TMI Blog2021 (5) TMI 74X X X X Extracts X X X X X X X X Extracts X X X X ..... he certificate of statutory auditor dated 05.11.2020 has been placed on record which certifies that the accounting treatment proposed by the Company for the reduction of share capital is in conformity with the accounting standards specified under Section 133 or any other Provisions of the Act. Since all the requisite statutory procedures have been fulfilled and no objections received from the governmental authorities or any shareholders before this Tribunal, the Company Petition is made absolute and therefore the proposed reduction can be confirmed by passing order in terms of Rule 6 of the Rules - As per Section 66 (5) of Companies Act, 2013 the petitioner company shall deliver a certified copy of this order under section 66(3) and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0/-. No adverse remark has been made by the Auditor in his Report and no Enquiry of investigations is against the petitioner company. 3. The share capital of the Petitioner Company prior to and post reduction of its share capital shall be as follows: PRIOR TO CAPITAL REDUCTION POST TO CAPITAL REDUCTION Authorised share capital Amount (Rs) Authorised share capital Amount (Rs) 15,00,000 fully paid up equity shares of face value ₹ 10/- each 1,50,00,000 15,00,000 fully paid up equity shares of face value ₹ 10/- each 1,50,00,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h the new management. Therefore, it is in the interest of the Company to restructure its capital by repayment of the capital amount to them, since the shareholders are approaching the Company for purchase of their shares. The new management is in the process of conversion of the present hotel project to higher levels and requires substantial investment through large equity investment and commercial borrowing which requires personal guarantees of Directors and Shareholders. Therefore, the non-promoter shareholders are not interested to continue as shareholders under the new management. 5. It is further stated that the Board of Directors of the Company passed a Special Resolution approving the proposed reduction of share capital in accorda ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .11.2020 stating that they despatched notice to the Central Government, Registrar of Companies and to the creditors of the Company, as per the list of creditors available as on 31.10.2020 with the Company, providing the postal receipts dated 01.12.2020. Even though RoC in his E-mail sent to this Tribunal on 05.03.2021 stated that his office has forwarded the report to the RD Chennai, no report filed by either RD or RoC in this matter. Hence it is presumed that they have no objection in allowing this Petition. 7. It is further stated that the paper publication has been made in Newspapers Indian Express English and Kaumudi malayalam on 29.11.2020. It has also been affirmed that the petitioner company has not received any objection from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tioner has filed a declaration dated 07.11.2020 affirming that the Petitioner Company as on date has not accepted any deposits and accordingly there is no arrears or repayment due with respect to deposits. 12. Besides the certificate of statutory auditor dated 05.11.2020 has been placed on record which certifies that the accounting treatment proposed by the Company for the reduction of share capital is in conformity with the accounting standards specified under Section 133 or any other Provisions of the Act. 13. Since all the requisite statutory procedures have been fulfilled and no objections received from the governmental authorities or any shareholders before this Tribunal, the Company Petition is made absolute and therefore the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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