IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION Company application No. 830 of 2008 In the matter of Scheme of Arrangement between Amar Dye Chem Limited (Company under Liquidation) Rasiklal Mardia ..Applicant Mr.D.P.Desai for applicant. Mr.S.H.Doctor with Mr.B.B.Parekh for Sunstar Estate Developers Pvt.Ltd. Mr.S.Ramakanta, Dy.O.L. present. CORAM: S.C.DHARMADHIKARI CORAM: S.C.DHARMADHIKARI CORAM: S.C.DHARMADHIKARI J. J. J. 27th June 2008 27th June 2008 27th June 2008 P.C. P.C. P.C. 1. Company Application no. 830 of 2008 is placed before me for directions and Mr.Desai appearing for the applicant/ex-director-Chairman of the Company in liquidation prays that appropriate directions be issued enabling the applicant to convene the meeting of the secured creditors and unsecured creditors. Further, he hands over the minutes which propose to convene a meeting of equity share holders and preferential share holders of the company in liquidation with clear notice of 21 days which would be published in the newspapers daily circulated in Mumbai. The name of the Chairman is also set out together with firms and other requisites enabling voting of proxy. Mr.Rasiklal Mardia the applicant has filed the affidavit and additional affidavit in support of the summons setting out the fact that the reduction of paid up share capital would be effected as part of the scheme of amalgamation and the same issue does not involve the diminution of liability or unpaid share capital or paid up capital. For all these reasons procedure prescribed under sec.101(2) of the Companies Act, 1956 be dispensed with. Further he has given an undertaking that the company will pass the special Resolution in the extra ordinary General body meeting of its share holders, before filing the petition for sanction. 2. Mr.Doctor, learned Senior Counsel appearing for one of the debenture holder submtis that the applicant/ objector Mr.Rakesh Mardia is 1/3rd debenture holder and this fact is mentioned in the suit filed by the Applicant in the City Civil Court at Ahmedabad. 3. Mr.Desai appearing for the applicant submits that the request is with regard to convening of meeting of the debenture holders but the objector can very well attend the meeting of the secured creditors which is to be convened after the directions are given by this Court. At that meeting, the objector can raise all issues including that a separate meeting needs to be convened of the debenture holders or Trustees. At this stage, when the litigation is still pending, and objector has stated therein that he would not act as a trustee, then,he cannot hold up the request for seeking directions to convene the meeting. 4. In my view, the controversy between the objector who seeks to intervene and the applicant, is pending before the competent Court. There is no question of this Court going into the please raised therein, leave alone deciding them without prejudice to the rights and contentions of the applicant as well as objector and upon statement by the applicant before me that due notice of the meeting of the secured creditors would be given also to the Intenvenor and he would be permitted to attend the same, subject ofcourse to the pendig litigation that i do not see any reason for denying the request of the applicant. . It is on the above basis that I am approving the minutes which are placed before me. All contentions of the parties with regard to the legality and validity of the scheme and its status are kept open. (S.C.DHARMADHIKARI J.) (S.C.DHARMADHIKARI J.) (S.C.DHARMADHIKARI J.)