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TMI Blog2021 (6) TMI 317X X X X Extracts X X X X X X X X Extracts X X X X ..... 2021 - B.S.V. Prakash Kumar, Actg. President and Hemant Kumar Sarangi, Member (T) For the Appellant : Suman Doval and Jatin Handora, Advs. For the Respondents : Shankari Mishra, Udit Sharma, Advs. and Vibhooti Malhotra, Sr. St. Counsel ORDER The present Application has been filed under Section 66 of the Companies Act 2013, by Associated Label Industries Private Limited (hereinafter referred to as Applicant ), through its authorized representative Mr. Rajender Sehrawat, being the Director, who has been authorized vide Board Resolution dated 15.12.2017, seeking approval for reduction of share capital. 1. Brief averments of the Application are that the Applicant Company was incorporated on 11th August, 1994 under the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resolution of the company, duly passed in accordance with section 66(1) of the Companies Act, 2013, at a Extra-Ordinary general meeting thereof held after due notice as provided in the Act on the 15th day of December 2017 it was resolved. 4. Hence, the Applicant Company has filed this Application under section 66 of the Companies Act, 2013 prayed for the following: a) That to reduce the authorised and paid-up capital from INR 100 Lacs to INR 1 Lacs in future to optimize its Resources. b) That this Hon'ble Tribunal may pass such further or other orders as it may deem fit and proper in the facts and circumstances of the case. 5. Clause 17 of the Articles of Association of the Company, it is provided that the Company may, f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have furnished the certificate to the effect that the Company has no arrears in repayment of deposits or interest thereon. The Company has also furnished the certificate from its auditors that the Accounting Standard adopted by the Company in the scheme is in compliance of Section 133 of Companies Act, 2013. 9. This Tribunal received report of Regional Director, Northern Region, New Delhi dated 23.10.2019 wherein it has been stated that the Scheme of reduction of capital has been examined and state the following; i. The Company is regular in filing the statutory returns and there is no complaint/prosecution/investigation is pending against the Company and hes no objection to the Scheme. ii. The company has not served notice in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s approved, be delivered to the Registrar of Companies within thirty days of receipt of the order. iv. The reduced amount shall be paid to each of the shareholders in proportion to their shareholding. In terms of the above, the necessary alteration shall be made in the Memorandum of Association by the Applicant Company for reduction of the amount of its share capital and of its shares. The copy of the altered Memorandum of Association and minutes of the Extra Ordinary General Meeting approved along with the Order shall be delivered to the RoC by filing E-form INC-28, within thirty days of the receipt of copy of the Order. Accordingly, this Application is hereby allowed by the National Company Law Tribunal (Procedure for Reduction o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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