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2016 (6) TMI 1021 - GUJARAT HIGH COURT

2016 (6) TMI 1021 - GUJARAT HIGH COURT - TMI - Scheme of capital reduction of the Company - Held that:- The present petition was admitted by this Court on 28th March 2016 and the same was ordered to be advertised in “Indian Express”, English daily and “Jaihind” Gujarati daily, both Ahmedabad editions. The same direction has been complied with by the company and the notice of the petition has been duly advertised in the aforesaid newspapers 6th April 2016. The same is confirmed by affidavit dated .....

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does not prejudicially affect anyone. Accordingly the resolution dated 18th March 2016 is hereby confirmed. - COMPANY PETITION NO. 97 of 2016 - Dated:- 16-6-2016 - MR. R.M.CHHAYA, J. FOR THE PETITIONER : MRS SWATI SOPARKAR, ADVOCATE ORAL JUDGMENT 1. Mrs. Swati Soparkar, learned advocate for the petitioner has tendered additional affidavit dated 16.6.2016, which is taken on record. 2. This is a petition filed under sections 100 to 103 of the Companies Act, 1956 seeking confirmation to the scheme .....

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mpany was incorporated with the objective to provide knowledge based services and support mainly to the financial industry in the United States. The services include skilled support to Financial Advisory firms for middle office and back office tasks, CPA firms for book keeping, tax planning and tax preparatory work etc. The Company proposed expansion and diversification plans to establish independent support centre for Insurance companies, providing skilled support for preparation of life expect .....

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e preference share capital which was invited specifically for the said project from the US based investors viz. Eagle Creek Fund LLC, Strategic Insurance Marketing Solution and Jose Dorothy Hong Farm Partnership, remained unutilized since the petitioner company does not envisage the said project to be implemented even in the future. The Capital so invested by US based investors being in excess of the requirements of the Company, it was resolved by the Board of Directors of the Company to return .....

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Mr. Justice Vipul M. Pancholi), passed in Company Petition No. 224 of 2015, the Hon ble High Court confirmed the further Reduction of the Preference Share Capital to the extent of ₹ 2,19,45,000/- by part repayment towards 10,45,000 Preference Shares at ₹ 21/- each towards shares held by Strategic Insurance Marketing Solution and Jose Dorothy Hong Farm Partnership. As a result, the petitioner company had Preference Share Capital of ₹ 1,04,50,000/- consisting of 10,45,000 8.25% .....

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ce Share Capital, by cancelling the said Preference Shares and transfer the amount of such reduced Capital to its Capital Reserve Account. 5. For the purpose, the special resolution was passed in accordance with Section 189 of the Companies Act, 1956, at the respective Extra Ordinary General Meetings of the Equity shareholders and Preference Shareholders of the petitioner company, held after due notice as provided in the Act, on the 18th day of March 2016, it was resolved as follows: RESOLVED TH .....

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nsents or permissions and which may be agreed to by the Board of Directors of the Company, the Issued, Subscribed and Paid Up Preference Share Capital of the Company, being in excess of the requirements of the Company be reduced from ₹ 1,04,50,000/- consisting of 10,45,000 8.25% Cumulative Compulsorily Convertible Preference shares of ₹ 10/- each fully paid up to Rs.NIL. The said reduction be effected by cancellation of the existing 10,45,000 Preference shares held by Strategic Insur .....

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d to Capital Reserve Account of I4 Knowledge Processing Private Limited (Erstwhile Eagle Creek Knowledge Processing Services Private Limited) RESOLVED FURTHER THAT consequential amendments be made in the capital clause of the Memorandum of Association and the Articles of Association of the Company after the said reduction becomes operative and effective. 6. The present petition was admitted by this Court on 28th March 2016 and the same was ordered to be advertised in Indian Express , English dai .....

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