9911796707
TMI Blog2010 (8) TMI 778X X X X Extracts X X X X X X X X Extracts X X X X ..... estate owners, cultivators, planters, growers and manufacturers, etc., to carry on the business of agriculturists, horticulturists, planters, etc., to carry on the business in all their branches of spinning and weaving mills and of spinners, weavers, etc., and to carry on the business of manufacture, import, export, purchase, sale and as sales agents in fertilizers of all kinds including chemical and natural fertilizers and mixtures thereof. 3. The authorised share capital of the petitioner-company as on March 31, 2008, was Rs. 25 crores divided into 2,50,00,000 equity shares of Rs.10 each and the issued share capital as on the said date was Rs.15,89,90,520 (rounded to Rs. 15,89,91,000) and the subscribed share capital was Rs. 15,61,90,52 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... celling the paid-up share capital which has been lost or is unrepresented by available assets, to the extent of Rs. 5 per share upon each of the 1,24,83,885 equity shares of Rs. 10 each which have been issued and by reducing the paid-up value of all the shares in the company's paid-up share capital from Rs. 10 to Rs. 5 per share. (ii) with respect to 31,35,167 shares of Rs. 2.50 partly paid-up shares, the uncalled up amount of Rs. 7.50 per equity share in respect of the said 31,35,167 equity shares of Rs. 10 each be reduced by Rs. 5 and accordingly the uncalled portion will be reduced to Rs. 2.50 per equity share, being face value of Rs. 5 per equity share. (b) an amount not exceeding Rs. 864.53 lakhs out of Rs. 1,290.06 lakhs of share pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid resolution, the petitioner-company has decided to reduce the face value of equity shares of the company from Rs. 10 per equity share to Rs. 5 per equity share and to write-off an amount of Rs.864.53 lakhs out of Rs. 1,290.06 lakhs of share premium account. Consequently, it would result in the reduction of paid-up share capital of the company to Rs. 6,24,19,425 from Rs. 12,48,38,850. Based on the special resolution passed by the company as per the powers vested under the articles of association, the company has filed the present petition for confirmation of the said special resolution. 7. Pending the company petition, the petitioner-company filed C. A. No. 1226 of 2006 for settling a list of creditors and this court, by order dated Sept ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been settled. 10. In respect of Vaibhav Plastimoulds P. Ltd., Nagpur, the admitted claim of Rs. 50,000 was settled, as it is seen in the acknowledgment issued by the said creditor dated July 26, 2010. 11. In respect of the claim by Indian Potash Ltd., Bangalore, viz., Rs.6,00,664.52, a reference to the statement of account of the petitioner-company for the period from October 1, 2009 to October 31, 2009, shows that on October 24, 2009, Indian Potash Ltd., was paid an amount of Rs. 8,11,323 by cheque which is more than the amount of claim. 12. In respect of the claim made by Bekae Properties P. Ltd., Mumbai of Rs. 19.39 crores, the petitioner-company disputes the entire claim. The claim itself was made by the said company based on an assi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 000, for Rs. 3,44,62,144.80, sufficient security is available for the claim of the creditor, Bekae Properties P. Ltd., for Rs. 19.39 crores. 14. The State Bank of Travancore, Asset Recovery Management Branch, Chennai-600 018, in the letter dated August 6, 2010, has also confirmed that the amount due to it from the petitioner-company has been paid and the entire one-time settlement amount of Rs. 350 lakhs as sanctioned has been paid and the same has been recorded in the compromise order passed by the Debts Recovery Tribunal-II, Chennai in O. A. No. 240 of 2003, as settled out of court on July 12, 2010 and the company has no other liability to the bank. 15. The petitioner-company filed company application in C. A. No. 113 of 2010 to dispens ..... X X X X Extracts X X X X X X X X Extracts X X X X
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