TMI Blog2021 (2) TMI 1088X X X X Extracts X X X X X X X X Extracts X X X X ..... adverse effect on the company s ability to honor its commitments and obligations. Notice has been served to income tax department. However, no objection has been raised by the Income tax department - In response to the observation made by RD in the report, the applicant has stated that the queries raised by the RD has already been dealt with vide compliance affidavit dated 25.02.2020. Further on 19.01.2021, during the hearing Ld. Counsel for RD made statement that they have perused the compliance affidavit and as per instructions the queries/objections of the department stands satisfied. Hence, they have no objection to the application being allowed. That the reduction of the share capital of the above company as resolved by the Board ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ores One Lakh Only) divided into 3,60,10,000 (Three Crores Sixty Lakhs Ten Thousand Only) Equity Shares of ₹ 10/- each. The authorized share capital of the company is 37,00,00,000/- (Rupees Thirty Seven Crores)divided into 3,70,00,000 Equity Shares of ₹ 10/- each. The applicant is engaged in construction business, majorly construction of residential house, serviced apartments, hotels, multiplexes plazas, hotels, entertainment centers etc. 3. The applicant states that during the financial year 2018-19, accumulated losses carried forward from the year 2017-18 was ₹ 19.11 crore and net deficit as per balance sheet dated 31st March, 2019 reflects to ₹ 15.24 crore. The applicant further submits that the account stateme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... two members were present in person and three members were present through proxies and unanimously voted in favour of the reduction of share capital of the applicant. The relevant part of the resolution is extracted as below: The paid up share capital of the company be and hereby reduced against the accumulated losses to the extent of 42.30% from ₹ 36,01,00,000/-(Rupees Thirty Six crore One Lakhs Only) consisting of 3,60,10,000 (Three crores Sixty Lakhs Ten Thousand ) equity shares of face value of ₹ 10/-(Rupees Ten) each to ₹ 20,77,77,700/- (Rupees Twenty Crore Seventy Seven Lakh Seventy Seven Thousand and Seven Hundred) consisting of 3,60,10,000 (Three Crores Sixty Lakhs Ten Thousand) equity shares of face value of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s that proposed reduction of share capital involves cancellation of paid up share capital which is lost or is unrepresented by available assets. Further submits that there is one secured creditor in the company and 25 unsecured creditors as on 28.01.2020.The Certificate from statutory auditor certifying list secured and unsecured creditors of the company have been filed along with the Certificate of declaration of solvency by two directors of the company. 9. The applicant by way of compliance affidavit filed the following in compliance of order dated 18.02.2020 a) Copies of Notices to creditors in form RSC-3 along with postal receipts of the said notices and tracking reports. b) Affidavit with regards the publication of the app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t will not be applicable. Further the net worth of the company shall remain positive and therefore not in any way have any adverse effect on the company s ability to honor its commitments and obligations. 12. The Regional Director, Northern Region, Ministry of Corporate Affairs, New Delhi, after receiving the report dated 17.12.2020 from the Registrar of Companies has filed his report on 11.01.2021 and stated the following : a) That as per the reports of the Registrar of Companies: i. The Applicant Company has filed Annual Return and Balance sheet upto 30.03.2019. No prosecution has been filed and no inspection or investigation has been conducted in respect of the Applicant Company ii. The company will have to file releva ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Directors at the Extra Ordinary General meeting held on the13.12.2019 is allowed. ii. That the minutes for reduction of share capital as specified under section 66(5) of the Companies Act, 2013 is be and hereby approved. That a certified copy of this order including the minute as approved, be delivered to the Registrar of Companies within thirty days of receipt of the order. iii. Paper publication confirming reduction of capital by this Tribunal, shall also be done in the newspaper English Edition The Business Standard and Hindi Edition Jansatta in the prescribed format within a period of thirty days from the date of this order. iv. The copy of order be served to the parties. Application is allowed and disposed off in term ..... X X X X Extracts X X X X X X X X Extracts X X X X
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