{"id":20767,"date":"2009-01-23T00:00:00","date_gmt":"2009-01-22T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/narpat-holdings-private-limited-vs-nil-on-23-january-2009"},"modified":"2016-07-27T13:37:53","modified_gmt":"2016-07-27T08:07:53","slug":"narpat-holdings-private-limited-vs-nil-on-23-january-2009","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/narpat-holdings-private-limited-vs-nil-on-23-january-2009","title":{"rendered":"Narpat Holdings Private Limited vs Nil on 23 January, 2009"},"content":{"rendered":"
Karnataka High Court<\/div>\n
Narpat Holdings Private Limited vs Nil on 23 January, 2009<\/div>\n
Author: Mohan Shantanagoudar<\/div>\n<\/p>\n
<\/pre>\n
 Amag ‘% <\/p>\n
 Ni:a%  %<\/p>\n
 “ti; :3\u00a74};\u00bbf Campanies &<::t, 1956, read with R1.1}\u20acS 6 55 9 at'
\nA_ {$15 L\ufb01gjmpanies (C.-mzrt} Rules, 195%, praying that far the<\/p>\n
 ~  f\u00e9\ufb01s\u00e9i\ufb01s gtate\u00e9 thersin this He-:1'\u00a532e {hurt may be pleased
\n " -ihiai; the mee\ufb01xzg ef the Equity Shamhelciers caf the Applicant
\n Ccsmpazzy li\ufb02d\ufb01i' Section 391 \u00ab:35 the C{:smpanit":*.s Act, \u00a39563, he<\/p>\n
.1,
\nm "R-%E H163-4 caum OF KAR3*~3A'{AK\ufb01\u00ab AT BAN<3ALOR\u00a7
\nmam\u00bb '$1-\u00abE15 'mg 23"' DAY ca? JANUARY,
\naazmpze M % \u00e9  kk %  \u00e9  \u00ab
\nTHE HCNBLE \u00bb.a:2.3us*:\u00b0:cE Momw%SHA:g2"agr\u00a2Aef;;~&:g\u00a7%,a\u00a7Vk_
\nCOMPANY APPLICATEQQS4  ' %  <\/p>\n
BETWEEN:<\/p>\n
\ufb01arpat Haldizzgs Private, 1}it\u00a7ii?&.e\u20ac}\/..  } u <\/p>\n
I F1001;  \ufb01agnt,   A’
\nESQ, \u00a7IlIf8I}fI’\u00a7\u00ab’AE3i”)\u00a7id\u00a7    _ —
\n(35: W3. N\u00a3L1_;\u00e93l%, &;’C,\u00a7;.,m1\u00a7s.;<\/p>\n
..RESP{}P\u20acBE\u00a7’\u20ac’\u00a7’<\/p>\n
 Thi\u00e9 Ca\ufb01mpazxy’ appiicaticn is \ufb01ied tmder Sazictiong 391<\/p>\n
$3..\n<\/p>\n
dispexaseci with if cmns\ufb02ared \ufb01t, or othenvise, A’<\/p>\n
cztmvenexi and held. for the puI”p{3s-es of co3::si&er.’_\ufb01g ,’ ‘  V.<\/p>\n
thought \ufb01t, approving with or “without  $113-,1
\nCemposite Scheme of Ar1’angem\u20ac;1’1’t” Cvf \u00ab_L3ym3.S:1\u00a7$’ _  <\/p>\n
Hclsiiags Pxivate Limited: Embassy i\u00e9zasiiigii.\/_A<\/p>\n
Embassy Magziagemant Cc-::su.__1.tan_t\u00e9;A.V_ P\ufb02vai\u00e9  .\u00a3:,;:11it\u00a7\u00a7:d,V%<\/p>\n
