{"id":253612,"date":"2010-03-25T00:00:00","date_gmt":"2010-03-24T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/jk-vs-unknown-on-25-march-2010"},"modified":"2018-01-26T01:09:15","modified_gmt":"2018-01-25T19:39:15","slug":"jk-vs-unknown-on-25-march-2010","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/jk-vs-unknown-on-25-march-2010","title":{"rendered":"Jk vs Unknown on 25 March, 2010"},"content":{"rendered":"<div class=\"docsource_main\">Gujarat High Court<\/div>\n<div class=\"doc_title\">Jk vs Unknown on 25 March, 2010<\/div>\n<div class=\"doc_author\">Author: M.R. Shah,&amp;Nbsp;<\/div>\n<pre id=\"pre_1\">   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\n\n \n\n\n\t \n\nCOMA\/76\/2010\t 5\/ 6\tJUDGMENT \n \n \n\n\t\n\n \n\nIN\nTHE HIGH COURT OF GUJARAT AT AHMEDABAD\n \n\n \n\n\n \n\nCOMPANY\nAPPLICATION No. 76 of 2010\n \n\n \n \nFor\nApproval and Signature:  \n \nHONOURABLE\nMR.JUSTICE M.R. SHAH\n \n \n===========================================\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\n1\n\t\t\n\t\t \n\t\t\t \n\nWhether\n\t\t\tReporters of Local Papers may be allowed to see the judgment ?\n\t\t\n\t\n\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\n2\n\t\t\n\t\t \n\t\t\t \n\nTo\n\t\t\tbe referred to the Reporter or not ?\n\t\t\n\t\n\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\n3\n\t\t\n\t\t \n\t\t\t \n\nWhether\n\t\t\ttheir Lordships wish to see the fair copy of the judgment ?\n\t\t\n\t\n\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\n4\n\t\t\n\t\t \n\t\t\t \n\nWhether\n\t\t\tthis case involves a substantial question of law as to the\n\t\t\tinterpretation of the constitution of India, 1950 or any order\n\t\t\tmade thereunder ?\n\t\t\n\t\n\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\n5\n\t\t\n\t\t \n\t\t\t \n\nWhether\n\t\t\tit is to be circulated to the civil judge ?\n\t\t\n\t\n\n \n\n \n===========================================\n \n\nJK\nPAPER LIMITED - Applicant(s)\n \n\nVersus\n \n\n.\n- Respondent(s)\n \n\n===========================================\n \nAppearance : \nNANAVATI\nASSOCIATES for\nApplicant(s) : 1, \nNone for Respondent(s) :\n1, \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 M.R. SHAH\n\t\t\n\t\n\n \n\n \n \n\n\n \n\nDate\n: 25\/03\/2010 \n\n \n\n \nORAL\nJUDGMENT<\/pre>\n<p id=\"p_1\">\t\tDraft<br \/>\namendment allowed. Applicant to carry out amendment by 26.03.2010.\n<\/p>\n<p id=\"p_1\">1.\t\tUpon<br \/>\nthe application of the applicant Company abovenamed by Summons for<br \/>\nDirections dated 25th March, 2010 and upon hearing Shri<br \/>\nK.S.Nanavati, Senior Advocate with Mr.Nandish Chudgar for Nanavati<br \/>\nAssociates, learned Advocates for the Applicant Company and upon<br \/>\nreading the affidavit of Shri Suresh Chander Gupta, Company Secretary<br \/>\nof the Applicant Company filed on 18th March, 2010 and the<br \/>\nAnnexures therein referred to (Annexure   I) being a copy of the<br \/>\nproposed Scheme of Arrangement between JK Paper Limited (Transferor<br \/>\nCompany) and Songadh Infrastructure &amp; Housing Limited (Transferee<br \/>\nCompany No.1) and Jaykaypur Infrastructure &amp; Housing Limited<br \/>\n(Transferee Company No.2) it is ordered<\/p>\n<p id=\"p_2\">2.\t\tThat<br \/>\nseparate meetings be held of the Equity Shareholders and Unsecured<br \/>\nCreditors of the applicant Company for the purpose of considering,<br \/>\nand if thought fit, approving with or without modifications, the<br \/>\nScheme of Arrangement between the Applicant Company and Songadh<br \/>\nInfrastructure &amp; Housing Limited (Transferree Company No.1 or<br \/>\n&#8216;SIHL&#8217;) and Jaykaypur Infrastructure &amp; Housing Limited<br \/>\n(Transferee Company No.2 or &#8216;JIHL&#8217;).\n<\/p>\n<p id=\"p_3\">3.