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TMI Blog2016 (6) TMI 1021X X X X Extracts X X X X X X X X Extracts X X X X ..... additional affidavit dated 16th June 2016 placed on record today. Having perused the Petition and more particularly the reasons given in support of the proposed reduction, in my view there is no reason not to confirm the proposed action of the Petitioner to reduce its capital. The said proposal does not prejudicially affect anyone. Accordingly the resolution dated 18th March 2016 is hereby confirmed. - COMPANY PETITION NO. 97 of 2016 - - - Dated:- 16-6-2016 - MR. R.M.CHHAYA, J. FOR THE PETITIONER : MRS SWATI SOPARKAR, ADVOCATE ORAL JUDGMENT 1. Mrs. Swati Soparkar, learned advocate for the petitioner has tendered additional affidavit dated 16.6.2016, which is taken on record. 2. This is a petition filed under sections ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n US subprime sector, the said project was not viable and hence abandoned. The preference share capital which was invited specifically for the said project from the US based investors viz. Eagle Creek Fund LLC, Strategic Insurance Marketing Solution and Jose Dorothy Hong Farm Partnership, remained unutilized since the petitioner company does not envisage the said project to be implemented even in the future. The Capital so invested by US based investors being in excess of the requirements of the Company, it was resolved by the Board of Directors of the Company to return such excess capital in trenches. 4. Accordingly, vide the previous order dated 16th January 2015 (Coram Hon ble Ms. Justice Harsha Devani), passed in Company Petition No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial resolution was passed in accordance with Section 189 of the Companies Act, 1956, at the respective Extra Ordinary General Meetings of the Equity shareholders and Preference Shareholders of the petitioner company, held after due notice as provided in the Act, on the 18th day of March 2016, it was resolved as follows: RESOLVED THAT pursuant to the Articles of Association of the Company, Section 100 and other applicable provisions of the Companies Act, 1956, and pursuant to the enabling article No.46 of Table A , and subject to the confirmation by the Hon ble High Court of Gujarat at Ahmedabad and subject to the sanctions and approvals of the appropriate authorities as may be required, and subject to such terms, conditions or modifi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted by this Court on 28th March 2016 and the same was ordered to be advertised in Indian Express , English daily and Jaihind Gujarati daily, both Ahmedabad editions. The same direction has been complied with by the company and the notice of the petition has been duly advertised in the aforesaid newspapers 6th April 2016. The same is confirmed by affidavit dated 11th April 2016. Pursuant to the said advertisement no one has come forward to raise any objections opposing the sanction to the proposed capital reduction. The said fact has been confirmed by the additional affidavit dated 16th June 2016 placed on record today. 7. It is pointed out in the petition that the proposed reduction does not involve repayment of paid up Share Capit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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