9911796707
TMI Blog2004 (5) TMI 315X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the Securities Premium Account for writing off accumulated losses and reduction of equity shares capital of India Infoline Ltd. 2. The shares of the petitioner-company are not listed on any stock exchange. The petitioner company have three subsidiary companies; India Infoline Securities Private Ltd., India Infoline.com Distribution Company Ltd. and India Infoline Insurance Services Ltd. The petitioner- company is a member of National Stock Exchange of India and has its SEBI Registration No. INB 231097537. The company are Depository Participant/Member of the National Securities Depository Limited. The petitioner-company provides facilities to retail investors for being and selling of shares listed on the NSE, as well as, the BSE o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n any way. After proposed reduction of the share capital, the financial position will be improved and therefore, the interest of the petitioner s creditors will not be adversely affected and company would be in an ideal position to capitalise on the present bullish trends and feel good factor existing in the Indian economy. As the shares of the petitioner-company are not listed in stock exchange, by the proposed reduction of the share capital, the interest of the said shareholders of the petitioner-company would be best served. 5. In view of the above object and purpose, the notice of EGM in a prescribed explanatory statements were sent to all the members and the auditors of the company, as required under Companies Act and Rules. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erefore, in view of para 18 also requested to dispense with the procedure under section 101(2) of the Act. 7. No investigating proceedings are pending against the present company under sections 235 to 251 of the Act or under any other provisions. 8. On 12th March, 2004 the petition was admitted and fixed for hearing on 22nd April, 2004, the Notice of hearing, as directed was issued and published accordingly. Affidavit of service, dated 2nd of April, 2004 is placed on record and additional affidavit 22nd of April, 2004 filed by the petitioner. The publication and notice, and further that the petitioner- company and their advocates have not received any objection from the shareholders, creditors, employees or any other persons. 9. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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