‘ Embassy Finvcst. Piivate Limited’;L<,E'mbass\u00a7' . _R\u00e9a":1.\u20ac:3i*\u00a7 Pi;Vivate<\/p>\n
Limite\u00e9, Narpat Ho1dings..P1ivat\u00a3:"   Home
\ninvestments Privatse: LinfLi't\u00a2;i,_  Ezrsperties Pxivates
\nLimited, Staz'*wa50dV   PG1f,7W'{I-0C1
\nProperties P\ufb01xfai\u00e9  i.=im\u00a3;i \u20ac.d%  x V h\ufb02\u00e9v\u00e9lmpars Private
\nLimited     (herssinafter<\/p>\n
I\ufb01fexre\u00e9 ta as 2116:.\n<\/p>\n
This  .2ip:\u00a7’$1ii:\u00bb\u00e9Lti\u00a7\u00a7i1.@:\u00a7;ming on far mders, this<\/p>\n
day, the: C\u00abt31ii”\u00a3  .f\u00e9\ufb02\u00a7_3Wi\u00a7j’g:-<\/p>\n
GRDER<\/p>\n
 is 0:16 of the ‘f’1’a:”1sf6mr {30:a3.pa:1.ies.<\/p>\n
__\u00a3it]31)1i\u20acEif~1fI::}.”i;-(“\u00a7{)!Ii}3811}7 was iZ1C{3I’pGI’at\u20acd an 6.4.1995,<\/p>\n
 pmvisicms 0f the Qlmnpariies Act, 1956 wit};<\/p>\n
‘  (sf C0:mpanit:s, Karnataka.\n<\/p>\n
\\(\\\/T’)<\/p>\n
This appiicatian is f\ufb02cd fur I)\u20acI’Zl”1iSSi\u00a7I1 to tiisggerxsg<\/p>\n
With {ha nie\u00e9tings of {Equity sllarehalders, 1111se:\u00a7\ufb01:m*e:;i<\/p>\n
10351 CI’=’3:{iit{)I’S and unsecured ‘(trade it)?’  *<\/p>\n
appiicant–<:0mpaI1y. '    4<\/p>\n
T316 Rcigistared Q\ufb01ice Q1'  ._<\/p>\n
situated at I Flour, E1}1?3as$;y'-v..:F%3i:1t  i;T.~{},'  R\ufb01aci, 'V<\/p>\n
Bangalore\u00bb-56{) 081.\n<\/p>\n
2″.” ‘The  \u20ac;hi”6\u00a3:}i’s:: 9:”  “applicant Con1pa1’1y as
\ns\ufb01t Gui. in ti:\u00e9’1\u00a7\u00a2i’s:1i1{}:_i’\u00e9i.1:\u00a7c?:13.:I1 of ?iS$\ufb02Ci\u00a3\u00a7?3:{}I1, am if}<\/p>\n
acquire la\ufb01ii. “b:;i\u00a3dii1g  other immmrabie properties<\/p>\n
.– . ,._33\u00a7s – .._;\u00a7’113’f(?l”}\u20ac:’:f\u00a7\u20aci, }e3;’$E:1  or athemrise and to canstruet<\/p>\n
  \u00e9vap\u00e9s\ufb01inze\ufb01ts, commerciai buiidirzgs, ShOpS,<\/p>\n
ggm, gg;i%3gm, mausmm sheds amt} other ai\ufb01ed<\/p>\n
V’~\u00bb.st111Cfu:_\u00a7\u00e9:s, huil\u00e9ihgs and warks of 301111114311 Lz\ufb01iity’ for<\/p>\n
 and\/ar far aiiocatian and a\ufb02etment andfor<\/p>\n
V%   _,g~5.:n\u20acra\ufb01y {.0 gant right 0%’ L136, axyiaitaiion arid.<\/p>\n
V c33.j0\u00a7n1\u00a73:31; {zsf 311:3}: $f;r11ct,ures aizdfer ‘me: us.-ufruci;<\/p>\n
\\\/5’<\/p>\n
=4.\n<\/p>\n
t}1<-nrefrom to members af the campany 0:' is  <\/p>\n
person 01''  c:G3:"p\u00bb:}1'at\u20ac.\n<\/p>\n
3. The authorizgd share  0? {fie <\/p>\n
czempany is f\u20acs.5,G0,00{i\/-  <\/p>\n
