{"id":204528,"date":"2009-02-24T00:00:00","date_gmt":"2009-02-23T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/kushalbagh-marble-pvt-ltd-vs-none-on-24-february-2009"},"modified":"2016-02-23T00:33:10","modified_gmt":"2016-02-22T19:03:10","slug":"kushalbagh-marble-pvt-ltd-vs-none-on-24-february-2009","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/kushalbagh-marble-pvt-ltd-vs-none-on-24-february-2009","title":{"rendered":"Kushalbagh Marble Pvt.Ltd vs None on 24 February, 2009"},"content":{"rendered":"
Rajasthan High Court – Jodhpur<\/div>\n
Kushalbagh Marble Pvt.Ltd vs None on 24 February, 2009<\/div>\n
                               1\n\n            S.B. COMPANY PETITION NO.4\/2008\n            Kushalbagh Marble Pvt. Limited\n            (Transferee Company)\n\n            DATE OF ORDER :         24.2.2009\n\n            HON`BLE MR. PRAKASH TATIA, J.\n<\/pre>\n
Mr. Sanjeev Johari, counsel for the petitioner.<\/p>\n
Mr. Vikas Balia, counsel for Official Liquidator.<\/p>\n
            This is a petition filed by Kushalbagh Marble Pvt.<\/p>\n
Limited (hereinafter referred to as the ‘petitioner Transferee<\/p>\n
Company’) under Section 394 of the Companies Act, 1956<\/p>\n
for sanctioning of Scheme under Section 391-394 between<\/p>\n
(1) Kushalbagh Marmo Pvt. Ltd., (2) Kushalbagh Minerals<\/p>\n
Pvt. Ltd. and (3) Kushalbagh Marketing Pvt. Ltd. being the<\/p>\n
Transferor Companies with Kushalbagh Marble Pvt. Ltd.,<\/p>\n
being the Transferee Company.\n<\/p>\n<\/p>\n
            The    petitioner-Company      had      moved   an<\/p>\n
application being S.B. Company Application No.5\/2008<\/p>\n
under Section 391 of the Companies Act, 1956.<\/p>\n
      The Shareholders of the petitioner-company had filed<\/p>\n
their affidavits dated 10.5.2008 before this Court to the
\n                               2<\/span><\/p>\n
effect that each and every one of them is in favour of the<\/p>\n
approval of scheme of amalgamation and thereby has no<\/p>\n
objection whatsoever on such approved by this Court. Since<\/p>\n
all the shareholders had no objection, the separate meeting<\/p>\n
of the shareholders for the purpose of this amalgamation<\/p>\n
was ordered to be dispensed by this Court vide order dated<\/p>\n
20.5.2008. It was further ordered in the same order by this<\/p>\n
Court to the petitioner Company to convene the meeting of<\/p>\n
the secured and unsecured creditors on 28.6.2008 at 11.00<\/p>\n
AM to be held under the Chairmanship of Mr.Jagdish Vyas,<\/p>\n
Advocate failing him Mr.Mahendra Trivedi, Advocate. The<\/p>\n
notices of the meetings were published in Rajasthan Patrika<\/p>\n
(Hindi-Banswara Edition) on 5.6.2008 and Hindustan Times<\/p>\n
(English-New Delhi Edition) on 7.6.2008 and were served<\/p>\n
individually also Under Certificate of Posting on the said<\/p>\n
Secured Creditors and Unsecured Creditors.<\/p>\n
           The meeting of the Secured Creditors and<\/p>\n
Unsecured Creditors of the petitioner Company was held on<\/p>\n
28.6.2008. The Chairman of the meeting has filed his report<\/p>\n
about the meeting in this Court.\n<\/p>\n
                               3<\/span><\/p>\n
           As per the report, the meeting of the Secured &<\/p>\n
Unsecured Creditors of the petitioner Transferee Company<\/p>\n
was attended in person by five persons entitled for the<\/p>\n
voting rights of Rs.3,65,46,774\/- representing 98.15% of the<\/p>\n
total value of the Secured & Unsecured Creditors of the<\/p>\n
Company.\n<\/p>\n<\/p>\n
           After the meeting was held and the reports were<\/p>\n
received, the S.B. Company Application No.5\/2008 was<\/p>\n
disposed of on 15.7.2008.\n<\/p>\n<\/p>\n
           The present petition was admitted on 29.7.2008<\/p>\n
and it was directed that the petition be fixed for hearing on<\/p>\n
26.8.2008 and notice of hearing of the petition be advertised<\/p>\n
in   “Rajasthan   Patrika   (Hindi-Banswara    Edition)”   and<\/p>\n
“Hindustan Times (English-New Delhi Edition)”.       Notice of<\/p>\n
petition was issued to the Regional Director, Ministry of<\/p>\n
Company Affairs, Northern Region, Noida who has been<\/p>\n
