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Tmeic Power Electronics Systems India Private Limited

2014 (11) TMI 1142 - KARNATAKA HIGH COURT

Reduction of capital seeked - Held that:- Having considered the averments made in the petition and having perused the decision taken by the Board of Directors and also the resolution passed in the Annual General Meeting of the petitioner company, it is of the opinion that the prayer made in the instant petition is liable to be granted. Reduction of paid up share capital and Securities Premium Account subject to the approval of the share holders of the company and confirmation by this Court allow .....

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e change of name has been made subsequent to the filing of this petition, an application had been filed before this Court seeking amendment to the petition which had been permitted. Hence, the petitioner with its present name is before this Court seeking the relief as noticed herein. 3. The petitioner with its former name was incorporated on 10.10.2006. The petitioner company is engaged in the business of manufacturing and trading of all kinds of AC, DC, Power Suppliers and related power product .....

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company is ₹ 400,000,000 divided into 4,000,000 equity shares of ₹ 100 each. The Issued, Subscribed and Paid up capital is ₹ 346,672,200/- divided into 3,466,722 equity shares of ₹ 100/- each. The Board of Directors of the petitioner-company through their resolution dated 04.06.2014 have considered this aspect and resolved to reduce its paid up share capital and Securities Premium Account subject to the approval of the share holders of the company and confirmation by this .....

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h Daily and 'Udayavani" Kannada news papers which had been published on 22.08.2014. The same has been taken on record and thereafter to provide an opportunity to any person who may have any say in the matter to appear, the petition had been adjourned to this date. Despite the same, no shareholder of the company or any person interested in the affairs of the petitioner-company has approached this Court opposing the petition. 6. In that view, having considered the averments made in the pe .....

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cable provisions, of the Companies Act, 1956 and the Articles of Association of the Company and subject to the confirmation of the Hon'ble High Court of Karnataka or any other appropriate authority as required under the Companies Act, 1956 the issued, subscribed and paid-up equity capital of the Company be reduced from ₹ 346,672,200, divided into 3,466,722 equity shared of ₹ 100 each to ₹ 7,667,500 divided into 76,675 equity shares of ₹ 100 each by adjustment and set- .....

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450,772,000 to ₹ 72 by adjustment and setoff of the said amount against the debit balance in the Profit and Loss Account after adjustment of ₹ 339,004,700 of the paid-up equity share capital against the debit balance in the Profit and Loss account." (ii) The minutes as set out in the schedule here below is approved. SCHEDULE "Approval is hereby accorded pursuant to Section 100 of the Companies Act, 1956, to the Special resolution of dated June 30, 2014, approving the reduc .....

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