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TMI Blog2021 (1) TMI 517X X X X Extracts X X X X X X X X Extracts X X X X ..... 170 India through its authorized signatory for confirmation of reduction of share capital under section 66 of the Companies Act, 2013 read with the National Company Law Tribunal (Procedure for reduction of share capital of Company) Rules, 2016 for the reduction of the capital resolved by the special resolution set out in paragraph 8 of the petition RSC-1 in accordance with section 66(1) of the Companies Act, 2013 at the extraordinary general meeting held on January 25, 2020 for reduction of share capital of the company by 6 crores rupees by returning the capital which is in excess of the capital required by the company to the extent of Rs. 3 per share upon each of the 2,00,00,000 (two crores) equity shares. 2. Heard the learned practicing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e paid-up value of all shares in the capital of the company from Rs. 10 per share to Rs. 7 per share as agreed by the shareholders of the company. Further learned practicing chartered accountant submits that upon reduction of share capital Rs. 2,00,00,000 equity share of Rs. 7 each shall be reorganised and paid-up value of each equity share will be increased to Rs. 10 per share and the paid value effectively shall be converted in Rs. 1,40,00,000 equity share each of Rs. 10 fully paid-up. 5. It is further submitted that in order to give effect to such reduction, the company shall issue 7 (seven) new equity shares of Rs. 10 (ten) each fully paid-up against every 10 (ten) equity shares of Rs. 7 each fully paid-up in the company and thus equit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sec.66/Sonneberg Plastic/2020-21/1784, dated October 7, 2020, inter alia, made an observation that there is no inspection, investigation, inquiry, complaints, prosecution pending against the company. Further at paragraph 13(2) of its report, inter alia, mentioned that, adjudication order vide December 6, 2019 has been passed by the Registrar of Companies, Ahmedabad, adjudicating officer under section 454 of the Companies Act, 2013 for contravention of section 12(1) of the Companies Act, 2013, committed by the applicant-company under the instructions of the Regional Director, NWR Ministry of Corporate Affairs, Ahmedabad. In this regard, the applicant-company/directors have paid penalty imposed by the adjudicating officer. The hon'ble Na ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dent shareholders is not required since it is covered under the automatic route. Further the petitioner-company undertakes to comply with applicable provisions pertaining to the FEMA and RBI Guidelines if any, on the matter and will ensure that compliance is done. Further the petitioner-company has filed an affidavit before the hon'ble Tribunal dated October 28, 2020. 10. The Regional Director, North Western Region, Ahmedabad in his Report CP/under section 66/385/2020-21/616, dated October 26, 2020 wherein observations are set forth in as stated in paragraph 2(c), (e), (f). These observations made by the Regional Director, in paragraph 2 are reproduced as under : "2. (c) That, it is observed from the scheme of reduction that as per c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly submitted that the related legal fees/ expenses of the office of the Regional Director for submitting this report and represent the matter on behalf of the Central Government, i. e., this Directorate may kindly be paid by the applicant-company to the Central Government. Therefore, this hon'ble National Company Law Tribunal may be pleased to direct the applicant-company to pay such amount of legal fees/cost to the Central Government which may be considered appropriate by this hon'ble National Company Law Tribunal." 11. With reference to the observations made in paragraph 2(c), (e), (f) of the Report of the concerned Regional Director, the petitioner-company hereby submits the following : "2. (c) The petitioner-company through i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny, alter its memorandum by reducing the amount of its share capital and of its shares accordingly and there is no arrears in the repayment of any deposits by the company. Hence, the proposed reduction of share capital falls under the provision of section 66 of the Companies Act, 2013. 12. It is further submitted on behalf of the petitioner-company that after the publication of notices in newspapers and sending individual notices, no representation/objections are received from the creditors. 13. There are no other observation from any other statutory authority. 14. The petitioner-company undertakes to file certified/authenticated copy of the order and form of minutes duly certified by the Deputy Registrar/ Assistant Registrar, National C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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