TMI Blog2021 (1) TMI 316X X X X Extracts X X X X X X X X Extracts X X X X ..... ubject to the final decision of the Income Tax authorities. Since all the requisite statutory procedures have been fulfilled and no objections received from any shareholders before this Tribunal, the Company Petition is made absolute in terms of the prayer clause of the Petition, which are hereby allowed - All concerned regulatory authorities are directed to act on certified copy of the order, duly certified by the Deputy Registrar or Assistant Registrar, National Company Law Tribunal. The Petitioner Company is directed to file the order with the Registrar of Companies within 30 days from the date of the receipt of the order. All concerned regulatory authorities are directed to act on certified copy of the order, duly certified by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Central Government had examined the para-wise comments submitted on the various aspects pointed out in the Scheme of Reduction of Capital and found to be in order and advised Registrar of Companies, Kerala to file affidavit/ report before this Hon ble Tribunal stating therein that the Directorate being the competent authority, on behalf of the Central Government has examined the Scheme of Reduction of Capital with reference to the material papers made available to him and accordingly decided not to make any objection to the above Scheme or reduction of capital. 3. Heard the learned Counsel for the Petitioner Company. No objection has been received by this Tribunal opposing the Petition and nor has any party controverted any averme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , platinum, silver, diamond stones, pearls and allied products. 7. The Petitioner further stated that the Company executed a business transfer agreement on 1st April 2018 with the flagship company of Josco group - Josco Bullion Traders Private Limited (CIN: U51398KL2010PTC025701) with the objective to sell, transfer and convey the retail jewellery business undertaking of Josco Jewellers Private Limited to Josco Bullion Traders Private Limited. Subsequently the Board reviewed the capital structure and the leverage position of the Company and observed that the Company's Paid-up Capital is more than the required amount commensurate with the existing business of the Company and that it would be beneficial for the company to remit back it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cation arising out of such reduction of share is subject to the final decision of the Income Tax authorities. 11. Since all the requisite statutory procedures have been fulfilled and no objections received from any shareholders before this Tribunal, the Company Petition is made absolute in terms of the prayer clause of the Petition, which are hereby allowed. 12. All concerned regulatory authorities are directed to act on certified copy of the order, duly certified by the Deputy Registrar or Assistant Registrar, National Company Law Tribunal. The Petitioner Company is directed to file the order with the Registrar of Companies within 30 days from the date of the receipt of the order. 13. Petitioner Company is directed to publish noti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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