{"id":43806,"date":"2009-01-09T00:00:00","date_gmt":"2009-01-08T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/tata-realty-infrastructure-ltd-vs-unknown-on-9-january-2009"},"modified":"2016-08-25T16:14:51","modified_gmt":"2016-08-25T10:44:51","slug":"tata-realty-infrastructure-ltd-vs-unknown-on-9-january-2009","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/tata-realty-infrastructure-ltd-vs-unknown-on-9-january-2009","title":{"rendered":"Tata Realty & Infrastructure Ltd vs Unknown on 9 January, 2009"},"content":{"rendered":"
Bombay High Court<\/div>\n
Tata Realty & Infrastructure Ltd vs Unknown on 9 January, 2009<\/div>\n
Bench: S.J. Vazifdar<\/div>\n
                               : 1 :\n\n\n             IN THE HIGH COURT OF JUDICATURE AT BOMBAY\n                ORDINARY ORIGINAL CIVIL JURISDICTION\n\n                  COMPANY APPLICATION NO.14 OF 2009\n                                 WITH\n                    COMPANY PETITION NO.5 OF 2009\n\n\n\n\n                                                                            \n                               In the     matter of         Companies           Act,\n                               1956\n\n\n\n\n                                                    \n                               In the matter of Sections 100 to\n                               104 of the Companies Act, 1956 ;\n\n                               And\n\n\n\n\n                                                   \n                               In the matter of reduction of paid\n                               up share capital of Tata Realty and\n                               Infrastructure Ltd.\n                                                       ....Company\n\n\n\n\n                                       \n     Tata Realty & Infrastructure Ltd.                      ....Petitioner\n\n\n     Mr.D.J.\n                       \n               Khambata i\/b M\/s.Doijode Associates for                           the\n     Petitioner.\n                      \n                                   CORAM :   S.J. VAZIFDAR, J.\n<\/pre>\n
                                   DATED :   9TH JANUARY, 2009.\n<\/p>\n
     ORAL JUDGMENT :-\n<\/p>\n
     1.          I    have today passed an order dispensing with<\/p>\n
     the    procedure        under Section 101(2) of the               Companies<\/p>\n
     Act,    1956.     This is in view of the averments made                       in<\/p>\n
     the    affidavit in support of the Company Petition                         and<\/p>\n
     in     a further affidavit dated 19.12.2008 inter-alia to<\/p>\n
     the    effect     that the creditors of the Company are                       of<\/p>\n
     the    value     of about Rs.127 crores ;            creditors of             an<\/p>\n
     aggregate       value    of     about 99.38%      have       given       their<\/p>\n
     consent     and that subsequently the remaining creditors<\/p>\n
     have been paid and\/or have also given their consent.\n<\/p>\n
                                                    ::: Downloaded on – 09\/06\/2013 14:13:20 :::<\/span>
\n                                    : 2 :<\/span><\/p>\n
     2.          The           Company        Registrar          has     invited          my<\/p>\n
     attention       to        an order of a learned single                    Judge      of<\/p>\n
     this    Court        dated       19.12.2008          in     Company        Petition<\/p>\n
     No.1067     of       2008 connected with              Company        Application<\/p>\n
     No.1680     of       2008        which     is similar        to     the      present<\/p>\n
     application.               The     learned     Judge         called          for       a<\/p>\n
     certificate            from        a     qualified         Auditors\/Chartered<\/p>\n
     Accountants            empanelled          with       the         Registrar          of<\/p>\n
     Companies\/Regional               Director      on    the question             as     to<\/p>\n
     whether     the        proposed reduction therein does or                          does<\/p>\n
     not    involve<\/p>\n
     prejudicial<\/p>\n
                            diminution         of<\/p>\n
                          to the interests of the
\n                                                       liability         and<\/p>\n
                                                                 creditors\/public
\n                                                                                  is     not<\/p>\n
     in general.          The learned Judge observed that depending<\/p>\n
     on     the opinion expressed in such report,                         appropriate<\/p>\n
     orders would be passed in that matter.                          It was further<\/p>\n
