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TMI Blog2012 (11) TMI 35X X X X Extracts X X X X X X X X Extracts X X X X ..... ice of hearing published in the aforesaid newspapers. Thus considering the facts and circumstances of the present case, the Resolution dated 22.05.2012 and the Form of Minutes proposed at “Annexure K” to be registered under Section 103 (1) (b) for reduction of Capital Redemption Reserve of the Petitioner Company are approved. - CO.PET NO. 327/2012 - - - Dated:- 25-9-2012 - MS. INDERMEET KAUR J. Through Mr. Mahesh Agarwal, Advocate, With Mr. Rajeev Kumar, Advocate for Petitioner. INDERMEET KAUR, J. (Oral) 1. This petition has been filed under Sections 80 and 100 to 104 of the Companies Act, 1956 (for short "Act") by EGON Zehnder Information and Research Services Private Limited (Petitioner Company) seeking approval of this C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is also stated that reduction of Capital is in the interest of the shareholders and creditors of the Company. 8. A copy of the special resolution of the Petitioner Company passed in accordance with the provisions of Section 189 of the Act at the Extraordinary General Meeting of the Petitioner Company held on 22nd May, 2012, has been placed before this Court. 9. It was submitted that the reduction of the Capital does not involve either diminution of liability in respect of the unpaid share capital or payment to any shareholder of any paid up Share Capital, and hence, there is no requirement to comply with Section 101 (2) of the Act. In view of the same the requirement to comply with Section 101 (2) of the Act was dispensed with vide o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rmation of the Hon'ble Court of Judicature at New Delhi or any other regulatory authority as may be prescribed under the Companies Act, 1956, an amount not exceeding Rs. 2,55,00,000/- (Rupees Two Crore Fifty Five lacks only) in aggregate out of the balance standing in the Capital Redemption Reserve Account as on October 31, 2011 be reduced to adjust the following:- a. Deferred Tax Assets aggregating to Rs. 61,96,754/- as on October 31, 2011. b. Impairment in value of assets due to a change in the accounting estimate of the Company amounting to Rs. 91,01,214/- in the extent of which the value has been lost for the assets. 5. That the Deponent craves leave to submit that the proposed Reduction of Share Capital has been consented ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ounts of the Petitioner Company as on October 31, 2012 will incorporate the above reduction/adjustments. 14. The order passed today and the minute approved by this Court shall be registered in accordance with Section 103 of the Act by the Registrar of Companies and shall be published in terms of sub-Section (3) of Section 103 in the The Indian Express‟ (English) and Jansatta (Hindi) by the Petitioner Company. 15. The formality of adding the words AND REDUCED to the name of the Company be dispensed with. 16. Learned counsel for the Petitioner Company states that the Petitioner Company would voluntarily deposit a sum of Rs. 1,00,000/- with the Common Pool Fund of the Official Liquidator within three weeks from today. The said ..... X X X X Extracts X X X X X X X X Extracts X X X X
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