{"id":237677,"date":"2011-03-14T00:00:00","date_gmt":"2011-03-13T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/wilson-vs-unknown-on-14-march-2011"},"modified":"2016-09-07T15:58:34","modified_gmt":"2016-09-07T10:28:34","slug":"wilson-vs-unknown-on-14-march-2011","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/wilson-vs-unknown-on-14-march-2011","title":{"rendered":"Wilson vs Unknown on 14 March, 2011"},"content":{"rendered":"
Gujarat High Court<\/div>\n
Wilson vs Unknown on 14 March, 2011<\/div>\n
Author: Anant S. Dave,&Nbsp;<\/div>\n
   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\t \n\t \n\t \n\t\n\n\n \n\n\n\t \n\nCOMP\/43\/2010\t 5\/ 5\tORDER \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. 43 of 2010\n \n\nIn\nCOMPANY APPLICATION No. 50 of 2010\n \n\nWith\n\n\n \n\nCOMPANY\nPETITION No. 44 of 2010\n \n\nIn\nCOMPANY APPLICATION No. 51 of 2010\n \n\n \n \n=================================================\n\n\n \n\nWILSON\nPRINTCITY PVT LTD - Petitioner(s)\n \n\nVersus\n \n\n.\n- Respondent(s)\n \n\n=================================================\n \nAppearance : \nMRS\nSANGEETA N PAHWA for Petitioner(s) : 1, \nMR PS CHAMPANERI for\nRespondent(s) : 1, \nMR YV VAGHELA for Respondent(s) :\n1, \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 ANANT S. DAVE\n\t\t\n\t\n\n \n\n \n \n\n\n \n\nDate\n: 14\/03\/2011 \n\n \n\nORAL\nORDER<\/pre>\n
1.\tThe present
\npetitions are filed seeking sanction of Scheme of Amalgamation of
\nOriental Infrastructure Pvt. Ltd. with Wilson Printcity Pvt. Ltd.\n<\/p>\n
2.\tOriental
\nInfrastructure Pvt. Ltd, the transferor company, filed Company
\nApplication No.51\/2010 seeking dispensation of the meetings of
\nshareholders and unsecured creditors on the ground that consents of
\nall the shareholders and unsecured creditors are obtained. It was
\nstated on behalf of the petitioner that the petitioner does not have
\nany secured creditor. This Court vide order dated 26.02.2010 made in
\nCompany Application No.51\/2010 ordered dispensation of meetings of
\nthe shareholders and unsecured creditors of the petitioner company.\n<\/p>\n
3.\tWilson
\nPrintcity Pvt. Ltd. the transferee company, filed Company Application
\nNo.50\/2010 seeking dispensation of the meeting of shareholders on the
\nground that consents of all the shareholders are obtained. It was
\nstated on behalf of the petitioner that this being the transferee
\ncompany, meeting of creditors is not required to be held. This Court
\nvide order dated 26.02.2010 made in Company Application No.50\/2010
\nordered dispensation of meeting of the shareholders of the petitioner
\ncompany. This court further held that meeting of creditors is not
\nrequired to be held.\n<\/p>\n
4.\tThe
\npetitioners thereafter filed Company Petitions seeking sanction of
\nthe Scheme of Amalgamation.\n<\/p>\n
5.\tThis Court
\nvide order dated 15.03.2010 made the order of admission in both the
\npetitions and directed issuance of notice to the Regional Director in
\ncase of both the companies and notice to the Official Liquidator in
\ncase of the Transferor Company. This court also directed publication
\nof notice of petition in Gujarati Daily ‘Loksatta Jansatta’
\nand English Daily ‘Indian Express’ both Ahmedabad
\nEditions.\n<\/p>\n
6.\tPursuant to
\nthe order dated 15.03.2010 the petitioners have published the notice
\nof petition in Gujarati Daily Gujarati Daily ‘Loksatta
\nJansatta’ and English Daily ‘Indian Express’ both
\nAhmedabad Editions on 08.04.2010. The Directors of the petitioner
\ncompanies have filed the affidavits in support of publication of
\nadvertisements dated 11.10.2010. The affidavits also state that
\napropos to the advertisements, neither the petitioner companies nor
\nthe advocate for the petitioners have received any objection against
\nthe sanction of the scheme.\n<\/p>\n
7.\tThe
\npetitioners at this stage invited attention of this Court to an oral
\norder dated 06.08.2010 made by this Court in Company Application No.
