9911796707
TMI Blog2009 (1) TMI 490X X X X Extracts X X X X X X X X Extracts X X X X ..... First Cross, Bangalore- 560 027. The main objects of the company as set out in the memorandum of association are as follows : "To manufacture, produce, formulate, prepare, buy, distribute, exchange, supply, sell, market, import, export and deal in ophthalmic products of every kind and description, their ingredients, parts, components, compounds, by products or derivatives or interrelated chemicals or other fine chemicals, medical devices, and all types of human, pharmaceutical, medical, propriety and ethical eye care, health care and allied fields. It also carries on the business of agents for the purpose of selling in India or elsewhere and sourcing for and from India various pharmaceutical, medical, surgical or ophthalmic products and m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roposed to reduce the paid equity share capital by an extent of Rs. 3,71,77,440, i.e., from Rs. 4,71,77,440, divided into 47,17,744 equity shares of Rs. 10 each to Rs. 1,00,00,000 divided into 47,17,744 equity shares of Rs. 21,197 by adjusting and setting it off against the debit balance in the profit and loss account of the company. It is further proposed that the securities premium account be reduced by a sum of Rs. 44,64,70,634, from Rs. 55,62,58,560 to Rs. 10,97,87,926, by adjustment and set-off of the said amount against the balance amount standing to the debit of the profit and loss account. This is expected to enhance the shareholder value through improvement in future profits and consequent increase in the earnings per share and ret ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch the said amount could be utilised. Admittedly, in this case, the security premium account is not utilised for the aforesaid purpose. Therefore, in law, it becomes necessary for the petitioner to follow the procedure prescribed for reduction of security premium account as contained under sections 100 and 101 of the Act. Therefore, the petitioners have made this application under section 101 of the Act seeking permission of this Court for reduction of securities premium account and paid-up equity shares. 10. On entertaining this company petition, the petitioner was permitted to take out paper publication in English daily The Hindu and the Kannada daily Udaya Vani newspapers, Bangalore edition, on or before 5-1-2009. The date of hearing wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... einafter referred to as 'the Act') and the articles of association of the company and confirmation of the Hon'ble High Court of Karnataka or any other appropriate authority as required under the Act, the issued, subscribed and paid-up equity capital of the company be reduced from Rs. 4,71,77,440, divided into 47,17,744 equity shares of Rs. 10 each to Rs. 1,00,00,000 divided into 47,17,744 equity shares of Rs. 21,197 each by adjustment of Rs. 3,71,77,440 against the debit balance in the profit and loss account of the company. (b) RESOLVED FURTHER THAT pursuant to the provisions of section 78 read with section 100 and any other applicable provisions of the Act, and subject to the confirmation of the Hon'ble High Court of Karnataka, the secur ..... X X X X Extracts X X X X X X X X Extracts X X X X
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