\t\tThat<br \/>\nthe convening and holding of a meeting of the Secured Creditors of<br \/>\nthe applicant Company to consider and approve the arrangement<br \/>\nembodied in the Scheme of Arrangement between the Applicant Company&#8217;s<br \/>\nUndertaking and Songadh Infrastructure &amp; Housing Limited and<br \/>\nJaykaypur Infrastructure &amp; Housing Limited is dispensed with in<br \/>\nview of the applicant Company having only 10(ten) secured creditors<br \/>\nand all the secured creditors having given their approval and consent<br \/>\nin writing to the Scheme of Arrangement, being Annexure N1 to N10 to<br \/>\nthe affidavit in support of this Summons for directions.\n<\/p>\n<p id=\"p_4\">4.\t\tAnd<br \/>\nthat a meeting of Equity Shareholders of the applicant Company be<br \/>\nconvened and held at Registered Office of the Company at P.O. Central<br \/>\nPulp Mills   390660, Fort Songadh, District Tapi (Gujarat) on 08th<br \/>\nMay, 2010 at 12.30 p.m. for the purpose of considering, and if<br \/>\nthought fit, approving with or without modification, the arrangement<br \/>\nembodied in the scheme of arrangement of the applicant company with<br \/>\nSongadh Infrastructure &amp; Housing Limited and Jaykaypur<br \/>\nInfrastructure &amp; Housing Limited.\n<\/p>\n<p id=\"p_5\">5.\t\tThat<br \/>\na meeting of Unsecured Creditors of the applicant Company be convened<br \/>\nand held at Registered Office of the Company at P.O. Central Pulp<br \/>\nMills   390660, Fort Songadh, District Tapi (Gujarat) on 08th<br \/>\nMay, 2010 at 1.30. p.m. immediately after the holding of the meeting<br \/>\nof Equity Shareholders for the purpose of considering, and if thought<br \/>\nfit, approving with or without modification, the arrangement embodied<br \/>\nin the scheme of arrangement of the applicant company with Songadh<br \/>\nInfrastructure &amp; Housing Limited and Jaykaypur Infrastructure &amp;<br \/>\nHousing Limited.\n<\/p>\n<p id=\"p_6\">6.\t\tThat<br \/>\natleast 21(twenty one) clear days before the meeting of the Equity<br \/>\nShareholders and Unsecured Creditors of the applicant company, an<br \/>\nadvertisement for convening the same and stating that copies of the<br \/>\nsaid arrangement embodied in the scheme of arrangement, and of the<br \/>\nstatement required to be furnished pursuant to <a href=\"\/doc\/506042\/\" id=\"a_1\">Section 393<\/a> of the<br \/>\nCompanies Act, 1956 and the prescribed form(s) of proxy can be<br \/>\nobtained free of charge at the Registered Office of the applicant<br \/>\nCompany or at the Office of its Advocate, be issued once each in<br \/>\nTimes of India (Ahmedabad Edition) and the Gujarati translation<br \/>\nthereof in Gujarat Samachar (Ahmedabad and Surat edition) both<br \/>\nnewspapers circulating in Ahemedabad and that the publication of the<br \/>\nnotice of the said meeting in the Government Gazette is dispensed<br \/>\nwith.\n<\/p>\n<p id=\"p_7\">7.\t\tThat<br \/>\nin addition atleast 21(twenty one) clear days before the said meeting<br \/>\nof Equity Shareholders to be held as aforesaid, notices convening the<br \/>\nsaid meeting at the place and time aforesaid, together with a copy of<br \/>\nthe said Scheme of Arrangement, a copy of the statement required to<br \/>\nbe sent under <a href=\"\/doc\/506042\/\" id=\"a_1\">section 393<\/a> of the Companies Act, 1956 and the form of<br \/>\nproxy shall be sent by post under Certificate of posting addressed to<br \/>\neach of the Equity Shareholder of the Applicant Company at their<br \/>\nrespective registered or last known address.\n<\/p>\n<p id=\"p_8\">8.\t\tThat<br \/>\nin addition atleast 21(twnety one) clear days before the said meeting<br \/>\nof Unsecured Creditors to be held as aforesaid, notices convening the<br \/>\nsaid meeting at the place and time aforesaid, together with a copy of<br \/>\nthe said Scheme of Arrangement, a copy of the statement required to<br \/>\nbe sent under <a href=\"\/doc\/506042\/\" id=\"a_2\">section 393<\/a> of the Companies Act, 1956 and the form of<br \/>\nproxy shall be sent by Post Under Certificate of Posting addressed to<br \/>\neach of the Unsecured Creditor of the applicant Company at their<br \/>\nrespective registered or last known address and having their dues<br \/>\nabove Rs.50,000\/- and above only, in view of the break up of the<br \/>\nUnsecured Creditors in terms of number and in value as attached at<br \/>\nAnnexure-P to the affidavit in support of the application.