ESSAR OIL LTD. Vs. STATE

JUDGEMENT

(1.) THE applicant, namely, Essar Oil Ltd., has taken out this Judges Summons seeking declaration from this Court that the directors of the applicant -company shall not be treated as disqualified under Section 274(1)(g) of the Companies Act, 1956.

(2.) AN affidavit is filed by Shri Sheikh S. Shaffi, Vice President and Company Secretary of the applicant -company, in support of the Judges Summons. Mr. Mihir J. Thakore and Mr. S.N. Soparkar, learned Senior Counsels are appearing for the applicant -company alongwith Mr. Sunit S. Shah learned advocate. Mr. Navin K. Pahva learned advocate is appearing for Fearless General Finance and Investment Company Ltd., who is objecting to the prayer being granted by this Court. As per oral direction of this Court, a copy of application is given to Mr. Pahva and he is permitted to make submissions.

(3.) THE applicant -Company thereafter filed four separate Company Applications being Company Application Nos. 165, 166, 167 and 168 all are of 2003 before this Court proposing different schemes. Out of these four schemes, three different schemes have been approved by the debenture holders and hence the applicant -company has filed Company Petitions being Company Petition Nos. 160,161 and 162 all are of 2003. However, the concerned debenture holders holding more than 2,000 debentures of the applicant -company and the scheme in respect of whom is subject -matter of Company Application No. 166/2003, have adjourned the meeting. Pending disposal of Company Petitions and consideration of the scheme proposed vide Company Application No. 166/2003 by the concerned debenture holders, the Company moved Company Application being Company Application No. 95/2004 praying inter alia for an order that directors of the applicant -company not to be treated as disqualified under Section 274(1)(g) of the Companies Act, 1956 with effect from 20 -4 -2004 or any other date. This Court has granted the said prayer and disposed of the Company Application No. 95/2004 vide its order dated 1 -4 -2004.