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TMI Blog2021 (8) TMI 985X X X X Extracts X X X X X X X X Extracts X X X X ..... Co. ORDER Rajesh Sharma, Member (T) 1. The Court is convened by videoconference today. 2. Petition admitted. 3. Petition fixed for hearing on 01.12.2021 4. The Counsel for the Petitioner Company submits that this petition is for confirmation of a special resolution passed by the Petitioner Company to reduce the shares in the share capital of the Company from 10,000 equity shares to 4,000 equ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uently, as a result of the capital reduction, the individual shareholders will cumulatively hold 25% in the Petitioner Company with the corporate members holding the balance of the shares. The shareholding of the corporate members and the individual members is set to be equal. ii. It is intended that in the long term, such unified interlocked structure will be in the best interest of the Petitio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roposed capital reduction would not have any adverse effect on the creditors of the Petitioner Company and that the Petitioner Company would honour its commitments and meet its obligations in the ordinary course of business and also there is no pay out to the individual shareholders pursuant to the proposed capital reduction. 7. Within seven (7) days from the date of this order, the Petitioner Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oncerned Registrar of Companies (ii) Central Government through the concerned Regional Director and with a direction that they may submit their representations to the Tribunal, if any, within a period of three months from the date of receipt of such notice and copy of such representations shall simultaneously be served upon the Petitioner Company, failing which, it shall be presumed that the autho ..... X X X X Extracts X X X X X X X X Extracts X X X X
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