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TMI Blog2022 (6) TMI 502X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany are stated in Clause III(A) of its Memorandum of Association, which are briefly reproduced as under; To import, export, manufacture, assemble, produce, exhibit, use, manipulate work, distribute, buy, sell or otherwise deal in all kinds of semi furnished/finished metal cutting tools, machine tools, machine too accessories and other related devices for metal cutting. 3. The Authorized Share Capital of the Petitioner Company as on 31.03.2019 is Rs. 75,00,000/- divided into 7,50,000 Equity Shares of Rs. 10/- each. The issued subscribed and paid-up capital of the Petitioner Company as on 31.03.2019 was Rs. 74,00,000/- divided into 7,40,000 Equity Shares of Rs. 10/- each. 4. The Learned Counsel for the Petitioner Company submitted that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt Company submitted that the Shareholders of the Applicant Company in its Extraordinary General Meeting held on 28.01.2020 has passed a Special Resolution for Reduction of Capital of the Company. The details regarding the proposed reduction in capital are as follows; "RESOLVED THAT pursuant to Section 66(1) and other applicable provisions, if any, of the Companies Act, 2013, Article 14A of Articles of Association of the company and subject to confirmation by the National Company Law Tribunal and/subject to such other approvals, consents, permissions or sanctions of any other authority, body or institution (hereinafter collectively referred to as "the concerned authorities") as may be required, and subject to such other conditions or guid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 66(5) of the Companies Act, 2013 and as given in the application is as follows: "The Capital of JVH MET-CUT PRIVATE LIMITED is henceforth Rs. 7,40,000/- (Rupees Seven Lakh and Forty Thousand only) divided into 7,40,000 fully paid-up equity shares of Re. 1/- each reduced from Rs. 74,00,000 (Rupees Seventy Four Lakhs only) divided into 7,40,000 fully paid up equity shares of Rs. 10 each. At the date of the registration of this minute Rs. 7,40,000/- (Rupees Seven Lakh and Forty Thousand only) divided into 7.40,000 fully paid-up equity shares of Re. 1/- each have been issued and are deemed to be fully paid." 9. It is seen from the Application and the annexures filed therewith, the shareholders of the Applicant Company have appr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 66(5) of the Companies Act, 2013 and as given in the application is as follows: "The Capital of JVH MET-CUT PRIVATE LIMITED is henceforth Rs. 7,40,000/- (Rupees Seven Lakh and Forty Thousand only) divided into 7,40,000 fully paid-up equity shares of Re. 1/- each reduced from Rs. 74,00,000 (Rupees Seventy Four Lakhs only) divided into 7,40,000 fully paid up equity shares of Rs. 10 each. At the date of the registration of this minute Rs. 7,40,000/- (Rupees Seven Lakh and Forty Thousand only) divided into 7.40,000 fully paid-up equity shares of Re. 1/- each have been issued and are deemed to be fully paid." 14. Notwithstanding the above, if there is any deficiency found or violation committed qua any enactment, statutory rule or regulat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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