Delhi High Court
Shobha Printers Private Limited vs Lahar Enterprises Private ... on 30 January, 2017
IN THE HIGH COURT OF DELHI AT NEW DELHI
Order Reserved on:14.12.2016
Order Delivered on: 30.01.2017
CO. APPL. (M) 167/2016
IN THE MATTER OF:
SHOBHA PRINTERS PRIVATE LIMITED
...Applicant/Demerged Company
AND
LAHAR ENTERPRISES PRIVATE LIMITED
...Applicant/Resultant Company
Through: Mr. Rajiv K. Goel, Advocate
CORAM:
HON'BLE MR. JUSTICE SIDDHARTH MRIDUL
SIDDHARTH MRIDUL, J.
1. The present application has been filed jointly, under Sections 391(1) of
the Companies Act, 1956 (hereinafter referred to as 'the Act') by Shobha
Printers Private Limited (hereinafter referred to as 'the Demerged Company')
and Lahar Enterprises Private Limited (hereinafter referred to as 'the Resultant
Company') in connection with the Scheme of Arrangement (hereinafter referred
to as 'the Scheme') for the demerger of the real-estate business of the Demerged
Company into the Resultant Company.
2. The registered offices of the Applicant Companies are situated within the
National Capital Territory of Delhi, within the jurisdiction of this Court.
3. The Demerged Company was incorporated under the Act, on 02.09.1986
vide certificate of Incorporation issued by the Registrar of Companies, NCT of
Delhi and Haryana, at New Delhi.
4. The Resultant Company was incorporated under the provisions of the Act
vide certificate of incorporation dated 03.01.1991 issued by the Registrar of
Companies, NCT of Delhi and Haryana.
5. The authorized share capital of the Demerged Company as on
31.03.2016, is Rs.5,00,000/-, divided into 50,000 equity shares of Rs.10/- each.
The issued, subscribed and paid-up share capital of the Demerged Company as
on 31.03.2016, is Rs.3,05,100/-, divided into 30,510 equity shares of Rs.10/-
each fully paid up.
6. The authorized share capital of the Resultant Company as on 31.03.2016,
is Rs.10,00,000/-, divided into 10,000 equity shares of Rs.100/- each. The
issued, subscribed and paid-up share capital of the Resultant Company as on
31.03.2016, is Rs.9,75,000/-, divided into 9,750 equity shares of Rs.100/- each
fully paid up.
7. Copies of the Memorandum of Association and Articles of Association of
each of the Applicant Companies have been filed on record. The audited
balance sheets, as on 31.03.2016, pertaining to each of the Applicant
Companies, along with the reports of the auditors, have also been filed and the
same are on record.
8. A copy of the Scheme has been enclosed along with the application and
the same is on record. It has been stated on behalf of the Applicant Companies
that demerger of the real-estate business of the Demerged Company into the
Resultant Company would inter alia have the following benefits:
a) The Demerged Company and the Resultant Company jointly own a real
estate which is sought to re-developed. The proposed scheme would lead
to streamlining the ownership of the real estate, better control and
administrative convenience.
b) Focussed leadership and management attention; independent expansion
of various businesses; and the proposed Scheme would lead to
strengthening, consolidating and stabilising the businesses of these
companies and will further facilitate the growth and expansion of their
businesses.
9. So far as the Share Exchange Ratio is concerned, the Resultant Company
will issue 01 equity share of Rs.100/- each, credited as fully paid up, to the
shareholders of the Demerged Company for every 03 equity shares of Rs.10/-
each, held in the Demerged Company.
10. It has been stated that no proceedings under sections 235 to 251 of the
Act (or corresponding provisions of the Companies Act, 2013) are pending
against the Applicant Companies as on the date of institution of the present
application.
11. Further, it has been stated that the Scheme has been approved by the
respective Board of Directors (BOD) of the Applicant Companies. Copies of the
resolutions dated 12.11.2016 passed by the Board of Directors of each of the
Applicant Companies, whereby the scheme has been approved have been filed
with the application and the same are on record.
12. The status of the Shareholders, Secured Creditors and Unsecured
Creditors of the Transferor Company and the consents obtained from them for
the proposed Scheme has been set out in a table as hereinunder:-
Company No. of equity Consent No. of Consent No. of Consents
Shareholders given Secured given Unsecured given
Creditors Creditors
Demerged 3 ALL NIL N.A. 2 ALL
Company
Resultant 3 ALL NIL N.A. NIL N.A.
Company
13. A prayer has been sought for dispensing with the requirement of
convening the meetings of the equity shareholders, secured and unsecured
creditors of both the Applicant Companies to consider and if thought fit,
approve, with or without modifications, the proposed Scheme.
14. The Demerged Company has 03 equity shareholders. All the shareholders
have given their written consents/NOCs, to the Scheme. The said written
consents/NOCs have been placed on record. The same have been examined and
found in order.
15. In view of the foregoing, the requirement of convening a meeting of the
equity shareholders of the Demerged Company, to consider and if thought fit,
approve, with or without modifications, the proposed Scheme, is dispensed
with.
16. The Demerged Company does not have any Secured Creditors therefore,
the question of requirement of convening the meeting of the Secured Creditors
of the Demerged Company, to consider and if thought fit, approve, with or
without modifications, the proposed Scheme, does not arise.
17. The Demerged Company has 02 unsecured creditors. Both the unsecured
creditors have given their written consents/NOCs, to the Scheme. The said
written consents/NOCs have been placed on record. The same have been
examined and found in order.
18. In view of the foregoing, the requirement of convening a meeting of the
unsecured creditors of the Demerged Company, to consider and if thought fit,
approve, with or without modifications, the proposed Scheme, is dispensed
with.
19. The Resultant Company has 03 equity shareholders. All the shareholders
have given their written consents/NOCs, to the Scheme. The said written
consents/NOCs have been placed on record. The same have been examined and
found in order.
20. In view of the foregoing, the requirement of convening a meeting of the
equity shareholders of the Resultant Company, to consider and if thought fit,
approve, with or without modifications, the proposed Scheme, is dispensed
with.
21. The Resultant Company does not have any Secured Creditors and
Unsecured Creditors, therefore, the question of requirement of convening the
meetings of the Secured Creditors and Unsecured Creditors of the Resultant
Company, to consider and if thought fit, approve, with or without modifications,
the proposed Scheme, does not arise.
22. The application stands allowed in the aforesaid terms and is disposed of
accordingly.
SIDDHARTH MRIDUL, J
JANUARY 30, 2017
sb/mk
