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TMI Blog2021 (11) TMI 196X X X X Extracts X X X X X X X X Extracts X X X X ..... taking to file application with RoC Chennai for adjudicating the delay in appointment of Company Secretary. This Tribunal is of the view that it is just and proper to confirm the Reduction of Share capital of the Applicant Company as resolved by the members of the Company by passing a special resolution and by way of the consent in the form of affidavit - While approving the Reduction of share capital as above, it is clarified that this order should not be construed as an order in any way granting exemption from payment of stamp duty, taxes or any other charges, if any payment is due or required in accordance with law or in respect to any permission/compliance with any other requirement which may be specifically required under any law. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Paid up Capital of the Company as on March 31st 2020 is ₹ 41,94,37,410/- divided into 4,19,43,741 Equity Shares of ₹ 10/- each. 4. The Learned AR for the Applicant Company submitted that Article 1 of the Articles of Association of the Company has adopted the regulations contained in Table A of Schedule 1 Clause 9 of the Companies Act, 1956 which empowers the Applicant Company for Capital Reduction, which is as follows; 9. (1) The company shall have a first and paramount lien - (a) on every share (not being a fully-paid share), for all moneys (whether presently payable or not) called, or payable at a fixed time, in respect of that share; and (b) on all shares (not being fully-paid shares) standing registered in the name ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... off to the shareholders. 6. The Learned AR for the Applicant Company submitted that: (a) The Company does not have any Secured Creditors as on 17.07.2020 and the certificate of the Chartered Accountant to this effect is attached as Annexure 7 Page 77 of the Application. (b) The Company does not have any Unsecured Loan Creditors as on 17.07.2020 and the certificate of Chartered Accountant this effect is attached Annexure 7 Page 78 of the Application. (c) The Company has five (5) Unsecured Trade Creditors as on 17.07.2020 of value ₹ 13,14,140/- and the certificate of the Chartered Accountant to this effect is attached as Annexure 7 Page 79 of the Application. Further, the Certificate issued by the Chartered Accounta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d on 14.03.2020 by way of Special Resolution, passed at this meeting. 10. This Tribunal vide its order dated 04.02.2021, inter alia directed the Applicant Company to give notice of the instant application to the Ministry of Corporate Affairs through the office of the Regional Director and to cause the publication of notice in the prescribed form. In pursuance of the same, one Mr. Venkatesan, the Authorized Signatory of the Applicant Company has filed the Affidavit of Service before this Tribunal on 08.02.2021 in relation to the directions contained in the aforesaid order. A perusal of the same shows the fact that the Applicant Company had issued a newspaper advertisement on 13.02.2021 in Maalai Malar (Tamil) and Business Standard (En ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ven Lakhs Forty Three Thousand Four Hundred and Forty Only) divided into 40,73,344 (Forty Lakhs Seventy Four Thousand Three Hundred and Forty Four) fully pad up shares of ₹ 10/- a reduced from ₹ 41,94,37,410/- (Rupees Forty One Crore Ninety Four Lakhs Thirty Seven Thousand Four Hundred and Ten Only) divided into 4,19,43,741 (Four Crore Nineteen Lakhs Forty Three Thousand Seven Hundred and Forty One) Equity Shares of ₹ 10/- each. At the date of this registration of this minute 40,74,344 Equity Shares of ₹ 10/- each have been issued and deemed to have been fully paid-up. 13. Notwithstanding the above, if there is any deficiency found or violation committed qua any enactment, statutory rule or regulation, the sanct ..... X X X X Extracts X X X X X X X X Extracts X X X X
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