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TMI Blog2016 (12) TMI 691X X X X Extracts X X X X X X X X Extracts X X X X ..... om the date of registration of the order and minutes by the Registrar of Companies and a copy thereof shall be filed by the petitioner with the Registry. - Co. P No. 210/2016 - - - Dated:- 25-11-2016 - Vineet Kothari, J. For the Petitioner : Saji P. John For the Respondent : Prema Hatti, Sri. K. V. Aravind ORDER 1. This petition is filed seeking reduction of the share capital as narrated in the petition therein. By an order dated 15.09.2016, settling of the list of the creditors were dispensed with. Thereafter, the publication was taken out in The Hindu English Daily and in Udayavani Kannada daily on 21.09.2016. The Extraordinary General Meeting of the shareholders of the petitioner company was held on 05.08.2016 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y be prescribed by the High Court of Karnataka, the securities premium reserved of INR 1,97,04,433/- (Rupees One Crore Ninety Seven Lakhs One Thousand Four Hundred and Thirty Three Only) be utilized for the pay- out against the equity shares being cancelled and the securities premium reserves be and is hereby reduced from INR 1,97,01,433/- (Rupees One Crores Ninety Seven Lakhs One Thousand Four Hundred and Thirty Three Only) to NIL, subject to the confirmation by the Hon ble High Court of Karnataka and balance amount of INR 9,06,50,567/- (Rupees Nine Crores Six Lakhs Fifty Thousand Five Hundred and Sixty Seven Only) be drawn payable against the shares cancelled be paid from the profit and loss account of the Company. RESOLVED FURT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he accumulated profits of the company including the operating profits and share premium amount shown in the Reserves and Surplus of the said company in the Balance Sheet produced before this Court (vide page-54 of the paper book) is sought to be utilised for paying back the shareholders of such reduction in Paid up share capital to the extent of ₹ 11,08,80,000/- by canceling 5,28,000 Equity shares of INR Re.1/- each, by utilising the sum of INR 1,97,01,433/- (Rupees One Crore Ninety Seven One Thousand Four Hundred Thirty Three only) from the security premium account and the balance of INR 9,06,50,567/- from the Profit and Loss Account. He submits that as per the provisions of Section 100 of the Companies Act, 1956, such reductio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upon the Registrar of Companies, Karnataka, Bangalore, to submit its report with respect to the present petition as to the various aspects of the Companies Act involved in the same and whether, the said reduction of share capital seeking approval of the Court incurs any liability or obligation on the part of the company under the provisions of the Companies Act, 1956. 6. A copy of the petition along with Annexures be served upon the Standing counsel of the Registrar of Companies in this Court. List this case again on 11.11.2016, as prayed . 3. In pursuance of the said order, the Registrar of Companies has filed the report, as also the Income Tax Department has filed the memo today before this Court and they are represented by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction/AACCL3350M//ACIT-C-4(1)(1)/2016-17 Dated:22.11.2016 To, Shri K.V. Aravind, Advocate Junior Standing Counsel for IT Dept, No.8 9, Ground Floor SNS Plaza, Kumara Krupa Road Bangalore 560001. Sub: Submission of response in the case of M/s Little Eye Software Labs Private Limited (AACCL3350M) reg. Ref: Order of Hon ble High Court of Karnataka in COP 210/2016 dt.21/10/2016. ************ As per the directions of the above said Order, Para No.3, the following are the tax implications by way of dividend distribution tax on the reduction in share capital as proposed by the Assessee Company, M/s Little Eye Software Labs Private Limited (AACCL3350M). 2. The calculation of dividend d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g made upon such reduction of the share capital of the petitioner company out of the Profit and Reserves and Surplus of the applicant company. 7. The learned counsel for Revenue Mr.K.V.Aravind also submitted that the said Dividend Distribution Tax liability has been computed only on the basis of the figures supplied by the petitioner company and which may be paid as aforesaid by the learned counsel for the petitioner company Mr.Saji P.John and in case upon any such investigation, some more tax liability is found due from the petitioner company, the concerned Assessing Authority should be left free to initiate appropriate proceedings against the company in this regard. 8. This submission is also not opposed by the learned counsel for t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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