{"id":258878,"date":"2010-10-20T00:00:00","date_gmt":"2010-10-19T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/wep-solutions-india-limited-vs-nil-on-20-october-2010"},"modified":"2016-03-11T23:04:32","modified_gmt":"2016-03-11T17:34:32","slug":"wep-solutions-india-limited-vs-nil-on-20-october-2010","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/wep-solutions-india-limited-vs-nil-on-20-october-2010","title":{"rendered":"Wep Solutions India Limited vs Nil on 20 October, 2010"},"content":{"rendered":"
Karnataka High Court<\/div>\n
Wep Solutions India Limited vs Nil on 20 October, 2010<\/div>\n
Author: H N Das<\/div>\n
IN THE HIGH COURT OP KARNATAKA AT BANGALORE\nDATED THIS THE 20% DAY OF OCTOBER, 2010\nBEFORE\nTHE HON'BLE MR. JUSTICE H.N. NAGAMOHAN':D,AS,, A\n\nC.A.N6.847 2010   \n\nBETWEEN:\n\nWEP SOLUTIONS INDIA LIIVHTED\n\nREGISTERED OFFICE \n\n40\/IA, BASAPPA COMPLEX  \n\nLAVELLE ROAD  ,    , \nBANGALORE:  ' _, I A *         APPLICANT\n\n(SHRISAII ~P.IOEI:II=I,.j,ESP]'LEGAL , ADV.)\n\nAND:\n\n     AAAAA  .....RESPONDENT<\/pre>\n
    ~ RAEVELICATION IS FILED UNDER SECTION 391 OP
\n‘THE’CO\u00a3v\ufb01j’—-A3?JIES ACT, 1956, RM? RULES 6 8: 9 AND 46 8: 67<\/p>\n
OF~._TH_E’ COII\/IPANIEs(COURT) RULES, I959, PRAYING TO<\/p>\n
 _  ORDERFOR CONVENING OF SEPARATE MEETINGS OF THE
\n AEOUITT SHAREHOLDERS, SECURED CREDITORS AND
\n UNSECURED CREDITORS OF THE APPLICANT COMPANY
\n  TOR APPROVING THE SCHEME OF ARRANGMENT
\n ..,,.I3ETwEEN wEP SOLUTIONS INDIA LIIvIITED(APPLICANT<\/p>\n
COMPANY\/TRANSFEROR COMPANY) WITH DATANET<\/p>\n
P,\u00bb<\/p>\n
KL<\/p>\n
SYSTEMS LIMITED(TRANSFEREE COMPANY) TO BE..__HELD
\nAT THE REGISTERED OFFICE OF THE APPVLI_4ACA_NT
\nCOMPANY OR AT SUCH OTHER PLACE A.SfM’A.Y. BE<\/p>\n
DETERMINED BY THE COURT, FOR 1\u00e9URP’OSES OF
\nCONSIDERING AND, IF THOUGHT FIT, AFFROVINC \u00a77\u00bb’I”‘I”H__V
\nOR WITHOUT MODIFICATION T}}E\u00bb.AFC\u00e9_RESA’ID’ SCHEME  <\/p>\n
OF ARRANGMENT AND ETC.,.   pg :\n<\/p>\n
This application CO1’1’1iI1g’:_OH_VfO1″ Orderspthisi lday,.._tl1e.3 court!’<\/p>\n
made the following;\n<\/p>\n
In this application,applicant\/transferor company has<\/p>\n
prayed fOf.’–{J”\u20ac1″IIE:l:ViSii_S’}lOI1v jto’1~Conx{eri;e. separate meetings of the<\/p>\n
sharehioldersi’AF.i;and ofviiiilthe applicant-Company for
\napproving the’ rSc1ze’131″\u00e9-.,,,i__of “Arrangement produced as per<\/p>\n
AnE\u00a7eXure–F “be:tWVeenv’ the Applicant COIr1pany(TransferOr<\/p>\n
\u00bb   Datanet Systems Limited(TraI1Sferee Company).<\/p>\n
\u00ab 2′.Tii”_}7hei~i.:;.AVpplicant-Company was originally incorporated<\/p>\n
 under the provisions of the Companies Act<\/a>, 1956, on 18.9.2007<\/p>\n
A f_”  the name and style of Wep Solutions India Private Limited<\/p>\n
  M Iivith the Registrar of Companies, Karnataka. The applicant<\/p>\n
E–.\u00bb
\nr”-.}<\/p>\n
\/’<\/p>\n
Company was subsequently converted into a public _.limited<\/p>\n
company under the name and style as Wep <\/p>\n
Limited with effect from 19.12.2007. The registerve’d.:.officei”ol” VlIl”I:\\\\\\\\\\  <\/p>\n
applicant company is situated at 40\/ <\/p>\n
Road, Bangalore-1.\n<\/p>\n
3. The authorised share   the’Applica1it;–Cornpany
\nis Rs.30,0(),00,000\/– dmai\u00e9a _iI”ii-to  equity shares of<\/p>\n
Rs.10\/– each. _:”Issued,””suhlscriibeda aridzdlpaid up capital is<\/p>\n
Rs.18,32~,54,4i3zt)l\/4″agvtde\u00e9jp -into’-s1,,a3*’j25,442\/W equity shares of<\/p>\n
Rs. 10\/ V V<\/p>\n
   T he nialii1.oVh_}f_ects of the Applicant–Cornpany is to design,<\/p>\n
 V inK?ent,’v..dexfelop,–. manufacture, assemble, update, market, trade,<\/p>\n
buty,l sell, ‘alter, resell, remodel, lease, install, revise, import,<\/p>\n
 expott,udistribute, service, and etc., and morefully described in<\/p>\n
Kl\\l\/Ieiriorandurn and Articles of Associations, produced at<\/p>\n
l m”AI1I1\u20acX1l1’\u20ac-A. The latest audited balancesheet made upto<\/p>\n
J1<\/p>\n
ii<\/p>\n
