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2015 (5) TMI 323 - DELHI HIGH COURT

2015 (5) TMI 323 - DELHI HIGH COURT - TMI - Application for reduction of Paid-up share capital under Section 100(1) of the Companies Act, 1956 read with Rules 46 and 47 of the Companies (Court) Rules, 1959 - Minimum paid-up equity share capital not infused by the subscribers to the Memorandum of Association - Change in business plan - Held that:- It was submitted by petitioner that the proposed reduction in capital neither involves in any financial outlay/outgo on the part of the petitioner comp .....

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pany has not commenced its business operations and it does not have any creditor or stakeholders, therefore, the requirement to follow the procedure laid down under Section 101(2) of the Companies Act, 1956 is dispensed with.In response to the notice issued, Mr. A. K. Chaturvedi, Regional Director, Northern Region, has filed his report dated 17th March, 2015 raising no objection to the proposed reduction of share capital of the petitioner company.

In view of the averments made in the .....

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Kumar Misra, J. For the Appellant : Mr. Shobhan and Mr. Sanjay Bharanwal For the Regional Director : Ms. Aparna Mudiam Sudershan Kumar Misra, J. 1. This petition under Section 100(1) of the Companies Act, 1956 read with Rules 46 and 47 of the Companies (Court) Rules, 1959 has been filed by Verico Technologies Private Limited (hereinafter referred to as the 'petitioner company') for confirming the reduction of its paid-up share capital. 2. The registered office of the petitioner company i .....

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377; 10/- each. 5. A copy of the Memorandum and Articles of Association of the petitioner company has been filed on record. It is submitted by the petitioner that the financial statements of the company have not been prepared and audited, since the first financial year of the company has not been completed. 6. It has been submitted that the petitioner company has not been able to commence its business operations as the minimum paid-up equity share capital has not been infused into it by the subs .....

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urposes of trading activity, paid-up equity share capital of ₹ 60,00,000/- would be sufficient, hence, the need for reduction in share capital. 7. It is pleaded that the petitioner company is authorized by virtue of Article 4(a) of its Articles of Association to reduce its share capital, as per the provisions of the Companies Act, 1956. 8. The Board of Directors of the petitioner company in their meeting held on 3rd November, 2014 have unanimously approved the proposed reduction of the pai .....

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. The petitioner company does not have any secured or unsecured creditor. A copy of the certificate of the Chartered Accountant dated 19th January, 2015 certifying the same has been placed on record. 10. Learned counsel for the petitioner company has submitted that the proposed reduction in capital neither involves in any financial outlay/outgo on the part of the petitioner company nor does it directly or indirectly involve in any outflow of the petitioner company s asset to its shareholders. Fu .....

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