\n218\/2010 and allied matter permitting amendment of Scheme to the
\nextent of modifying Clause 2A of the Scheme. A copy of the order is
\nalso placed on record along with affidavit filed by the respective
\npetitioners in response to the report filed by the Regional Director.\n<\/p>\n
8.\tPursuant to
\nthe notice to the Official Liquidator in respect of the Company
\nPetition No.44 of 2010, report dated 15.09.2010 is filed by the
\noffice of Official Liquidator. The report of the Official Liquidator
\nconfirms that the affairs of the transferor company have not been
\nconducted in a manner prejudicial to the interest of its members or
\nthe public interest. The Official Liquidator however requested this
\nCourt to direct the transferor company to preserve its books, papers
\nand records for a period of 8 years from the date of sanctioning of
\nscheme of amalgamation and not to dispose of the records without the
\nprior permission of Central Government u\/s. 396 A of the Companies
\nAct, 1956.\n<\/p>\n
9.\tIn response
\nto the notice to the Regional Director, North-Western Region,
\nDepartment of Company Affairs, Shri Pankaj Champaneri, Ld. Assistant
\nSolicitor General of India, has appeared and has filed an affidavit
\nof the Regional Director dated 23.2.2011.  A perusal of this
\naffidavit would disclose that the office of the Regional Director has
\nmade the observation only with respect to allotment of share exchange
\nratio with respect to the clause regarding ratio of exchange of
\nshares. The Regional Director has also requested the matter with
\nregard to the investments of the transferee company in the paid-up
\nequity share capital of the transfer company.\n<\/p>\n
10.\tIn response
\nto the aforesaid affidavit, the petitioner of Company Petition No.
\n43\/2010 which is the transferee company, has filed an affidavit dated
\n26.02.2011. It is the case of the petitioner that the reference to
\nclause 2A would show that the ratio of share exchange is reflected.
\nIt is further the case of the petitioner that this Court is empowered
\nto permit the modification \/ amendment in the scheme in exercise of
\nits inherent jurisdiction. This Court has already made an order dated
\n06.08.2010 permitting amendment of the scheme after hearing the
\nparties. Accordingly, there is now no further requirement for taking
\nany approval of the shareholders. Furthermore, in response to a
\nspecific query of the Regional Director, the petitioner had addressed
\na letter dated 7.2.2011 to the Regional Director which further
\nclarifies the issue regarding the ratio of share exchange. The
\nobservation with regard to the extent of investment of the transferee
\ncompany in the transferor company stands satisfied in view of what is
\ncontained in the order dated 6.8.2010 made by this Court in Company
\nApplication No. 218\/2010. Mr. Pankaj Champaneri, the Ld. Assistant
\nSolicitor General of India has accepted that in view of what is
\nstated in the affidavit filed on behalf of the petitioner dated
\n26.2.2011 read with the reply dated 7.2.2011, the observations of the
\nRegional Director stand satisfied and there is no objection to the
\nsanction of the Scheme of Amalgamation.\n<\/p>\n
11.\tThere are
\nno objections received on the record of the present petitions. There
\nare no other adverse circumstances against sanction of the Scheme.\n<\/p>\n
12.\tIn the
\nfacts and circumstances, the Scheme of Amalgamation as annexed at
\nAnnexure `C’ to the petitions is hereby sanctioned as allowed
\nto be amended vide order dated 06.08.2010 made by this Court in
\nCompany Application No.218\/2010. The petitioner is permitted to
\nsubstitute Clause 2A  the scheme as permitted by this Court pursuant
\nto the aforesaid. It is however, observed that the transferor company
\nwill preserve its books, papers and records for a period of 8 years
\nfrom the date of sanctioning of scheme of amalgamation and will not
\ndispose of the records without the prior permission of Central
\nGovernment u\/s. 396A of the Companies Act, 1956. With these
\nobservations, the Company Petitions are accordingly allowed.\n<\/p>\n
13.\tThe cost of
\nthe Central Government is quantified at Rs.7,500\/- per petition.
\nLiberty is given to the Transferee Company to pay the amount of cost
\ndirectly by drawing a Cheque in favour of Shri Pankaj Champaneri, Ld.
\nAssistant Solicitor General of India. The cost of the office of
\nOfficial Liquidator is quantified at Rs.5,000\/- in respect of the
\ntransferor company. Liberty is given to the Transferee Company to pay
\nthe amount of cost directly by drawing a Cheque in favour of the
\nOfficial Liquidator.\n<\/p>\n
[Anant
\nS. Dave, J.]<\/p>\n
*pvv<\/p>\n
\t\t   \u00a0\u00a0\u00a0<\/p>\n
\t\t   Top<\/p>\n","protected":false},"excerpt":{"rendered":"
Gujarat High Court Wilson vs Unknown on 14 March, 2011 Author: Anant S. Dave,&Nbsp; Gujarat High Court Case Information System Print COMP\/43\/2010 5\/ 5 ORDER IN THE HIGH COURT OF GUJARAT AT AHMEDABAD COMPANY PETITION No. 43 of 2010 In COMPANY APPLICATION No. 50 of 2010 With COMPANY PETITION No. 44 of 2010 In COMPANY […]<\/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-237677","post","type-post","status-publish","format-standard","hentry","category-gujarat-high-court","category-high-court"],"yoast_head":"\nWilson vs Unknown on 14 March, 2011 - 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\/wilson-vs-unknown-on-14-march-2011\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wilson vs Unknown on 14 March, 2011 - 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