GUJARAT AMBUJA EXPORTS LTD Vs. STATE OF GUJARAT

JUDGEMENT

(1.) The present petition is filed under section 391(2) of the Companies Act, 1956 (hereinafter referred to as "The Act") seeking sanction of the Scheme of Compromise and/or arrangement between the petitioner and two different classes of its shareholders. The historical background and objectives and need for such scheme have been narrated in para 9 of the petition and read as under:

(2.) Earlier the petitioner had moved an application seeking direction for convening the meetings of its shareholders and creditors for considering and if thought fit, approving the Scheme of Compromise. The learned Single Judge of this Court, however, rejected the said application. Against the said order the petitioner preferred an appeal being O.J.Appeal no. 26 of 2002 and the Division Bench of this Court vide its order dated 21.9.2002 permitted the petitioner to convene the different meetings of its shareholders and creditors for the purpose of considering, and if thought fit approving the said Scheme of Compromise.

(3.) Pursuant to the court's order dated 21.9.2002 for convening meeting, the notices of the meetings were also advertised as directed by the said order in "The Times of India-English daily(Ahmedabad, Mumbai, Delhi, Bangalore, Calcutta, Lucknow, Hyderabad and Pune editions), Economic Times (Chennai edition) and Sandesh Gujarati daily, Ahmedabad of 26.10.2002.