9911796707
TMI Blog2014 (11) TMI 1142X X X X Extracts X X X X X X X X Extracts X X X X ..... etition, an application had been filed before this Court seeking amendment to the petition which had been permitted. Hence, the petitioner with its present name is before this Court seeking the relief as noticed herein. 3. The petitioner with its former name was incorporated on 10.10.2006. The petitioner company is engaged in the business of manufacturing and trading of all kinds of AC, DC, Power Suppliers and related power products. During the course of its operation, the petitioner company has accumulated loss to the tune of Rs. 78,97,76,628/- as on 31.05.2014. It is in that view, the petitioner company has proposed to restructure its financial position by reducing the paid up equity share capital and Securities Premium Account by adjust ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nterested in the affairs of the petitioner-company has approached this Court opposing the petition. 6. In that view, having considered the averments made in the petition and having perused the decision taken by the Board of Directors and also the resolution passed in the Annual General Meeting of the petitioner company, I am of the opinion that the prayer made in the instant petition is liable to be granted. 7. In the result, the following: ORDER (i) The petition is allowed and reduction of capital as resolved at the Annual General Meeting held on 04.06.2014 which reads as under is confirmed. "RESOLVED THAT pursuant to Section 100 and any other applicable provisions, of the Companies Act, 1956 and the Articles of Association of the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from Rs. 346,672,200, divided into 3,466,722 equity shares of Rs. 100 each to Rs. 7,667,500 divided into 76,675 equity shares of Rs. 100 each by a sum of Rs. 339,004,700 by adjustment and set off of the debit balance in the Profit and Loss Account of the Company. Approval is also hereby accorded pursuant to provisions of Section 52 of the Companies Act, 2013/Section 78 read with Section 100 of the Companies Act, 1956, to the Special resolution of AEG Power Solutions (India) Private Limited dated June 30, 2014, approving the reduction of the Securities Premium Account by a sum of Rs. 450,771,928, from Rs. 450,772,000 to Rs. 72 by adjustment and setoff of the said amount against the debit balance in the Profit and Loss Account after adjust ..... X X X X Extracts X X X X X X X X Extracts X X X X
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