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TMI Blog2015 (5) TMI 237X X X X Extracts X X X X X X X X Extracts X X X X ..... nourable High Court of Judicature of Madras and on filing requisite forms with Registrar of Companies. It was also resolved that Directors of the Company be and are hereby severally authorized in their name and behalf of the Company to do all such other acts, matters, deeds and things necessary in connection with or incidental to give such effect to the proposal of reduction for the purpose of the above resolution. The Regional Director, Southern Region, Ministry of Corporate Affairs, Chennai, has filed an affidavit stating no objection to the proposal made by the petitioner Company for reduction of the Paid-up Equity Share Capital. In view of the above, the company petition is ordered with confirming the reduction of the paid-up equity ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 3. According to the petitioner Company, it is presently engaged on the business of design, develop, implement, make, install, operate, maintain, market, buy, import, export, sell, license computer software, embedded software, databases, computer systems and programme products services.The Board of Directors of the petitioner Company thought it fit to reduce some portion of paid up Share Capital by way of writing off losses pertaining to previous years to the extent of ₹ 17,45,00,000/- which is not represented by the available assets. Section 100 of the Companies Act, 1956, provides for reduction of Equity Share Capital. Article 7(b) of the Articles of Association of the petitioner Company permits the petitioner Company from tim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sixteen thousand Six Hundred and Eighty) Equity shares of ₹ 10/- each and 35,00,000 0% Non-cumulative Redeemable Preference Shares of ₹ 10 each. A copy of the Resolution passed by the Board of Directors of the petitioner Company on 22.11.2014 is marked as Annexure-B. A copy of the audited Balance Sheet of the petitioner Company as on 31.03.2014 is marked as Annexure-C. A copy of the Special Resolution passed by the Board of Directors of the petitioner Company at its Extra Ordinary General Meeting held on 15th December, 2014, is marked as Annexure-E. A copy of the Form of Minute is marked as Annexure-F. A Certificate showing No Secured Creditors from a Chartered Accountant is marked as Annexure-I. The consent affidavits from p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n thousand Six Hundred and Eighty) Equity shares of ₹ 10/- each and 35,00,000 0% Non-cumulative Redeemable Preference Shares of ₹ 10 each by way of writing off profit loss account debit balance which is an unrepresented assets aggregating to a sum of ₹ 17,45,00,000 (Rupees Seventeen Crore Forty Five Lakhs only) divided into 1,74,50,000 equity shares of ₹ 10 each. Resolved Further that the reduction shall be effected in the books of accounts of the Company on approval of Honourable High Court of Judicature of Madras and on filing requisite forms with Registrar of Companies and in which case, 1,74,50,000 equity shares of ₹ 10 each held by the shareholders, stall stand cancelled to the extent specified above; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to or in relation to the reduction of capital as they may in their absolute discretion consider necessary, expedient, fit and proper. d) to settle any question or difficulty that may arise with regard to implementation of the scheme and to give effect to the above resolution; e) to sign and file applications / petitions / any other affidavit or document with the High Court / any other competent authority of competent jurisdiction for directions for holding / dispensing with a meeting of the members and creditors and for confirmation of the proposal of reduction of capital; f) to prepare, finalise, settle and circulate notices for convening the meeting of members; g) for the above purposes to engage any counsel, company secretary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... containing the advertisement of the petitioner Company effected in one issue of English daily Trinity Mirror , Chennai Edition, on 20.02.2015 and also in another issue of Tamil daily Makkal Kural , Chennai Edition on 20.02.2015. 7.The Regional Director, Southern Region, Ministry of Corporate Affairs, Chennai, has filed an affidavit stating no objection to the proposal made by the petitioner Company for reduction of the Paid-up Equity Share Capital. 8.In view of the above, this Company Petition is ordered- (i)confirming the reduction of the paid-up equity share capital of the petitioner Company duly approved in terms of the Special Resolution passed by the equity shareholders at the Extra Ordinary General Meeting held at Chennai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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