{"id":32956,"date":"2009-09-10T00:00:00","date_gmt":"2009-09-09T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/caryl-pharma-pvt-ltd-vs-nil-on-10-september-2009"},"modified":"2016-03-21T01:24:23","modified_gmt":"2016-03-20T19:54:23","slug":"caryl-pharma-pvt-ltd-vs-nil-on-10-september-2009","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/caryl-pharma-pvt-ltd-vs-nil-on-10-september-2009","title":{"rendered":"Caryl Pharma Pvt Ltd vs Nil on 10 September, 2009"},"content":{"rendered":"
Karnataka High Court<\/div>\n
Caryl Pharma Pvt Ltd vs Nil on 10 September, 2009<\/div>\n
Author: Anand Byrareddy<\/div>\n
IN THE HIGH COURT OF KARNATAKA AT BANGALORE\n\nDATED TPBS THE 10\"' DAY OF SEPTEMBER 2009\nBEFORE:   \n\nTHE HON'BLE MR. JUSTICE ANAND   _\n\nCOMPANY APPLECATIONNo.690.Q1\u00a7f'2QO9:\" _ C C\n\nBETWEEN:\n\nCARYL PHARMA PRIVATEVLIMITED, \nRegistered Office: STAR--2, \"' V\" .\nOpposite to HMB,\nBannerghatta Road,\nBiiekahaili,\nBanga1ore--560 076.\n\n(By Shri*;Saj.iipF~.dOHii;; SPJitLe.gai,'Ad\u00bbxOcate)\nNil.       RESPONDENT<\/pre>\n
 . . . . .\n<\/p>\n
._     Application is filed under Section 393 of the
\nCompanies\ufb01cti; .1956 read with Ruie 9 of the Companies (Court)<\/p>\n
Rliiess 1\\_959V,.i~’praying to dispensing\/convening of the meetings of<\/p>\n
  the equity shareholders and creditors of the Applicant company
\n_”for, approving the scheme of Arrangement wherettnder the
\n “\u00abi”app1ii’e.ant company, Arcolab (Ind.ia) Private Limited (Transferor
\n_  Company No.1) and Ne-tequity Ventures Private Limited<\/p>\n
(Transfe1’o1” Company N03) are proposed to be merged with<\/p>\n
C  “iAgnus Holdings Private Limited (Transferee Company No.1)<\/p>\n
6<\/span><\/p>\n
2<\/span><\/p>\n
except the Demerged undertaking consisting of the long term
\ninvestment business of Netequity Ventures Private Limited and<\/p>\n
\u20ac[C.,<\/p>\n
This Company Application coming on for orders
\nthe Court made the following: —  ‘ –\u00ab  ” ‘ <\/p>\n
>l!!<=-\u00a36<\/p>\n
oRI3J;.B. \u00ab 4;\n<\/p>\n
This application is filed bythe transferol’ company nofz, ‘for<\/p>\n
an order dispensing with meetinigsp.iii’of equitfshiarehplders and
\ncreditors of the applicaiitfcomt-iany. for_ approving the scheme of<\/p>\n
arrangement , which is at..Annex-upre–Kl”to ithe’ipetition, between<\/p>\n
M\/s A:t’colab.”‘Private Limited, which is the transferor<\/p>\n
companyurio;-l,i I\\’I\/Vs”b_l4’ctet;,–.1,_1i:it5r. Ventures Private Limited, which is<\/p>\n
the tra-n.sferor”compavnyiinoi.l3i the applicant–company, M\/s Agnes<\/p>\n
 Private Limited — the transferee company no.1, and<\/p>\n
L”Mrs_Karu\ufb01a,yiV’ent1jres Private Limited — transferee company no.2.<\/p>\n
 The applicant company is engaged in the business of<\/p>\n
. .t,.i;nia.nufacit’uring and distribution of bulk drugs and pharmaceutical<\/p>\n
 fermulations. The registered office of the company is at<\/p>\n
3<\/span><\/p>\n
Bangalore. The Board of Directors have approved and adopted
\nthe Scheme of Arrangement at its meeting held on 10.8.2009, by<\/p>\n
virtue of which, the trarrsferor companies are pr0p’0S\u00a73d_”tQ be<\/p>\n
merged with the transferee–company no.1 except:”thve::d’emergedv.p<\/p>\n
undertaking of the transferor company r:0.3’l_. is.proposed}to’-.beS j S<\/p>\n
transferred to the transferee company r1o.2,.psubject_–vto’ confrrrriation<\/p>\n
of this court.\n<\/p>\n
There are only two.” equpity”s–harelholders \u00a311.\/the; applicant -..<\/p>\n
company. They have given their:’VcoynSsef1rtvS’for the Scheme of<\/p>\n
A;’rangernenlt;~_v shareholders are certi\ufb01ed by a<\/p>\n
Chartered V’ Accountant.. consent letters are produced at<\/p>\n
Annexure–L ser.i.es;’ It  stated that there are no Secured Loan<\/p>\n
l:’Creditors applicanbcompany. The certificate issued by the<\/p>\n
SlC_h’arteredllA_cco’urrtant is produced at Annexure-M. It is further<\/p>\n
Stated that “there is only one Unsecured Loan Creditor in the<\/p>\n
  — company, who has given consent for the Scheme of<\/p>\n
{Z<\/p>\n
4<\/span><\/p>\n
Arrangement. The application is supported by an affidavit of the<\/p>\n
director of the company.\n<\/p>\n
The appkication in 690\/2009 is, therefore, allowed. Two<\/p>\n
weeks’ time is granted for filing the necessary petition. V V. <\/p>\n
sd\/~. f\\ e0:i  <\/p>\n
11V<\/p>\n","protected":false},"excerpt":{"rendered":"
Karnataka High Court Caryl Pharma Pvt Ltd vs Nil on 10 September, 2009 Author: Anand Byrareddy IN THE HIGH COURT OF KARNATAKA AT BANGALORE DATED TPBS THE 10″‘ DAY OF SEPTEMBER 2009 BEFORE: THE HON’BLE MR. JUSTICE ANAND _ COMPANY APPLECATIONNo.690.Q1\u00a7f’2QO9:” _ C C BETWEEN: CARYL PHARMA PRIVATEVLIMITED, Registered Office: STAR–2, “‘ V” . Opposite […]<\/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-32956","post","type-post","status-publish","format-standard","hentry","category-high-court","category-karnataka-high-court"],"yoast_head":"\nCaryl Pharma Pvt Ltd vs Nil on 10 September, 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\/caryl-pharma-pvt-ltd-vs-nil-on-10-september-2009\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Caryl Pharma Pvt Ltd vs Nil on 10 September, 2009 - 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