9911796707
TMI Blog2007 (12) TMI 293X X X X Extracts X X X X X X X X Extracts X X X X ..... is hereby confirmed. - COMPANY PETITION NO. 186 OF 2007 - - - Dated:- 28-12-2007 - K.A. PUJ, J. Mrs. Swati Soparkar for the Applicant. JUDGMENT 1. This is a petition filed under sections 78 and 100 to 103 of the Companies Act, 1956, seeking confirmation to the proposal of capital reduction of the company in the form of utilizing its securities premium account as well as general reserve. 2. The petitioner-company herein is a listed public limited company and is engaged in the business of production and marketing of pharmaceutical products. The company generated a turnover of Rs. 721.83 crores during the financial year ending on 31-3-2007. It is a profit making company with substantial reserves. The company s growth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt not exceeding Rs. 29.17 crores out of the balance standing in the share premium account and an amount not exceeding Rs. 102.58 crores out of the standing in general reserve both aggregating to an amount not exceeding Rs. 131.75 crores be reduced by transfer to the credit of profit and loss account of the company for the year ending on 31-3-2008, to be utilized against debit to the profit and loss account for the year ending 31-3-2008, of an amount not exceeding Rs. 176.83 crores out of the balance in the following asset accounts, namely, trademarks, copyrights, business and commercial rights and other intangibles (hereinafter called intangible assets ), after making due adjustment for deferred tax, which deferred tax adjustment will be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th by the company and the notice of the petition has been duly advertised in the aforesaid dailies on 5-12-2007. The same is confirmed by the affidavit dated 7-12-2007, filed by the clerk of the learned advocate for the petitioner. Pursuant to the said advertisement no one has come forward to raise any objections opposing the sanction to the proposed capital reduction. It has also been pointed out that the proposed reduction of capital of the petitioner was approved by the Bombay Stock Exchange and National Stock Exchange respectively vide letters dated 14-9-2007 and 19-9-2007, as required under the listing agreement. These letters are produced on record of this petition along with additional affidavit dated 25-12-2007, filed by Shri Rajk ..... X X X X Extracts X X X X X X X X Extracts X X X X
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