/p>\n
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magi candi\ufb01ens of g:"a31t-.\u00a7\u00a7i'~.\u00a71'edit..__ Spa}: %.%Stiic'ii\u00e91T1 0? aha
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f\u00bb\/5<\/p>\n
that {\u00a3115 is ii fit $356 is a\ufb01ew tha pci\ufb01itien. Acg\u00e9zx\ufb01iiigly,
\nthe fe\ufb01owiiig erder is ma\ufb01a:-' T<\/p>\n
Th\ufb01 Sarzhtz-'me af m\u00e9rger pi*.0pt.i=':'~3\u00bb3;d h;:_ tki\u00e9 ;3i::\u00a71i%,ie:\u00a7;,i_s2r-<\/p>\n
c\u00ab:}mpar1},-\u00ab* is samiiione\u00e9. "  S\ufb01iiltl\ufb01 be _"ai11ding a\u00e9xi'<\/p>\n
equity S1'i$'\u20ach\u20ac.')1(i6I';S a;z1ciV…\u00a7:if<:::;ii'?:\u00a3:r1"s bf'-3;11e_;\u00a7petiti01*1\u20ac:r–
\n{:0mpa:1}2.<\/p>\n
Tha  ‘~is:.r,5\ufb011’e<:t\ufb01d ':0 draw' up
\n(iecree       '
\n T-he Vp\u00e9:3:i\u00a7i<\ufb0111\u00a7i"=~s;\u00a7t;3:\u00a71p.*\u00a711\u00a7; she}; \u00a3316 8. certified cap}?<\/p>\n
of '\u00a3h\u00a3:"'-z;;;'d\u20ac:rV""~.\u00a72ii%:  4Re\u00a7's'i'5*a;i:' \u00a331' Compamkis withiii<\/p>\n
 days'-  'ii-*.r:p1fQ the date of the ardar. The pe{iti011\u20acr–<\/p>\n
'  'C{31i3\u00a7}%1Iij*;% S3"1aiv __ I stand disseixre\ufb01 xvimout ihere baing any'<\/p>\n
* A .{;1*&:i\u20aci'A Gfjxafizidizlg up.\n<\/p>\n
‘ ..  .P\u20acti$:i<m is aiiawed ac<:c;1*&i11gi\u00a7\u00a2.<\/p>\n
"'C}{j – It
\nJudge<\/p>\n","protected":false},"excerpt":{"rendered":"
Karnataka High Court Heartland Bangalore … vs Nil on 3 July, 2008 Author: Mohan Shantanagoudar IN THE HIGH com’: 0%’ KARNATAKA AT eameaw\ufb01xa DATED THIS THE 3″‘ my 0? JuL.\u00a5_,;2aQ’s. _ swoag me HQNBLE ;sxa.JusTIcE Mcm\u00e9s$HA%s4TAm6ca;:\u00a3>;a\u00a7 CQWANV BE EH: H-tzarzb iand Barzgaiwtet-:ran:%cz’i;;31i{c\u00a7n_’ ~ . ” ‘ ~ % _ And Sezvicres Prxv’ ate Lin:_1_i1′:a=,ec’i—. ‘ […]<\/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-191439","post","type-post","status-publish","format-standard","hentry","category-high-court","category-karnataka-high-court"],"yoast_head":"\nHeartland Bangalore ... vs Nil on 3 July, 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\/heartland-bangalore-vs-nil-on-3-july-2008\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Heartland Bangalore ... vs Nil on 3 July, 2008 - 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