SUTLEJ INDUSTRIES LTD Vs. STATE

JUDGEMENT

(1.) THE applicants have filed this application under Sections 391 and 393 of the Companies Act, 1956 ('the Act, 1956') for a direction of the Court to dispense with the meetings of the equity shareholders of the applicant transferee -company, and, as to the issue and publication of notices and the convening, holding and conducting of separate meeting of the equity shareholders, secured creditors and unsecured creditors of the applicant transferor -company and the appointment of the Chairman for the meeting aforesaid. Sutlej Industries Limited 'the applicant transferor -company' is a company duly incorporated on 22 -11 -1934 under the provisions of the Indian Companies Act, VII of 1913 as a public company limited by shares under the name of Sutlej Cotton Mills Limited. With effect from 13 -9 -1995 the name of the applicant transferor -company was changed to Sutlej Industries Limited; its registered office is situated at Pachpahar Road, Bhawanimandi (Rajasthan).

(2.) THE position of authorized, issued, subscribed and paid -up share capital of the applicant transferor -company as on 31 -3 -2005 is detailed out in para No. 5 of the application.

(3.) SUBSEQUENT to the date of the aforesaid latest audited annual accounts, the applicant transferor -company has published its financial results for the quarter ended on 30 -6 -2005 in accordance with the listing agreements with the relevant Stock Exchanges i.e., (i) National Stock Exchange, Mumbai and (ii) Mumbai Stock Exchange, Mumbai and (iii) Calcutta Stock Exchange Limited, Kolkata.