{"id":257095,"date":"2011-07-12T00:00:00","date_gmt":"2011-07-11T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/bindi-vs-unknown-on-12-july-2011"},"modified":"2018-02-13T08:17:04","modified_gmt":"2018-02-13T02:47:04","slug":"bindi-vs-unknown-on-12-july-2011","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/bindi-vs-unknown-on-12-july-2011","title":{"rendered":"Bindi vs Unknown on 12 July, 2011"},"content":{"rendered":"<div class=\"docsource_main\">Gujarat High Court<\/div>\n<div class=\"doc_title\">Bindi vs Unknown on 12 July, 2011<\/div>\n<div class=\"doc_author\">Author: Anant S. Dave,<\/div>\n<pre id=\"pre_1\">  \n Gujarat High Court Case Information System \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\n\n \n\n\n\t \n\nCOMP\/100\/2010\t 4\/ 4\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. 100 of 2010\n \n\nIn\n\n\n \n\nCOMPANY\nAPPLICATION No. 84 of 2010\n \n\nWith\n\n\n \n\nCOMPANY\nPETITION No. 101 of 2010\n \n\nIn\nCOMPANY APPLICATION No. 85 of 2010\n \n\n \n=========================================================\n\n\n \n\nBINDI\nDEVELOPERS PRIVATE LIMITED - Petitioner(s)\n \n\nVersus\n \n\n.\n- Respondent(s)\n \n\n=========================================================\n\n\n \n\nAppearance\n: \nMRS SWATI\nSOPARKAR for\nPetitioner(s) : 1, \nMR PS CHAMPANERI for Respondent(s) :\n1, \n=========================================================\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: 17\/03\/2011 \n\n \n\n \n \nORAL\nORDER<\/pre>\n<p id=\"p_1\">These<br \/>\n\tare the petitions filed by the petitioner companies for sanction of<br \/>\n\ta Scheme of Arrangement in the nature of Amalgamation, amalgamating<br \/>\n\tBindi Developers Private Limited, the Transferor Company with<br \/>\n\tSterling Addlife India Limited, the Transferee Company under section<br \/>\n\t391 read with <a href=\"\/doc\/301194\/\" id=\"a_1\">Section 394<\/a> of the Companies Act, 1956.  Both the<br \/>\n\tpetitioner companies belong to the same group of management. The<br \/>\n\tTransferor Company is a wholly owned subsidiary of the Transferee<br \/>\n\tCompany.\n<\/p>\n<p id=\"p_1\">It<br \/>\n\thas been pointed out that vide the orders dated 5th<br \/>\n\tApril, 2010 passed in the Company Application No.84 of 2010, the<br \/>\n\tmeetings of the Equity Shareholders and the only Unsecured Creditor<br \/>\n\tof the Transferor company were dispensed with in view of the written<br \/>\n\tconsent letters placed on record.  There were no Secured  Creditors<br \/>\n\tof the Transferor Company.  Whereas vide the order dated 5th<br \/>\n\tApril, 2010 passed in Company Application No.85 of 2010, the meeting<br \/>\n\tof the Equity Shareholders of the Transferee Company were directed<br \/>\n\tto be convened.  Pursuant to the directions, issued in this regard,<br \/>\n\tafter the due notices to the concerned parties as well  as the<br \/>\n\tpublic notice, the said meeting was duly convened on 15th<br \/>\n\tMay, 2010 and the proposed scheme was duly approved unanimously by<br \/>\n\tthe Equity Shareholders, present and voting at the said meeting.<br \/>\n\tThe result of the said meeting was duly reported to this Court vide<br \/>\n\tthe report dated 20th May, 2010.\n<\/p>\n<p id=\"p_2\">The<br \/>\n\tsubstantive petitions were admitted vide order dated 15th<br \/>\n\tJuly, 2010.  The public notices for the same were duly advertised in<br \/>\n\tthe newspapers &#8216;Indian Express&#8217; English daily, and &#8216;Sandesh&#8217;<br \/>\n\tGujarati Daily, both Ahmedabad editions dated 28th July,<br \/>\n\t2010 and the publication in the Government Gazette was dispensed<br \/>\n\twith.  Affidavits dated 3rd August, 2010 confirms the<br \/>\n\tsame.  No one has come forward with any objections to the said<br \/>\n\tpetitions even after the publication.  The same has been further<br \/>\n\tconfirmed by the additional affidavit dated 28th January,<br \/>\n\t2011 annexed to the petitions.