9911796707
TMI Blog2013 (11) TMI 1821X X X X Extracts X X X X X X X X Extracts X X X X ..... District Kota. The objects of petitioner- Company as provided in Memorandum of Association was incorporated in para-4 of the petition and Memorandum & Articles of Association has been annexed with the petition as Ann.-A. As alleged, the petitioner company's authorized share capital is Rs. 55,00,00,000/- comprising of 4,50,00,000 equity shares of Rs. 10/- each and 1,00,00,000 non-cumulative redeemable preference shares of Rs. 10/- each. The details of the authorized, issued, subscribed and paid up share capital of the petitioner-Company as on 31.01.2013 has been incorporated in para-6 of the petition and true copy of the audited accounts of the petitioner-Company as on 31.03.2012 has been annexed as Ann.-B. The share capital of the pet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t by which the equity capital is to be reduced being in excess of the requirements of the petitioner- Company and such reduction was proposed to be effected upon in the manner, as provided in para-8 of the petition. Counsel submits that as per the resolution of Board of Directors of petitioner-Company, after reduction of share capital of petitioner-Company, it shall be Rs. 25,00,000/- divided into 2,50,000 equity shares of Rs. 10/- each and u/Art.9 of Articles of Association, it is provided that petitioner-Company may from time to time by resolution can take decision to reduce its capital in any manner which is permitted under the law. Counsel submits that under scheme of Section 100 of the Act, special resolution has been authorized by A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as Ann.-G. After the present petition came to be filed, notices were issued by this court on 03.05.2013 and by a further order dt.10.05.2013, on a separate misc. application u/s. 101(3) of the Companies Act, 1956, this Court granted permission for dispensing with the procedure provided u/s. 101(2) of the Act and to get the notices issued & published in Rajasthan Patrika (Jaipur Edition) and Indian Express (Delhi Edition). Accordingly, pursuant to the order of the court, the notices were duly published in the respective newspapers, copy whereof is on record. However, there is no objection filed either with the special resolution was passed by the Board of Directors of the petitioner-Company or before this court after sufficient opportunit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions of S.100 of the Companies Act and of its Articles of Association for proposed reduction of its share capital and in that process, special resolution was passed on 03.12.2012 by overwhelming majority of equity shareholders who in their collective commercial wisdom and in a democratic manner have duly resolved for reduction of share capital of petitioner-Company. It is also true that question of reduction of capital is a matter of domestic concern for the decision of majority of shareholders of the Company and since the decision for reduction is based on commercial considerations undertaken by the businessmen who are in the position to know of the niceties and interest of the company concerned and in absence of allegations as regards the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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