     observed        that this course would not only subserve the<\/p>\n
     interests       of the creditors\/public in general but also<\/p>\n
     facilitate        the Court in taking an informed                        decision.\n<\/p>\n
     The    learned         Judge      therefore issued            notice        to      the<\/p>\n
     Government        of       India, through the              Regional        Director<\/p>\n
     (Western        Region).         The Regional Director was directed<\/p>\n
     to     take such measures as required for issuance of the<\/p>\n
     certificate          in     consultation            with     the     appropriate<\/p>\n
     authorities and to submit a certificate to the Company<\/p>\n
     Registrar.\n<\/p>\n
     3.          I     do       not read the order to hold                  the        above<\/p>\n
                                                           ::: Downloaded on – 09\/06\/2013 14:13:20 :::<\/span>
\n                                       : 3 :<\/span><\/p>\n
     procedure        to        be     mandatory in every matter.                   It     is<\/p>\n
     quite obvious that the learned Judge passed that order<\/p>\n
     as     he    was of the opinion that in the facts                           of      that<\/p>\n
     case the procedure was so required.                         The Company Court<\/p>\n
     is     always        entitled to satisfy itself                  regarding          the<\/p>\n
     merits of the application and for that purpose to seek<\/p>\n
     such     assistance             as      may    be   required       including          as<\/p>\n
     directed in the above matter.\n<\/p>\n
     .            The      provisions              of the Companies          Act,       1956<\/p>\n
     including        Sections             78 and 100 to 105 do not               make       a<\/p>\n
     recourse<\/p>\n
     necessary
\n                     to<\/p>\n
                            such a procedure mandatory.\n<\/p>\n
                          for        the     Company      Court     to\n                                                                           It\n\n                                                                           pass\n                                                                                  is     not\n\n                                                                                         such\n                          \n     directions           or follow the said procedure in every such\n\n     matter.         The        reports such as the one called for                       are\n\n<\/pre>\n
     only an aid to the Company Court and are not mandatory<\/p>\n
     in every case.\n<\/p>\n
     4.           The      interests of the public in general or of<\/p>\n
     the     creditors          in         particular     cannot        possibly           be<\/p>\n
     affected by not following such a procedure.                               There are<\/p>\n
     adequate        safeguards             in the Companies Act to               protect<\/p>\n
     their       rights.             For instance, in any event it is                    the<\/p>\n
     duty     of the Company Court to secure the creditors and<\/p>\n
     to     pass necessary directions.                   Moreover the creditors<\/p>\n
     always have the right to oppose the application.\n<\/p>\n
     5.           In the present matter I am satisfied that the<\/p>\n
                                                            ::: Downloaded on – 09\/06\/2013 14:13:20 :::<\/span>
\n                           : 4 :<\/span><\/p>\n
     Company    is   entitled   to the   orders     sought        without<\/p>\n
     taking    recourse   to    the said procedure        and     I     have<\/p>\n
     accordingly signed the order.\n<\/p>\n
                                            ::: Downloaded on – 09\/06\/2013 14:13:20 :::<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
Bombay High Court Tata Realty & Infrastructure Ltd vs Unknown on 9 January, 2009 Bench: S.J. Vazifdar : 1 : IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO.14 OF 2009 WITH COMPANY PETITION NO.5 OF 2009 In the matter of Companies Act, 1956 In the matter of Sections […]<\/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":[11,8],"tags":[],"class_list":["post-43806","post","type-post","status-publish","format-standard","hentry","category-bombay-high-court","category-high-court"],"yoast_head":"\nTata Realty & Infrastructure Ltd vs Unknown on 9 January, 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\/tata-realty-infrastructure-ltd-vs-unknown-on-9-january-2009\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tata Realty & Infrastructure Ltd vs Unknown on 9 January, 2009 - 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