TMI Blog2015 (11) TMI 384X X X X Extracts X X X X X X X X Extracts X X X X ..... tors and the reduction will not affect the normal operations of the petitioner or its ability to honour its commitment and to pay its debts in the ordinary course of business, this Court does not find any impediment in granting the reliefs prayed for herein. In the light of the above said facts, the procedure stipulated in Section 101(2) and (3) of the Companies Act, 1956, for the settlement of list of creditors will not apply. The prayers sought for in this petition are granted and the petition is allowed. A certified copy of the order including the minutes as approved be delivered to the Registrar of Companies within twenty one days and the notice of the registration order by the Registrar of Companies and of the said minutes as approv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of cotton into yarn. The nature of business carried on and the object of the petitioner company is detailed in the Memorandum of Association. Certified copy of the Certificate of incorporation and the Memorandum and Articles of Association is filed as Annexure -1. A copy of the Audited Accounts for the year ending 31st March 2014 is filed as Annexure-2. A copy of the Audited Accounts for the year ending 31st March 2015 is filed as Annexure-3. 3. On 29.05.2015, the Members of the petitioner company convened an Extraordinary General Meeting and resolved to reduce the share capital, share premium and capital reserves. A copy of the notice convening the Extraordinary General Meeting on 29.05.2015 is filed as Annexure-4. The certified copy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue of both the equity shres and the preference shares from ₹ 10/- each to ₹ 1/- each. RESOLVED FURTHER THAT subject to provisions of Sections 100 to 104 of the Companies Act, 1956, Section 52 of the Companies Act, 2013 and other applicable provisions, if any, of the Companies Act, 1956 and Companies Act, 2013, Article 7 of the Articles of Association (as amended) and subject to other necessary consents, approvals, permissions and sanctions as may be necessary and subject to confirmation by the Hon'ble High Court of Judicature at Madras, the securities premium account of the company amounting to ₹ 3,75,00,000/- and capital reserve amounting to ₹ 2,50,000 be and hereby is reduced in full. RESOLVED ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... financial statements filed, the decision taken to have a true reflection of the financial position of the company is purely a commercial decision. Considering the fact that such move has been approved by the overwhelming majority of the shareholders, apart from the facts that such reduction does not involve the diminution of any liability in respect of unpaid share capital or the payment to any shareholder of any paid-up capital, and there is no outflow of funds or assets from the petitioner or any reduction in the amount payable to any of the creditors and the reduction will not affect the normal operations of the petitioner or its ability to honour its commitment and to pay its debts in the ordinary course of business, this Court does not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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