31.3.2010 and a copy of the said balancesheet is produced at<\/p>\n
Annexu re–B.\n<\/p>\n
5. The Board of Directors of the Applicantt\ufb01oliritiaiigi  <\/p>\n
apptoved and adopted the Scheme of Jtrrangerifient\u00e9linithellmeetiiig ‘<\/p>\n
held on 31.7.2010, by virtue of which,_ the sha.re_lA.ca’pital <\/p>\n
transferee company is reduced atlllfhl\u00e9iratio of -1\/l”5r”‘l-lof  existing,
\nissued, and paid up share,c’apitz–i_l; the’. L’.\/[_ana’ged Printing Solutions<\/p>\n
Division of the.v.Applica11t\u00bb.Company’ lis \u00abglide-linerged into the<\/p>\n
transfereetvc.on1panj;3::and “etc-.,.<\/p>\n
 ,6. The _:OlJ}e.i:t lClau’sle 111(3) (12) of the Memorandum of<\/p>\n
  applicant-company contemplates and authorises<\/p>\n
 .t_he__tiraiiisiereepoinpany to purchase or otherwise acquire whole<\/p>\n
or any of the business undertaking.\n<\/p>\n
 ~  l7′.”.The Counsel for the applicant has furnished all the<\/p>\n
‘material facts relating to the applicant–corr1pany and he submitted<\/p>\n
5….\u00bb<\/p>\n
dis<\/p>\n
that there are 1575 equity shareholders in the applicant company<\/p>\n
as on 30.9.2010 and it is also submitted that there<\/p>\n
creditors and 230 unsecured creditors in the applic~ant:.icompain3?,_V 0 <\/p>\n
Therefore, convening of the meetings ofithiejjveliqriityeshareholders,<\/p>\n
secured creditors and unsecured creditors i’iV_arg;\u00bb..,necessary._*<\/p>\n
Accordingly, I pass the following..ord’er:l”gA<\/p>\n
1)<\/p>\n
Appliicaitionl” is .lal:lovfed..V”e\u00bbj?ipp1icant-company is<\/p>\n
 .permitte’d’~to.lconyenegseparate meetings of<\/p>\n
5i_e:1u’ity__shareho1ders,, secured creditors and<\/p>\n
  ‘–:llr_\u00a7lc1itv\u00a7.irs on Saturday, 20.11.2010<\/p>\n
   11.30 a.rn., and 12.00 Noon<\/p>\n
W,_ili=espect.i%}’e<i\u00a7}, at the registered office of the<\/p>\n
00 <..Applicar1t~Company at No.40\/1A, Basappa<\/p>\n
ii)<\/p>\n
“”Co’mplex, Lavelle Road, Bangalore–1 under<\/p>\n
the Chairmanship of
\nlVIr.Ram N.Agarwal —Chairmjan 8: Whole<\/p>\n
time Director, failing him 1VIr.Deepal<
\nA.Chari, Director.\n<\/p>\n
The chairman shall issue individual notices to<\/p>\n
all the equity shareholders, secured creditors
\n.3″\n<\/p>\n
d’<\/p>\n
Yn.\n<\/p>\n
iii)<\/p>\n
6<\/span><\/p>\n
and unsecured creditors of the applicant
\ncompany mentioning the date, time and place<\/p>\n
of the meetings and the applicant 5 xclonflpany<\/p>\n
shall take out notices of the meetingsvin <\/p>\n
Hindu’ English daily and”   V’<\/p>\n
Kannada daily, infits Bangalore editlonson or<\/p>\n
before 28.10.20l0..h  <\/p>\n
The quorurn_V.’o~\u00a3_ thellneetingv-t_oF._;theV equity” V<\/p>\n
shareholdersV_s_hal,l__ ‘L-\u00bbe_V  “b.y_pe_rson or by<\/p>\n
proxy,_z:\u20ac;e_culred2,j_b’creditors __shall be two, by<\/p>\n
 person.  ‘by’ proxy7″anld*~ urllsecured creditors<\/p>\n
lllgshhall. he    by proxy.\n<\/p>\n
 shall. submit the report of the
\n‘1n_ee’tii1gls” —.___lwit’hin two weeks from the
\n”  cionclnsionl of the meetings.\n<\/p>\n
(ljrd’ere’d accordingly.\n<\/p>\n
Sd\/~
\nJUDGE<\/p>\n","protected":false},"excerpt":{"rendered":"
Karnataka High Court Wep Solutions India Limited vs Nil on 20 October, 2010 Author: H N Das IN THE HIGH COURT OP KARNATAKA AT BANGALORE DATED THIS THE 20% DAY OF OCTOBER, 2010 BEFORE THE HON’BLE MR. JUSTICE H.N. NAGAMOHAN’:D,AS,, A C.A.N6.847 2010 BETWEEN: WEP SOLUTIONS INDIA LIIVHTED REGISTERED OFFICE 40\/IA, BASAPPA COMPLEX LAVELLE ROAD […]<\/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-258878","post","type-post","status-publish","format-standard","hentry","category-high-court","category-karnataka-high-court"],"yoast_head":"\nWep Solutions India Limited vs Nil on 20 October, 2010 - 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\/wep-solutions-india-limited-vs-nil-on-20-october-2010\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wep Solutions India Limited vs Nil on 20 October, 2010 - 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