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TMI Blog2021 (3) TMI 995X X X X Extracts X X X X X X X X Extracts X X X X ..... vate Limited (post-capital reduction) shall be ₹ 6,35,33,800/- divided into 63,53,380 equity shares of ₹ 10 each. - CP No. 3097/66/MB/2019 - - - Dated:- 17-3-2021 - Hon ble Shri H. V. Subba Rao , Member ( Judicial ) And Hon ble Shri Shyam Babu Gautam , Member ( Technical ) For the Applicant : Adv. Hemant Sethi For Regional Director : Ms. Rupa Sutar , Deputy Director ORDER Per : Shri Shyam Babu Gautam , Member ( Technical ) ORDER CONFIRMING REDUCTION OF EQUITY AND PREFERENCE SHARE CAPITAL AND APPROVING MINUTES 1. Heard the Learned Counsel for the Petitioner Company. No objector has come before the Tribunal to oppose the Petition nor any party has controverted any averments made in the Petition. 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble regulatory authorities, as may be required, the consent of the members be and is hereby accorded to reorganize the Equity Share capital so as to accurately and fairly reflect the liabilities and assets of the Company by reduction and cancellation of the issued, subscribed and paid-up of Equity Shares held by Mr. Nikhil Bhatia in the company to the extent of ₹ 20,12,79,900/- (Rupees Twenty Crores Twelve Lakhs Seventy Nine Thousand and Nine Hundred Only) divided into 2,01,27,990 (Two Crores One Lakh Twenty-Seven Thousand Nine Hundred and Ninety) Equity Shares of ₹ 10/- each by writing off the entire accumulated losses of the Company as at March 31, 2019 to the extent of ₹ 20,12,79,900/- (Rupees Twenty Crores Twelve Lakhs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2,64,81,370 100 6. The Counsel for the Petitioner Company has clarified that there is no inspection/inquiry/proceeding/investigation pending against the petitioner company under Sections 210-217, 219, 220, 223, 224, 225, 226 and 227 of the Companies Act, 2013. He has further clarified that the proposed reduction is not likely to cause any prejudice to the creditors of the Petitioner Company. The proposed adjustment would not in any way adversely affect the ordinary operations of the petitioner company or the ability of the petitioner company to abide by its commitments or to pay its debts in the ordinary course of business. The creditors of the Petitioner Company are not ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed would enable the Petitioner Company to have a rational structure which is commensurate with its remaining business and assets. 7.5 The proposed reduction will be for the benefit of the Petitioner Company and its shareholders, creditors and all other stakeholders. 8. The observations of the Regional Director in Paragraph 8 of the report on proposed reduction of capital are as under: (a) Applicant to submit an Affidavit to the effect that the interest of the creditors and all stakeholders and Government Revenue are protected as well as statutory dues are paid off. (b) The tax implication if any arising out of the proposal for reduction is subject to final decision of Income Tax Authorities. The approval of the Company Pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Report of the Regional Director, the petitioner stated the company s position as under: (i) Due to liquidity constraints (as it is evident from the financial position of the Company), the Company has been unable to pay off its creditors on time. (ii) The aforesaid amount payable pertains to services procured from Officine Meccaniche BBM, who is a Joint Venture Partner in the Company. (iii) As explained earlier, the Company was finding it difficult to raise funds or obtain favorable credit terms from its creditors for day-to-day working capital requirements. Under the circumstances, in order to tide over the liquidity constraints, the Company was left with no option, but to delay the payment for services procured from the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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