In the matter of Cenntro Electric Group Ltd [2023] NSWSC 1644

In the matter of Cenntro Electric Group Ltd [2023] NSWSC 1644

The scheme of arrangement is of such a nature, and the necessary procedural requirements have been met, that an order under s 411(1) of the Corporations Act 2001 (Cth) convening a meeting of members is justified. Additionally, orders for extension of time for share consolidation and lodgement due to practical implementation realities and lack of prejudice are just and equitable under s 1322(4)(d) of the Act.

Parties
Plaintiff: Cenntro Electric Group Limited
Jurisdiction
Australia
Judgment Date
21 December 2023
Procedural Posture
Corporations Arrangements and Reconstructions Scheme of Arrangement / First Hearing; Order Convening Scheme Meeting
Outcome
Order convening scheme meeting and associated orders made.
Legal Topics
Schemes of Arrangement, Share Consolidation, Arrangements and Reconstructions
Corporations Law Equity Schemes of Arrangement Share Consolidation Arrangements and Reconstructions

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Parties

Cenntro Electric Group Limited

Plaintiff

Procedural Posture

Corporations Arrangements and Reconstructions Scheme of Arrangement / First Hearing; Order Convening Scheme Meeting

Legal Issues

  1. 1 Whether requirements to order a scheme meeting under s 411 of the Corporations Act 2001 (Cth) are satisfied
  2. 2 Implications of delay in share consolidation and relief under s 1322 of the Corporations Act 2001 (Cth)
  3. 3 Appropriate conduct of scheme meeting including jurisdiction and notification procedures

Ratio Decidendi

The scheme of arrangement is of such a nature, and the necessary procedural requirements have been met, that an order under s 411(1) of the Corporations Act 2001 (Cth) convening a meeting of members is justified. Additionally, orders for extension of time for share consolidation and lodgement due to practical implementation realities and lack of prejudice are just and equitable under s 1322(4)(d) of the Act.

Court Disposition

Order convening scheme meeting and associated orders made.

Orders

  • Order convening scheme meeting under s 411(1) of the Corporations Act 2001 (Cth)
  • Order dispensing with newspaper advertisement requirement for second hearing