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TMI Blog2016 (7) TMI 1656X X X X Extracts X X X X X X X X Extracts X X X X ..... cant Company and that the unsecured creditor has given its consent in writing for the proposed reduction which is attached to the Affidavit in Support of Company Summons for Direction as Exhibit L and that the proposed reduction would not in any way adversely affect the interest of any of the Applicant Company s creditors or the ordinary operations of the Applicant Company in the ordinary course o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enior Manager, Legal and Company Secretary of the Applicant Company AND Clause 4(B) of the Articles of Association of the Applicant Company which empowers it to reduce its share capital in any manner which is permissible under the Act by passing a Special Resolution in any manner provided for in Section 100 to 105 of the Companies Act, 1956 or any statutory modifications thereof AND the Applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l be reduced to Rs. 41,83,39,250 (Rupees Forty One Crore Eighty Three Lakhs Thirty Nine Thousand Two Hundred and Fifty only) comprising of 4,18,33,925 (Four Crores Eighteen Lakhs Thirty Three Thousand Nine Hundred and Twenty Five) Equity shares of Rs. 10 (Rupees Ten) each fully paid up, by cancelling 4,39,55,681 (Four Crore Thirty Nine Lakhs Fifty Five Thousand Six Hundred and Eighty One) Equity s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... extinguishing the paid up Equity and Preference Share Capital and payment of the cash consideration as aforementioned, the Securities Premium Account of the Applicant Company shall stand reduced to the extent of debit balance remaining post the abovementioned reduction in Preference and Equity Share Capital in the Profit Loss Account as on the date of obtaining the certificate from Registrar of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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