TMI Blog2021 (5) TMI 645X X X X Extracts X X X X X X X X Extracts X X X X ..... is meeting - this Tribunal is of the view that it is just and proper to confirm the reduction of paid up share capital of the Applicant Company as resolved by the members of the Company by passing a special resolution and by way of the consents in the form of affidavit. While approving the Reduction of share capital, it is clarified that this order should not be construed as an order in any way granting exemption from payment of stamp duty, taxes or any other charges, if any payment is due or required in accordance with law or in respect to any permission/compliance with any other requirement which may be specifically required under any law - Application disposed off. - CP/816/2019, MA/1195/2020 in CP/816/2019 and MA/423/2020 in CP/816/2019 - - - Dated:- 23-4-2021 - R. Varadharajan, Member (J) And Anil Kumar B., Member (T) For the Appellant : Balu Sridhar, PCS ORDER R. Varadharajan, Member (J) 1. CP/816/2020 is an Application filed by M/s. Navia Commodities Broker Private Limited under Section 66 of Companies Act, 2013. This Tribunal vide its order dated 16.09.2019 had inter-alia issued directions to the Applicant for causing paper publication. Since ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of consultants and providing services of all types including technical, administrative, marketing and providing services of accountants, tax experts and of acting as recruitment agents, advertising agents, organizers of conferences, auctioneers, trustees, executors, administrators, attorneys, nominees and agents and of working as professional consultants on productivity, taxation, employment, investment, marketing, banking and economic related matters. 5. The Learned Authorized Representative for the Applicant company submits that the Company was engaged in the business of Commodity broking. Further the Central Government vide Gazette notification No. G.S.R. 664(E) dated 27th June, 2017 amended the Securities Contracts (Regulation) Rules, 1957 and SEBI vide Notification No. SEBI/LAD-NRO/GN/2017-18/005 dated 13th July, 2017 notified Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 2017 lifted the prohibition placed on Stock Brokers thereby enabling them to deal in securities and deal in Commodity derivatives under a single entity. Consequently, the Applicant Company had transferred its Commodity Broking licence to M/s. Navia Markets ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Accountants, Statutory Auditors of the Applicant Company dated 22.05.2019, to the effect that the accounting treatment proposed by the Applicant Company for the proposed reduction of its share capital, is in conformity with the Accounting Standards prescribed under Section 133 of the Companies Act, 2013. 10. The Learned Authorized Representative for the Applicant Company submitted that the Board of Directors of the Applicant Company in the Board meeting held on 30.01.2019 reviewed the capital structure and the leverage position of the Company and has concluded that the Company is in a net cash position and does not need excess funds to operate the existing business of the Company and accordingly has recommended for the reduction of the Equity Share Capital. In pursuance of the same, the Applicant Company in its Extraordinary General Meeting held on 01.03.2019 had passed a Special Resolution for Reduction of Capital of the Company and the relevant portion is extracted hereunder; RESOLVED THAT pursuant to the provisions of Section 66 and other applicable provisions, if any, of the Companies Act, 2013, read with National Company Law Tribunal (Procedure for reduction of Share ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h fully paid up and that such reduction of ₹ 29,00,000/- (Rupees Twenty Nine Lakhs Only) Equity Shares of ₹ 10/- (Rupees ten Only) each be effected by paying a sum of ₹ 32.23/- (approx) per Equity Share to the respective Share holder. At the date of this registration of this minute 10,000 (Ten Thousand) Equity Shares of ₹ 10/- (Rupees Ten Only) each have been issued and are deemed to be fully paid. 13. It is seen from the Application and the annexures filed therewith, the shareholders of the Applicant Company have approved the scheme of Reduction of Capital in the Extra ordinary General Meeting held on 01.03.2019 by way of Special Resolution, passed at this meeting. 14. This Tribunal vide its order dated 16.09.2019, inter alia directed the Applicant Company to give notice of the instant application to the Ministry of Corporate Affairs through the office of the Regional Director and to cause the publication of notice in the prescribed form. 15. In pursuance of the same, one Balu Sridhar, the Practicing Company Secretary for the Applicant Company has filed the Affidavit of Service before this Tribunal on 29.01.2020 in relation to the directions cont ..... X X X X Extracts X X X X X X X X Extracts X X X X
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