9911796707
TMI Blog2015 (5) TMI 238X X X X Extracts X X X X X X X X Extracts X X X X ..... nd no inspection has been conducted. It is further stated in paragraph No.8, that the scheme of reduction of share capital has been examined and has been decided not to make any objection to the scheme. The same is recorded. In view of the above, this Company Petition is ordered with confirming the reduction of the share capital of the Petitioner company by setting off the accumulated losses as approved in terms of special resolution passed by the shareholders of the Petitioner on 30th December 2014. Also dispensing with the words And Reduced pursuant to the adjustment in the share capital and approving the action taken. - Petition for confirming the reduction of the share capital approved. - Company Petition No.96 of 2015 - - - Dated: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per Profit and Loss Account for the financial year ended 31st March 2014; the financial statements reflect an accumulated loss of ₹ 8,12,70,429/- due to carry forward of accumulated losses from previous financial years; on account of its accumulated losses, the net worth of the petitioner has been partially eroded, and the share capital of the petitioner is not adequately represented by its assets. The petitioner company in order to give true representation of the available assets of the Company obtain further investments in the company and to enhance and maximize the shareholders and other stakeholders value in the Company, the Board of Directors of the petitioner company, at their Boarding Meeting held on 20th December 2014, approv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uidity of the petitioner to meet its obligations/commitments in the normal course of business and the proposed reduction will rationalize the capital structure and give a more accurate reflection of the capital assets of the petitioner. Article 57 of the Articles of Association of the petitioner company permits reduction of share capital by the petitioner. Having regard to the substantial amount of accumulated losses amounting to ₹ 8,12,70,429/- standing to the debit balance of the Profit and Loss Account as on 31st March 2014 and in accordance with the provisions of Section 100 of the Companies Act, 1956, approval of the shareholders was sought by the Board of Directors of the petitioner for the reduction of equity share capital by a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny prejudice to the creditors of the petitioner Company. 5. At this juncture, it is relevant to extract the Special Resolution passed at the Extra-Ordinary General Meeting of the shareholders of the petitioner Company held on 30th day of December, 2014, at the registered office of the petitioner Company, wherein, it was resolved as follows:- RESOLVED THAT pursuant to the provisions of Section 100 and other applicable provisions of the Companies Act, 1956 (to the extent not repealed) and other applicable provisions of Companies Act, 2013 (to the extent notified and in force) and rules made there under, Article 57 of the Articles of Association of the Company and subject to the approval and confirmation of the Honourable High Court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Companies, Regional Director, High Court of Judicature at Madras and such other authorities as may be required on behalf of the Company in relation to the above; (e) Appoint and engage any advocate, practicing company secretaries and chartered accountants for the purposes of giving effect to the aforesaid resolution; (f) To do all such acts, deeds, matters, things, as it may in its absolute discretion, deem necessary, expedient, usual or proper and to settle any claim any question or difficulty that may arise with regard to the reduction of the paid up share capital; (g) Do all acts, deeds, or things as may be required to give effect to and implement the reduction of share capital as confirmed by the High Court, or any other sta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r in filing their statutory returns and no prosecution filed, no complaints pending and no inspection has been conducted. It is further stated in paragraph No.8, that the scheme of reduction of share capital has been examined and has been decided not to make any objection to the scheme. The same is recorded. 9.In view of the above, this Company Petition is ordered- (i) confirming the reduction of the share capital of the Petitioner company by setting off the accumulated losses as approved in terms of special resolution passed by the shareholders of the Petitioner on 30th December 2014 ; (ii) approving the proposed minute set out in paragraph 22; (iii) dispensing with the words And Reduced pursuant to the adjustment in the shar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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