IN RE: UMA ENTERPRISES PRIVATE LIMITED Vs. STATE

JUDGEMENT

(1.) These petitions came up on second motion under Sec. 391 -394 of the Companies Act, 1956 (hereinafter 'the Act of 1956') read with Rule 57 of the Company Court Rules, 1959 (hereinafter 'the Rules of 1959') seeking sanction of the scheme of de -merger of Uma Enterprises Private Limited (hereinafter 'the company') into nine resultant companies aside of demerged company as approved and adopted by the shareholders and creditors of the company so as to be binding on all concerned.

(2.) The facts of the case are that the company applied to this court at the first motion for holding of meetings of its shareholders and unsecured creditors for considering and if thought for approving with or without modifications the demerger of the company as proposed. Vide order dated 31 -5 -2012 it was directed by the court that meeting of shareholders and unsecured creditors of applicant company be convened and held at its registered office on 30 -6 -2012 under the chairmanship of Ms. Pallavi Mehta and Mr. Rachit Sharma respectively. In the consequent meetings as directed by this court, the scheme of demerger was approved and adopted at the meetings of 30 -6 -2012 and reports of Chairpersons of the meetings as appointed by the court submitted to the court. Hence this application on the second motion seeking sanction of the approved scheme of de -merger.

(3.) Notices were issued by this court on 26 -7 -2012 to the Regional Director, Ministry of Corporate Affairs. Publication of notices in two newspapers, one English, the other vernacular, as directed was done on 2 -9 -2012. Copies of notices published in the newspapers have been filed before this court.