ENDURING PLASTICS PRIVATE LTD Vs. STATE

JUDGEMENT

(1.) PRESENT Judges' Summons has been taken out by the applicant - Enduring Plastics Private Limited (Transferee Company) for an appropriate order of convening and holding meeting of the equity shareholders the applicant for the purpose of considering and if thought fit, approving with or without modification(s), proposed scheme of arrangement and demerger of G.E.India Industrial Private Limited with the applicant - Company. It is also the further prayed to dispense with the requirements of convening and holding meeting of Secured Creditors and Unsecured Creditors of the applicant Company for the purpose of aforesaid proposed scheme of arrangement and demerger of G.E.India Industrial Pvt. Limited with the applicant Company. The applicant -Company has no Secured and Unsecured debt as on 30.04.2007. For the purpose of dispensing with the requirements of convening and holding meeting of Secured Creditors and Unsecured Creditors of the applicant Company, the applicant has relied upon the Auditor's Certificate dated 04.05.2007 (Annexure -F).

(2.) UNDER the circumstances, as there being no Secured or Unsecured debt as on 30.04.2007 as certified by the Auditor vide its Certificate dated 04.05.2007, the meeting of the Secured Creditor and Unsecured Creditor of the applicant Company for the purpose of considering and/or approving the proposed scheme of arrangement and demerger is hereby dispensed with, as the same is not required.

(3.) SO far as holding meeting of Equity Shareholders of the applicant Company is concerned, upon the application of the applicant Company above named by Summons for Directions dated 4th May, 2007, and upon hearing Shri K.S.Nanavati, Senior Advocate, with Shri Nandish Chudgar of Nanavati Associates, Advocates for the Applicant -Company and upon reading the affidavit of Mr. Rupak Shah, Director of the Applicant Company, affirmed on 5th May, 2007 and Exhibits referred therein, it is ordered :