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TMI Blog2012 (10) TMI 829X X X X Extracts X X X X X X X X Extracts X X X X ..... t-in-rejoinder and further affidavit. No adverse material has been pointed out by the Registrar of Companies against sanction of the reduction of share capital - Reduction of the paid up share capital proposed by the petitioner is hereby sanctioned. No further publication in the Government Gazette is required - Accordingly, the petition is allowed, in the above terms - Petitioner Company is directed to pay Rs.7500/- to Mr. Y.V. Vaghela, learned Central Government Standing Counsel, appearing on behalf of the Regional Director. - COMPANY PETITION NO. 117 OF 2011 - - - Dated:- 12-9-2012 - SMT. ABHILASHA KUMARI, J. Navin K. Pahwa for the Petitioner. Y.V. Vaghela for the Respondent. ORDER 1. The petitioner Company ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... petitioner that the petitioner took these steps in pursuance to the Circular No.1 of 2003 issued by the Department of Company Affairs, dated 13.01.2003. A copy of the said Circular is produced at Page 148-149. 6. The petitioner submits that it later came to be advised that the petitioner is also required to follow the procedure as contemplated under Sections 100 and 101 of the Act and give effect to the cancellation of shares . 7. The petitioner submits that accordingly, the Shareholders of the petitioner passed a Special Resolution in the General meeting of the Shareholders held on 27.08.2010 under Section 100 thereby approving the reduction of capital of the Company by Rs. 15,00,30,000/- divided into 1,50,03,000 equity shares of Rs.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this Court in a separate order made of even date in Company Petition No. 117 of 2011. The petitioner submits that by a separate order of even date made in Company Petition No. 117 of 2011, this Court ordered that the petition be admitted subject to the petitioner placing on record the consent letters/no objections from all the creditors. The Court further ordered that the petitioner should publish a corrigendum intimating the next date of hearing of the present petition to all concerned including the creditors and shareholders. The Court also directed the petitioner to forward a copy of the present order as well as the order passed in Company Application No. 462 of 2011 to the Registrar of Companies. 12. The petitioner submits that the pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Registrar of Companies has filed an affidavit dated 16.01.2012. The petitioner has filed the rejoinder to the said affidavit on 29.02.2012, and a further affidavit in support of the rejoinder on 19.03.2012 . 15. Heard Mr. Navin K. Pahwa, learned advocate for the petitioner and Mr. Y.V. Vaghela, learned Central Government Standing Counsel for the Registrar of Companies. The Court has perused the records which include various orders made by this Court. The Court has also perused the affidavit of the Registrar of Companies and the rejoinder affidavit filed on behalf of the petitioner. The Court has also gone through the contents of the further affidavit filed on behalf of the petitioner. 16. Having perused the above documents and havin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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