TMI Blog2015 (5) TMI 323X X X X Extracts X X X X X X X X Extracts X X X X ..... incorporation and it does not have any creditors or any other stakeholders whose rights would be prejudice by the proposed reduction. By order dated 5th February, 2015, notice of this petition was directed to be issued to the Regional Director, Northern Region. Since the petitioner company 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 vie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 6,00,00,000/- divided into 60,00,000 equity shares of ₹ 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 subscribers to the Memorandum of Association. It is further submitted that the paid-up equity share capital of the petitioner company is proposed to be reduced from ₹ 6,00,00,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. Further, the petitioner company has not carried on any business since the date of its incorporation and it does not have any creditors or any other stakeholders whose rights would be prejudice by the proposed reduction. 11. In the aforesaid background, this petition is filed seeking approval of the resolution passed at the Extra Ordinary General Meeting held on 8th December, 2014. The Form of Minutes proposed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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