delegated the power of Central Government. The notice of<\/p>\n
the petition was also served on the Official Liquidator for its
\n                                  4<\/span><\/p>\n
report in terms of second proviso to Section 394(1) of the<\/p>\n
Companies Act, 1956. The Official Liquidator called for the<\/p>\n
relevant records of the transferor Companies as per his<\/p>\n
letter dated 3.10.2008 and then the required records of the<\/p>\n
transferor Company have been produced before the Official<\/p>\n
Liquidator    and   thereafter   the   Official   Liquidator    has<\/p>\n
submitted the reports after verification of the Company’s<\/p>\n
records before this Court on 5.1.2009. The Company has<\/p>\n
already paid the amount of expenses Rs.32000\/- in<\/p>\n
compliance     of   this   Company      Court’s     order      dated<\/p>\n
21.10.2008.\n<\/p>\n<\/p>\n
             The    advertisements     in    newspapers        were<\/p>\n
published in “Rajasthan Patrika (Hindi Banswara Edition)” on<\/p>\n
24.9.2008 and in “Hindustan Times (English New Delhi<\/p>\n
Edition)” on 25.9.2008 in pursuance to the order dated<\/p>\n
29.7.2008.\n<\/p>\n<\/p>\n
             The Regional Director, Northern Region, Ministry<\/p>\n
of Company Affairs, Noida has filed his affidavit dated<\/p>\n
16.1.2009 on behalf of the Central Government stating that
\n                                  5<\/span><\/p>\n
this Court may decide the case on merits.<\/p>\n
           I have heard Mr. Sanjeev Johari, Advocate for<\/p>\n
the petitioner Transferee Company and Mr. Vikas Balia,<\/p>\n
Advocate for Official Liquidator and have perused the<\/p>\n
records.\n<\/p>\n<\/p>\n
           In view of the aforesaid facts on records, the<\/p>\n
scheme of amalgamation under Section 391-394 of the<\/p>\n
Companies Act, 1956 is hereby sanctioned in its entirety and<\/p>\n
it is declared to be binding on all the Creditors of the<\/p>\n
petitioner Transferee Company and also on the said<\/p>\n
Company.\n<\/p>\n<\/p>\n
           The Order in the prescribed Form No.42 be<\/p>\n
issued separately by the Registrar alongwith the Schedule<\/p>\n
as per Rule 81 and 84 of the Companies (Court) Rule, 1959.<\/p>\n
           The petitioner Transferee Company to file with<\/p>\n
the Registrar of Companies a certified copy of this order<\/p>\n
within 14 days from this date.\n<\/p>\n
                                       6<\/span><\/p>\n
                    The Scheme is ordered to be effective from the<\/p>\n
         appointed date 1.4.2007 as envisaged in Scheme itself.<\/p>\n
         Certified copy of the order sanctioning the Scheme is to be<\/p>\n
         filed with the office of Registrar of Companies, Jaipur and<\/p>\n
         the transferor companies viz. (1) Kushalbagh Marmo Pvt.<\/p>\n
         Ltd., (2) Kushalbagh Minerals Pvt. Ltd. and (3) Kushalbagh<\/p>\n
         Marketing Pvt. Ltd. stand dissolved being merged in the<\/p>\n
         petitioner transferee company without winding up in term of<\/p>\n
         Section 394(1) (IV) of the Companies Act, 1956.<\/p>\n
                                            ( PRAKASH TATIA ), J.\n<\/p>\n
S. Phophaliya\/-<\/p>\n","protected":false},"excerpt":{"rendered":"
Rajasthan High Court – Jodhpur Kushalbagh Marble Pvt.Ltd vs None on 24 February, 2009 1 S.B. COMPANY PETITION NO.4\/2008 Kushalbagh Marble Pvt. Limited (Transferee Company) DATE OF ORDER : 24.2.2009 HON`BLE MR. PRAKASH TATIA, J. Mr. Sanjeev Johari, counsel for the petitioner. Mr. Vikas Balia, counsel for Official Liquidator. This is a petition filed by […]<\/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":[8,19],"tags":[],"class_list":["post-204528","post","type-post","status-publish","format-standard","hentry","category-high-court","category-rajasthan-high-court-jodhpur"],"yoast_head":"\nKushalbagh Marble Pvt.Ltd vs None on 24 February, 2009 - 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\/kushalbagh-marble-pvt-ltd-vs-none-on-24-february-2009\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kushalbagh Marble Pvt.Ltd vs None on 24 February, 2009 - 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