TMI Blog2020 (8) TMI 428X X X X Extracts X X X X X X X X Extracts X X X X ..... applicable laws and procedures in this regard. (b) The petitioner-company shall comply with all the applicable pro visions of the Income-tax Act, 1961 and all tax issues arising out of the application will be met and answered in accordance with law. (c) The petitioner-company shall submit an affidavit before the Registrar of Companies, Maharashtra, Mumbai, that the interests of the creditors and all other stakeholders are protected under the scheme. (d) The minute set forth in the schedule hereto is hereby approved. (e) The certified copy of this order including the minute as approved be delivered to the Registrar of Companies, Maharashtra, Mumbai, within thirty days of receipt of this order. (f) Paper publication confirming ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bank balance lying to the credit of the company (current as well as term deposit) since the equity share capital so reduced is in excess of the wants of the company. Corporate history of the petitioner-company 3. The petitioner-company was registered on August 26, 1997 under the Companies Act, 1956, with the Registrar of Companies (RoC), Maharashtra, Mumbai. The corporate identity number (CIN) of the petitioner-company is U67120MH1997PTC110268. 4. The registered office of the petitioner-company is situated at No. 2, Lalgebi Darshan, Ground Floor, 63, Swastik Society, 4th N. S. Road, JVPD Scheme, Vile Parle (W), Mumbai-400 056, in the State of Maharashtra. Therefore, this Tribunal has jurisdiction to deal with the present petition. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Director's observations in paragraph 7(a) of his report are as follows : The tax implication if any arising out of the proposal for reduction is subject to final decision of the Income-tax authorities. The approval of the company petition by this hon'ble court may not deter the Income-tax authority to scrutinise the tax return filed by the company after giving effect to the proposed reduction. The decision of the Income-tax authority is binding on the petitioner-company. 13. We have heard the learned authorised representative for the petitioner-company and perused the report of the Regional Director (Western Region), Ministry of Corporate Affairs, Mumbai. 14. There is no objection from any quarter regarding the reduction ..... X X X X Extracts X X X X X X X X Extracts X X X X
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