\n<\/p>\n<p id=\"p_9\">9.\t\tThat<br \/>\nMr.G.J.Jadeja, Deputy Registrar, Gujarat High Court and in his<br \/>\nabsence Mr.A.S.Raghupathy, Assistant Registrar, Gujarat High Court<br \/>\nshall be Chairman of the said meeting of the Equity Shareholders to<br \/>\nbe held on 08th May, 2010 at 12.30 p.m. and Unsecured<br \/>\nCreditors on the same day at 1.30 p.m. or soon after the conclusion<br \/>\nof the meeting of Equity Shareholder as aforesaid or any adjournment<br \/>\nor adjournments thereof.\n<\/p>\n<p id=\"p_10\">10.\t\tThat<br \/>\nthe Chairman appointed for the said meeting of the Equity<br \/>\nShareholders and Unsecured Creditors do issue the advertisements and<br \/>\nsent out the notices of the meeting as referred to above.\n<\/p>\n<p id=\"p_11\">11.\t\tThat<br \/>\nthe quorum for the said meeting of the Equity Shareholders shall be<br \/>\n5(five) Equity Shareholders present in person or by proxy.\n<\/p>\n<p id=\"p_12\">12.\t\tThat<br \/>\nthe quorum for the said meeting of the Unsecured Creditors shall be<br \/>\n5(five) Unsecured Creditors present in person or by proxy.\n<\/p>\n<p id=\"p_13\">13.\t\tThat<br \/>\nvoting by proxy be permitted, provided that a proxy in the prescribed<br \/>\nform duly signed by the person entitled to attend and vote at the<br \/>\naforesaid meetings or by his authorized representative, is filed with<br \/>\nthe applicant Company at its Registered Office at Registered Office<br \/>\nof the Company at P.O. Central Pulp Mills   390660, Fort Songadh,<br \/>\nDistrict Tapi (Gujarat) not later than 48 hours before the time fixed<br \/>\nfor the relevant meetings of both the Equity Shareholders and<br \/>\nUnsecured Creditors.\n<\/p>\n<p id=\"p_14\">14.\t\tThat<br \/>\nthe outstanding claim of each of the Unsecured Creditors shall be in<br \/>\naccordance with the books of the applicant Company and where the<br \/>\nentries in the books are disputed, the Chairman of the meeting of<br \/>\nUnsecured Creditors shall determine such value for the purpose of the<br \/>\nmeeting and his decision in that behalf shall be final.\n<\/p>\n<p id=\"p_15\">15.\t\tThat<br \/>\nthe Chairman of the aforesaid meetings do report the result of the<br \/>\nsaid meetings of Equity Shareholders and Unsecured Creditors to this<br \/>\nCourt within 14(fourteen) days of the conclusion of the said meetings<br \/>\nand the said report shall be verified by his affidavit.\n<\/p>\n<p id=\"p_16\">16.\t\tThe<br \/>\napplicant shall deposit an amount of Rs.7500\/- (Rupees Seven Thousand<br \/>\nand Five Hundred only) towards probable costs \/ fees of Chairman with<br \/>\nthe Registry of this Court within a period of 1(one) week from today.\n<\/p>\n<p id=\"p_17\">\t\tThe<br \/>\napplication is accordingly disposed of.\n<\/p>\n<p id=\"p_18\">[M.R.Shah,J.]<\/p>\n<p>satish<\/p>\n<p>\t\t   \u00a0\u00a0\u00a0<\/p>\n<p>\t\t   Top<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gujarat High Court Jk vs Unknown on 25 March, 2010 Author: M.R. Shah,&amp;Nbsp; Gujarat High Court Case Information System Print COMA\/76\/2010 5\/ 6 JUDGMENT IN THE HIGH COURT OF GUJARAT AT AHMEDABAD COMPANY APPLICATION No. 76 of 2010 For Approval and Signature: HONOURABLE MR.JUSTICE M.R. SHAH =========================================== 1 Whether Reporters of Local Papers may be [&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":[16,8],"tags":[],"class_list":["post-253612","post","type-post","status-publish","format-standard","hentry","category-gujarat-high-court","category-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Jk vs Unknown on 25 March, 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\/jk-vs-unknown-on-25-march-2010\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jk vs Unknown on 25 March, 2010 - Free Judgements of Supreme Court &amp; 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