\n<\/p>\n<p id=\"p_3\">Notice<br \/>\n\tof the petition of the Transferor Company was served upon the<br \/>\n\tOfficial Liquidator attached to the Gujarat High Court.  Vide the<br \/>\n\treport dated 15th November, 2010 filed by the Official<br \/>\n\tLiquidator, it is observed that the affairs of the Transferor<br \/>\n\tcompany has not been conducted in a manner prejudicial to the<br \/>\n\tinterest of their members or to the public interest.  However, the<br \/>\n\tOfficial Liquidator has requested this Court to direct the<br \/>\n\tTransferor Company to maintain its books of accounts and records for<br \/>\n\ta period of 8 years from the date of sanctioning the scheme and not<br \/>\n\tto dispose of the same without prior permission of the Central<br \/>\n\tGovernment. The Transferor company is accordingly directed to keep<br \/>\n\tits books and records for a period of 8 years from the date of<br \/>\n\tsanctioning the scheme and not to dispose of the same without prior<br \/>\n\tpermission of the Central Government.\n<\/p>\n<p id=\"p_4\">Notice<br \/>\n\tof the petitions have been served upon the Central Government and<br \/>\n\tMr. M. Iqbal Shaikh, learned Standing Counsel appear for the Central<br \/>\n\tGovernment.  An affidavit dated 18.02.2011 has been filed by Mr.<br \/>\n\tUttam Chand Nahta, the Regional Director, North-Western Region,<br \/>\n\tMinistry of Corporate Affairs, whereby the only observation made<br \/>\n\tpertain to compliance of the Accounting Standard-14 by the<br \/>\n\tTransferee Company.\n<\/p>\n<p id=\"p_5\">The<br \/>\n\tattention of this Court is drawn to the Additional Affidavit dated<br \/>\n\t28th January, 2011 whereby the said issue has been dealt<br \/>\n\twith and it has been submitted that vide clause 10(1) of the scheme,<br \/>\n\tthe said compliance is already provided and the subsequent clauses<br \/>\n\tare only enabling clauses are not contradictory to the said<br \/>\n\tcompliance. Considering the said explanation, the observation of the<br \/>\n\tRegional Director does not survive.\n<\/p>\n<p id=\"p_6\">Heard<br \/>\n\tMrs. Swati Soparkar, learned Advocate for the petitioner company and<br \/>\n\tMr. M. Iqbal Shaikh, learned Counsel appearing for the Central<br \/>\n\tGovernment.  Having gone through the petitions, and having<br \/>\n\tconsidered the submissions made in this regard and being satisfied<br \/>\n\tthat amalgamation would be in the interest of the companies and<br \/>\n\ttheir members and creditors, prayer in terms of Paragraph 15(a) of<br \/>\n\tthe Company Petition No.100 and para 20(a) of the Company Petition<br \/>\n\tNo.101 are hereby granted.\n<\/p>\n<p id=\"p_7\">The<br \/>\n\tpetitions are disposed of accordingly.  So far as the costs to be<br \/>\n\tpaid to the Central Government Standing Counsel is concerned, the<br \/>\n\tsame are quantified at Rs.3,500\/= per petition. The same may be paid<br \/>\n\tto the learned Advocate Mr. M. Iqbal Shaikh.  Further payment of<br \/>\n\tRs.4,000\/- for the Transferor Company to be paid to the Official<br \/>\n\tLiquidator.\n<\/p>\n<p id=\"p_8\">\t\t\t\t\t\t\t\t\tSd\/-\n<\/p>\n<p id=\"p_9\">(Anant<br \/>\nS. Dave, J.)<\/p>\n<p>Caroline<\/p>\n<p>\t\t   \u00a0\u00a0\u00a0<\/p>\n<p>\t\t   Top<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gujarat High Court Bindi vs Unknown on 12 July, 2011 Author: Anant S. Dave, Gujarat High Court Case Information System Print COMP\/100\/2010 4\/ 4 ORDER IN THE HIGH COURT OF GUJARAT AT AHMEDABAD COMPANY PETITION No. 100 of 2010 In COMPANY APPLICATION No. 84 of 2010 With COMPANY PETITION No. 101 of 2010 In COMPANY [&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-257095","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 v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bindi vs Unknown on 12 July, 2011 - 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\/bindi-vs-unknown-on-12-july-2011\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bindi vs Unknown on 12 July, 2011 - Free Judgements of Supreme Court &amp; 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