9911796707
TMI Blog1998 (11) TMI 498X X X X Extracts X X X X X X X X Extracts X X X X ..... mulations, intermediates, derivatives, related compounds and basic industrial and agricultural chemicals. The initial capital of the company was Rs. 5,50,00,000 divided into 55,00,000 equity shares of Rs. 10 each of which 52,83,800 shares have been issued and of which 51,84,100 shares have been fully paid up and the balance 99,700 shares have been paid up to the extent of Rs. 5 per share. 4. It is, however, contended by the learned counsel for the petitioner herein that the company made a public issue of 13,31,300 equity shares of Rs. 10 each at a premium of Rs. 90 per share to the Indian public and an additional 1,00,000 equity shares of Rs. 10 each at a premium of Rs. 110 to NRIs and OCBs besides allotting 2,17,300 equity shares of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty shares of Rs. 10 each at a premium of Rs. 90 per share as fully paid up shares in lieu of 99,400 (ninety-nine thousand four hundred only) partly paid up shares to the holders thereof in proportion to the original allotment and accordingly, after the register of members and that the amount of Rs. 49,70,000 received against 99,400 shares be appropriated towards 49,700 shares @ Rs. 10 per share towards share capital and @ Rs. 90 per share towards share premium. Further resolved that the Board of directors be and is hereby authorised to release and pay the dividend for the year 1995-96 @ Rs. 2.19 per share (subject to tax) and for the year 1996-97 @ 2.50 per share on 49,700 shares aggregating to Rs. 2,33,093 held under lien to the compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ril, 1998, the Registrar of Companies shall register that 49,700 shares allotted but stand unpaid for as a consequence of the modification of allotment as detailed in Annexure hereto are cancelled and the liability thereof against the shareholders towards share capital @ Rs. 10 per share amounting to Rs. 4,97,000 and towards share premium @ Rs. 90 per share amounting Rs. 44,73,000 aggregating to Rs. 49,70,000 are extinguished in terms of section 100(1)( a ) of the Companies Act, 1956, read with articles 15 and 16 of the articles of association of the company. Further the records of the Registrar of Companies with respect to the share capital of the company as altered by the order shall show the issued, subscribed and paid up capital of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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