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2021 (6) TMI 483 - Tri - Companies LawReduction of Share Capital - Section 66 of the Companies Act, 2013 read with the National Company Law Tribunal (Procedure for Reduction of Share Capital of Company) Rules, 2016 - HELD THAT:- Since all the requisite statutory compliance having been fulfilled and that the proposed reduction of Share Capital shall not cause any prejudice either to the members or the creditors of the Petitioner Company and in consideration of the affidavit submitted by the Regional Director, Eastern Region, representing the Central Government and the Registrar of Companies, West Bengal, the scheme for reduction is passed. The capital of M/s. Titagarh Enterprises Limited is henceforth ₹ 2,57,50,000/- divided into 2,57,50,000 equity shares of ₹ 1/- each, reduced from ₹ 25,75,00,000/- divided into 2,57,50,000 equity shares of ₹ 10/- each by cancelling and extinguishing, in aggregate ₹ 23,17,50,000/- i.e. 90% (ninety per cent.) of the total Face Value of issued, subscribed and paid-up equity share capital of the Company by way of reduction of Face Value of Equity share of ₹ 10/- (Rupees Ten only) each to Re. 1/- (Rupee One only) each, by adjustment with the accumulated negative balance of statement of profit & loss amounting to ₹ 30,07,74,367/- of the Company. Signed on this, the 18th day of March, 2021.
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