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TMI Blog2020 (10) TMI 1038X X X X Extracts X X X X X X X X Extracts X X X X ..... were sent - That as on 20.11.2019, there are two Secured Creditors and twenty eight unsecured creditors in the Applicant Company. The Applicant Company in this regard has obtained a Certificate from MKPS Associates Charted Accountants (FRN 302014E) dated 22.11.2019 that the list of Creditors is correct as per the records of the Company. The Applicant has obtained the written consent from unsecured creditors and are annexed as Annexure -12 of the Petition along with written consent of the Secured Creditors filed as additional documents on 13.01.2020 (Pg. 41-44). The total amount of debt of 28 Unsecured Creditors is ₹ 1,11,68,14,744/- and 2 Secured Creditors is ₹ 2,719,084,099/-. The Articles of Association of the applicant c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... panies Act, 1956as a Company Limited by Shares and has its registered office at S- 217, Ground Floor Panchsheel Park, New Delhi, South Delhi-110017, which falls within the territorial jurisdiction of this Bench. It is engaged in the business of design, engineer, build, construct all kinds of infrastructure projects and building projects including civil construction work and conveniences and to negotiate for and obtain, from the government, conventions, subsidies, toll collection rights and or other assistance in furtherance to the above mentioned work. 2. The share capital of the Applicant as on 31st March, 2019 is given as under: Particulars Amount Authorized Capital Equit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (consisting of 90,90,910 equity shares of ₹ 10/- each fully paid up) is the amount by which the Share Capital, of the Company will be reduced, being in excess of the requirements of the Company. The fair value of equity shares in connection with deciding consideration for the cancellation/ extinguished equity shares has been determined on the basis of valuation report by Manish Ramphal Associates, Charted Accountants. As per the valuation report, the equity share of the Company is ₹ 66/- per share. C. Such reduction be effected by cancelling 90,90,910 equity shares of RTs. 10/- each, fully paid up which are held by the existing shareholders along with a premium of ₹ 56/- per share (premium aggregating to 50,90,90,960 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tants (FRN 302014E) dated 22.11.2019 that the list of Creditors is correct as per the records of the Company. The Applicant has obtained the written consent from unsecured creditors and are annexed as Annexure -12 of the Petition along with written consent of the Secured Creditors filed as additional documents on 13.01.2020 (Pg. 41-44). The total amount of debt of 28 Unsecured Creditors is ₹ 1,11,68,14,744/- and 2 Secured Creditors is ₹ 2,719,084,099/-. 6. The Articles of Association of the applicant company, in Article 9 provides for reduction of the share capital by way of special resolution be passed. Hence, the reduction of share capital is as per the Articles of Association of the Applicant Company. 7. Vide order 06.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t company has filed Annual Return and Balance sheet upto 30.03.2019. No prosecution has been filed and no inspection or investigation has been conducted in respect of the Applicant Company. 9. The Applicant Company has filed an Undertaking in the form of an affidavit on 13.03.2020 with respect to the above mentioned observations made by the Regional Director and states that: i. the Applicant company hereby undertakes that Foreign Exchange Management Act, 1999, the Reserve Bank of India Act, 1934 and the rules and regulations framed there under and any other applicable law does not envisages the requirements of taking an approval/ No objection from the RBI on the Scheme of reduction of share capital. However a copy of the petition has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ordinary General meeting held on the 26.11.2019 as follows is allowed and as follows: The Paid- Up Share Capital of the Applicant Company is reduced from ₹ 1,40,14,19,360/- consisting of 14,01,41,936/- equity shares of ₹ 10/- each fully paid up to 1,31,05,10,260/- consisting of 13,10,51,026 equity shares of ₹ 10/- each fully paid up. That the paid-up share capital of the Applicant company of ₹ 9,09,09,100/- consisting of 90,90,910 equity shares of ₹ 10/- each fully paid up, be cancelled as mentioned above from the Paid up share capital of the Applicant Company. Refund of amount of ₹ 60,00,00,060/- (consisting of 90,90,910 equity shares of ₹ 10/- each fully paid up along with a premium of &# ..... X X X X Extracts X X X X X X X X Extracts X X X X
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