shares of Rs.1i3\/- each:   and
\npaid L33 share capitai’ ‘  is
\nRs.3,60,00a\/–_   $ha1’es \u00abof
\nRs. 1&\/–     1: ‘<\/p>\n
4.’.   _ ‘~3I}iz’\u20ac:::\u20acors of the app1i{:a:1t-<\/p>\n
{i2\u00bb:}mpa113:-“A   adoptec} the Cammsite<\/p>\n
_ Sch\u00a7;1:_-:38’ {ref Akr\u00e9ghgemeiit, in its meeting held on<\/p>\n
  vizfue {if which, the Wansfercr<\/p>\n
 to ba amalgamaied with the<\/p>\n
V-VTra11\u00a7f\u00a7I’t%f ” “sC:3mpany–Dynast\u00a7,2 Develgpers Privat\ufb01<\/p>\n
” ” V,   Earned Retail Pmpazty Busiriess of the:<\/p>\n
 Company waulvai be dif\ufb02i\ufb01fg\ufb01d 2133} LJ3<\/p>\n
“=. ‘{.rV”‘i\ufb01.oI”.ia, Reriied Commercial Business of th\ufb01 ‘}’raI1sf\u20acrec-<\/p>\n
if”\n<\/p>\n<\/p>\n
– 5 W
\n{Eampany W\ufb01t\ufb01d be dem\ufb01rgvad iI1’t:(:s Staiwuoci Pmperties
\nand N{3I1~1″\u20ac3’1tf3d Cmnmercia} Business of the ‘}7’rm1sfere\u20ac<\/p>\n
C\u00bb0Inp:–m3; would he dam-erg:-“:d irate ?<:)}.iywo0d Prsp\ufb01tftiss.<\/p>\n
The entire share Cagaital 9f 31} the Transferoi'  <\/p>\n
is heid by the Transferee Company and  _  <\/p>\n
i.\u20ac., all the '}'1*ansf\u00e9:::r01* Cempax\u00e9ies_@336'?_jw1E:ow1\u00a7y*-rcx\u00a7%fi<,\u00a7\u00a7:1':'<\/p>\n
subsiciiaiies of the 'I'ransi\u00a5:{ee  —{,'{\u00a73;:3\u00a7aI33f;..Av" Ail  <\/p>\n
Transferer Companies also ii\ufb01dt\u00e9r  \ufb02it: same<\/p>\n
nlanagentusnt.\n<\/p>\n
5Vf Th_\u00ab::’ Sx\u00a7i\u00a7\u00e9;:i1eV._:is. ,,:i;;t.eI1iieci to restructmwe the<\/p>\n
ma co1z1L”*aI1i$:3\u00a7s 6w:1et1~- “anti centra\ufb01\ufb01\ufb01 ha? {ha Dvnastv<\/p>\n
 ”  _D6’\u00e9\u00a7 i0p\u20acArs9. ta B\ufb01\ufb02ux\ufb01 the Gperatians of ‘I316 “businesses<\/p>\n
 pf   in a man: ef\ufb01ciant. 111anm::r, consistent<\/p>\n
 H56. —  neads Bf business. Though the<\/p>\n
 ‘~..e._ v.Tra11$fc:;j\u00e9r Casnizpanies and this Transferae C\u20ac)\u00a7i1f)8I1}v'” are<\/p>\n
  V”–V’$e;3a\u00a7iate iegai entities, \u20ac;hfr3\u00a7\u20ac are ezng\ufb01ed in a similar \ufb01rm<\/p>\n
  .f;)__3’5 business. It is zciesir\ufb01d that ‘(ha ‘I’ransf\u20acr0r <3rm1panies<\/p>\n
 be (:Gf1S{3\u00a7idaf.\u20ac:d 111120 the 'l'r3:1sfer\u20ace Campany arid, as<\/p>\n
Y,\u00bb\/\/:7
\nif<\/p>\n
43.<\/p>\n
such, it is pI’0\u00a70S\u20ac(i to amaigamate the ” <\/p>\n
Compani\u00e9s inte the ‘I’I’ar1sf\u20ac::’e<=:.  <\/p>\n
having separate sebups for    <\/p>\n
