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Share Capital ‘s Reduction

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Minimum Contact Theory in IPR

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Clean Slate Theory Under IBC, 2016

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In Re: Rohit Soaps And Detergents V. Unknown on 31 March, 2005

The said Transferor Company No. 1, the Transferor Company No. 2, the Transferor Company No. 3, and the Transferor Company No. 4 have hereinafter been collectively also referred to as “The Transferor Companies” or the “Petitioners-Transferor Companies”. The Transferor Company No. 1, the Transferor Company No. 2, the Transferor Company No. 3, the Transferor Company No. 4 and the Transferee Company have hereinafter been collectively also referred to as “The PetitionersCompanies.” It appears that a Scheme of Amalgamation is proposed for the amalgamation of the Transferor Company No. 1, the Transferor Company No. 2, the Transferor Company No. 3 and the Transferor Company No. 4 with the Transferee Company. Copy of the proposed Scheme of Amalgamation has been filed as Annexure-A to the Company Petition, and appears at page 16 of the Paper Book of the Company Petition.It is, interalia, prayed in the Company Petition that the proposed Scheme of Amalgamation be sanctioned by this Court so as to be binding with effect from 1st day of April, 2003 or from such other date as this Court may fix, on all the Members and Creditors of the Petitioners-Transferor Companies and the Petitioner-Transferee Company and all concerned with such directions as the Court may deem fit. Copy of the proposed Scheme of Amalgamation, as mentioned above, has been filed as Annexure-A to the Company Petition. As regards the Petitioner-Transferor Company No. 1, it is, interalia, stated in the Company Petition that the Petitioner-Transferor Company No. 1 was incorporated on 9.12.1988; and that the Registered Office of the Petitioner-Transferor Company No. 1 is situated at 117/H-2/202, Pandu Nagar, Kanpur-208005, Uttar Pradesh, within the jurisdiction of this Court. The main objects of the Petitioner-Transferor Company No. 1, as set out in the Memorandum and Articles of Association of the Petitioner-Transferor Company No. 1, are reproduced in paragraph 4 of the Company Petition. Copy of the Memorandum and Articles of Association of the Petitioner-Transferor Company No. 1 has been filed as Annexure-B to the Company Petition, and appears at page 29 of the Paper Book of the Company Petition. Copy of the Latest Audited Annual Accounts of the Petitioner-Transferor Company No. 1 for the year ended 31.3.2003 has been filed as Annexure-C to the Company Petition, and appears at page 49 of the Paper Book of the Company Petition. Summary of the financial position of the Petitioner-Transferor Company No. 1 as on 31.3.2003 has also been given in paragraph 7 of the Company Petition. As regards the Petitioner-Transferor Company No. 2, it is, interalia, stated in the Company Petition that the Petitioner-Transferor Company No. 2 was incorporated on 1.6.1989; and that the Registered Office of the Petitioner-Transferor Company No. 2 is situated at 117/H-2/202, Pandu Nagar, Kanpur-208005, Uttar Pradesh, within the jurisdiction of this Court. The main objects of the Petitioner-Transferor Company No. 2, as set out in the Memorandum and Articles of Association of the Petitioner-Transferor Company No. 2, are reproduced in paragraph 11 of the Company Petition. Copy of the Memorandum and Articles of Association of the Petitioner-Transferor Company No. 2 has been filed as Annexure-D to the Company Petition, and appears at page 84 of the Paper Book of the Company Petition. Copy of the Latest Audited Annual Accounts of the Petitioner-Transferor Company No. 2 for the year ended 31.3.2003 has been filed as Annexure-E to the Company Petition, and appears at page 108 of the Paper Book of the Company Petition. Summary of the financial position of the Petitioner-Transferor Company No. 2 as on 31.3.2003 has also been given in paragraph 14 of the Company Petition. As regards the Petitioner-Transferor Company No. 3, it is inter alia, stated in the Company Petition that the Petitioner-Transferor Company No. 3 was incorporated on 21.6.1989; and that the Registered Office of the Petitioner-Transferor Company No. 3 is situated at 117/H-2/202, Pandu Nagar, Kanpur-208005, Uttar Pradesh, within the jurisdiction of this Court. The main objects of the Petitioner-Transferor Company No. 3, as set out in the Memorandum and Articles of Association of the Petitioner-Transferor Company no. Copy of the Memorandum and Articles of Association of the Petitioner-Transferor Company No. 3 has been filed as Annexure-F to the Company Petition, and appears at page 144 of the Paper Book of the Company Petition. Copy of the Latest Audited Annual Accounts of the Petitioner-Transferor Company No. 3 for the year ended 31.3.2003 has been filed as Annexure-G to the Company Petition, and appears at page 159 of the Paper Book of the Company Petition. Summary of the financial position of the Petitioner-Transferor Company No. 3 as on 31.3.2003 has also been given in paragraph 21 of the Company Petition. As regards the Petitioner-Transferor Company No. 4, it is, interalia, stated in the Company Petition that the Petitioner-Transferor Company No. 4 was incorporated on 24.10.1986; and that the Registered Office of the Petitioner-Transferor. The main objects of the Petitioner-Transferor Company NO. 4, as set out in the Memorandum and Articles of Association of the Petitioner-Transferor Company No. 4, are reproduced in paragraph 25 of the Company Petition. Copy of the Memorandum and Articles of Association of the Petitioner-Transferor Company No. 4 has been filed as Annexure-H to the Company Petition, and appears at page 190 of the Paper Book of the Company Petition. Copy of the Latest Audited Annual Accounts of the Petitioner-Transferor Company No. 4 for the year ended 31.3.2003 has been filed as Annexure-I to the Company Petition, and appears at page 215 of the Paper Book of the Company Petition.…