TMI Blog2020 (9) TMI 850X X X X Extracts X X X X X X X X Extracts X X X X ..... ner Company also undertakes to comply with statutory requirements, if any under the Companies Act, 2013 and the Rules made thereunder, as may be applicable. Since the requisite statutory procedure has been fulfilled, the Company Petition is made absolute in terms of the prayer clause of the Petition. All concerned regulatory authorities to act on certified copy of the order and the form of minutes forming part of the Petition, duly certified by the Deputy/Assistant Registrar of this Tribunal. The Petitioner Company undertakes to file the same with the Registrar of Companies within thirty days from the date of the receipt of the order. - CP No.3778/66/MB-IV/2020 - - - Dated:- 21-9-2020 - Mr. Rajasekhar V.K. : Member (Judicial) And ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by Mr. Vinay Chawla, Promoter Shareholder and remitting a sum of Re 0.50 (paise fifty only) per equity share. 4. The Learned Authorised Representative for the Petitioner Company further submits that the Petitioner Company proposes to write off Accumulated Business Losses by ₹ 42,12,27,550/- by cancelling and extinguishing 1,42,78,900 fully paid up equity shares of ₹ 10 each held by Mr Vinay Chawla, Promoter Shareholder in consideration of ₹ 71,39,450/- (consideration of ₹ 0.5 per share payable to shareholder on the shares cancelled/extinguished), thereby reducing part of the amount standing to the credit of Securities Premium Account by ₹ 28,55,78,000/- and part of the Share Capital by ₹ 14,27,89,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tax Authority is binding on the petitioner Company. 7. Apropos observation in Para 8(a), 8(b) and 8(c) of the Report of Regional Director is concerned, the Petitioner Company has filed Affidavit of Rejoinder dated 28th February, 2020 with this Tribunal and Regional Director, undertaking as follows: (a) that it will not default in discharging the consideration of ₹ 71,39,450/- and will comply with the order passed by this court. Further, the Petitioner Company submits that it has current assets of ₹ 11,22,34,788/- (as on 30.06.2019) which are sufficient to discharge the consideration of ₹ 71,39,450/- in accordance with this scheme. (b) that interest of the creditors and all stakeholders of the Petitioner Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by this court. Further, the Petitioner Company submits that it has current assets of ₹ 11,22,34,788/- (as on 30.06.2019) which are sufficient to discharge the consideration of ₹ 71,39,450/- in accordance with this scheme. The Reply is not Satisfactory non-speaking. The current assets consist of Inventories, Investment, etc. and nothing has seen as at 31.03.2019 with regard to the present position liquidity etc. The Applicant may be put to strict proof. 8(b) Applicant to submit an Affidavit to the effect that the interest of the creditors and all the stakeholders and Government Revenue are protected as well as statutory dues are paid off The Petitioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ursuant to the capital reduction scheme. The Petitioner Company has also submitted the bank statements for the last six months to indicate that it has sufficient bank balance to meet the payout. Upon perusal of the same, it appears that the Petitioner Company has the necessary funds to discharge the consideration arising out of the proposed reduction of capital. 10. The Learned Authorised Representative appearing on behalf of the Petitioner Company submits that the Petitioner Company has complied with the requirements as per the directions of the Tribunal vide Order pronounced on 3rd August, 2020. In pursuance of the said Order, a Brand Valuation Report for the Petitioner Company along with a Covering Affidavit, annexed with a Legal Subm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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