LORDS CHLORO ALKALI LTD Vs. STATE

JUDGEMENT

(1.) THE applicant Lords Chloro Alkali Limited (formerly known as Modi Alkalies and Chemicals Limited) filed this application under Sections 391 and 394 of the Companies Act, 1956 (hereinafter shall be referred to as 'the Act of 1956') for a direction of the Court as to the method of convening, holding and conducting the meeting of the secured creditors of the applicant company, as to the notices and advertisement to be issued, for the purpose of considering and, if thought fit, approving with or without modification, the scheme of arrangement between Lords Chloro Alkali Limited and its secured creditors.

(2.) THAT the applicant -company was incorporated on 1 -3 -1979 in the State of Punjab originally under the name and style of Modi Alkalies and Chemicals Limited. Subsequently in the year 1979 itself, the registered office of the applicant was shifted to Industrial Area, Alwar (Rajasthan). The name of the applicant -company was subsequently changed to Lords Chloro Alkalies Limited on 1 -2 -2003.

(3.) THE main objects of the applicant -company as set out in the object clause of its Memorandum of Association, have been detailed out in para No. 3 of the application. The copy of the latest audited annual accounts of the applicant -company has been submitted as Annexure P -2 to the application.