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TMI Blog2015 (9) TMI 1579X X X X Extracts X X X X X X X X Extracts X X X X ..... , the prayer can be granted. The reduction of share capital as resolved at the Extraordinary General Meeting held on 16.4.2015 granted. - Company Petition No. 84/2015 - - - Dated:- 8-9-2015 - H.BILLAPPA J. Aswin Prabhu Advocat JUDGEMENT H. Billappa, ( 1. ) The petitioner -company has filed this petition praying for reduction of paid -up share capital as resolved by the special resolution dated 16.4.2015. ( 2. ) It is stated, the petitioner -company was incorporated on 23.6.2009 under the name and style of Koyo Bearings India Private Limited having its registered office situated at Ground Floor, E -1, Beech Manyata Embassy Business Park, Outer Ring Road, Bengaluru -560064. The petitioner -company is engaged in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loss accounts as on 31.3.2015. It is also resolved that the security premium account of the company of ₹ 45,01,44,970/ - as on 31.3.2015 be written off which has been lost and is not represented by the available assets of the company and adjusted against the debit balance of profit and loss account as on 31.3.2015. ( 5. ) The summary of total loss to be set -off is as follows: ( 6. ) It is stated, the reduction in the capital of petitioner -company is proposed to be achieved through the reduction of share capital against writing off accumulated loss. The proposed financial restructuring entails the reduction of share capital of the company in terms of the number of shares and not in terms of face value per share. There will be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company are only book entries and have no financial outlay/outgo whatsoever to the shareholders of the company. The proposed reduction of the share capital will not in any way adversely affect the operation of the petitioner -company. ( 10. ) In the circumstances, having regard to the petition averments and the resolution passed at the Extraordinary General Meeting held on 16.4.2015, the prayer can be granted. Accordingly, the following order is passed; ORDER (i) The petition is allowed; (ii) The reduction of share capital as resolved at the Extraordinary General Meeting held on 16.4.2015 which reads as under is confirmed: RESOLVED THAT in continuation to the resolution passed in the Extra Ordinary General Meeting of the S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nataka at Bangalore and any other approval as may be required, the issued, subscribed and paid up share capital of the Company be reduced from ₹ 426,28,55,030/ - (Rs. Four Hundred Twenty Six Crores Twenty Eight Lacs Fifty Five Thousand and Thirty) divided into 42,62,85,503 (Forty Two Crores Sixty Two Lacs Eighty Five Thousand five hundred and Three) equity shares of ₹ 10/ - (Rs. Ten only) each to ₹ 108,85,92,880/ - (Rs. One Hundred and Eight Crores Eighty Five Lacs Ninety Two Thousand Eight Hundred and Eighty) divided into 10,88,59,288 (Ten Crores Eighty Eight Lacs Fifty Nine Thousand Two Hundred and Eighty Eight Only) equity shares of ₹ 10/ - (Rs. Ten Only) each by recalling, canceling extinguishing 31,74,26,215 (Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cidental to giving effect to this resolution and make such filings with the Registrar of Companies and such other regulatory authorities as may be required for this purpose. (iii) The minutes set out in the schedule hereunder is approved: SCHEDULE The securities premium account of the Company of ₹ 45,01,44,970/ - (Rs. Forty Five Crores One Lac Forty Four Thousand Nine Hundred and Seventy) as at 31.03.2015 be written off which has been lost and is not represented by available assets of the Company, and adjusted against the debit balance of Profit and Loss Account as at 31.03.2015; The issued, subscribed and paid up share capital of the Company be reduced from ₹ 426,28,55,030 (Rs. Four Hundred Twenty Six Crores Twent ..... X X X X Extracts X X X X X X X X Extracts X X X X
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