activities I}.{)t \ufb01rmly ixiveive ,a:"i_diti0i:al" COS'E".\u00a7   <\/p>\n
-iiuplicati\ufb01n 0f e\ufb01brts. The   $Ch\u20ac3I}1\u20ac
\nof Arrangemaxit enaigl\u00e9is; _     sf
\nmanagerial skms.a.nc1  sf available
\nresoumes   \ufb01i\u00e9giagement focus
\nthereby   igra\ufb01tabiiity but 3130
\ni:3creas%:.,_’iI2-_’*}:\u00e9:3v11&. ~”I’heref01’\u20act, the Schelne: is<\/p>\n
impacted ttiLi;r1pre1sv;e’\u00a7e\ufb02ix’;i\u00a7.:1c3\u00a5, resuit E11 Gpe1’at:1<3:1a1 and<\/p>\n
 _ may  s'\u00a7;11e3r\u00a7,x*_a11\u20ac}. achiaeve 6801301332 in apera\ufb01\ufb01nal<\/p>\n
 Va.\ufb01d\u00ab.%\u00a7\u00a7?%3 u\u00a7d be if mutual advantage tr; 3.1} the<\/p>\n
euym\ufb01mxies –}<:j::\u00bbi:si::=:'I1&d.<\/p>\n
 AA _ 6:  the aqiiity shar\ufb01helder\ufb01 and imseciired ban<\/p>\n
 \u00e9r\u00e9dif\u00e9\ufb01rs Qf \u00a3115 apptlitzzant.-\u00abcompany have @1161} their<\/p>\n
–   ;j_j{}I\u00a7,’iS\u20ac\u00a71’\ufb01: in writing, for the prep-ss\ufb01d Scheme. Lies: of<\/p>\n
‘ \ufb01\u00a713f.t”y sharehold\ufb01rs and uns\u20ac{:m’ed E0311 maditars, as<\/p>\n
W3<\/p>\n
\u00a3811<\/p>\n
In View sf ‘aha same, the 111e~etings of the equity<\/p>\n
shzartihiiiders, 1iI1Sf3Ci,1I’\u20acid man me\ufb01itmrs and uns\u20ac2s::V\u00a31i\u00a3j6\u00abf1<\/p>\n
‘made creditors ef the app}i{:a1:1t–<:0mpany are  _<\/p>\n
with.\n<\/p>\n
“‘(:}iI”  “””\n<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"
Karnataka High Court Narpat Holdings Private Limited vs Nil on 23 January, 2009 Author: Mohan Shantanagoudar Amag ‘% Ni:a% % “ti; :3\u00a74};\u00bbf Campanies &<::t, 1956, read with R1.1}\u20acS 6 55 9 at' A_ {$15 L\ufb01gjmpanies (C.-mzrt} Rules, 195%, praying that far the ~ f\u00e9\ufb01s\u00e9i\ufb01s gtate\u00e9 thersin this He-:1'\u00a532e {hurt may be pleased " -ihiai; the […]<\/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-20767","post","type-post","status-publish","format-standard","hentry","category-high-court","category-karnataka-high-court"],"yoast_head":"\nNarpat Holdings Private Limited vs Nil on 23 January, 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\/narpat-holdings-private-limited-vs-nil-on-23-january-2009\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Narpat Holdings Private Limited vs Nil on 23 January, 2009 - 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