Legal Principle - Law Assignment Help

Assignment Task

PART A

QUESTION 1 (1250 words)

Discuss to whom director duties are owed with reference to relevant legal principle(s), case(s) and statute(s).

PART B

QUESTION 2 (1250 words)

Paradise Wiseman Ltd. (‘Paradise’) incorporated in India sought to merge by absorption with Natural Life Foods Ltd. (‘Natural’), wholly owned subsidiary of a foreign company through transfer of its whole undertaking, assets and liabilities to Natural. The rationale behind the merger envisaged in a ‘Scheme of Merger’ (‘Scheme’) was to prevent Paradise from deteriorating into a sick company and to improve supply chain which would ultimately be embedded in Natural.

In a general meeting organised by Paradise for its ordinary shareholders, the Scheme received 98% votes in favour and 2% against the merger. In a meeting held separately for debenture holders and secured creditors, the Scheme received approval from 97?benture holders and 96% secured creditors of Paradise.

However, the scheme was objected by employees and a few shareholders of Paradise claiming unfairness and violation of public interest. They claimed, the exchange ratio for valuation of shares was prejudicial to shareholder interest. The employees feared retrenchment. Natasha is the Managing Director in Paradise. She approaches you to understand mergers in India and maintainability of claims raised by the employees and few shareholders. Help Natasha by reflecting over key statutory provisions, relevant cases and legal principles learnt during the course.

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