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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 ..... For the Appellant : Hemant Sethi and Vidisha Poonja, Advocates i/b Hemant Sethi 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 C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned such that the individual and corporate shareholding in the Petitioner Company is broadly equal. Consequently, 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 i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pital of Company) Rules, 2016 and the other applicable provisions, if any. 6. The Petitioner Company submits that the proposed 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 shareh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany is directed to serve notices in Form No. RSC-2 of the hearing of the Petition along with copy of Petition upon:-(i) the concerned 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f expiry of period up to which representations or objections were sought, the representations or objections so received along with responses of the Petitioner company thereto. 11. Petitioner Company shall, as soon as may be, but not later than seven days from the date of issue of such notices, file Compliance Report confirming the dispatch and publication of the notice. 12. Ordered according ..... X X X X Extracts X X X X X X X X Extracts X X X X
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