TMI Blog2021 (5) TMI 941X X X X Extracts X X X X X X X X Extracts X X X X ..... s allowed. - C. P. No. 3733/MB-I/2019 - - - Dated:- 3-5-2021 - Harihar Prakash Chaturvedi, Member (J) And V. Nallasenapathy, Member (T) For Appearing Parties : Nrupang Dholakia, Practicing Company Secretary and Authorised Representative and Rupa Sutar, Deputy Director ORDER V. Nallasenapathy, Member (T) 1. This Petition is filed under section 66 of the Companies Act, 2013 (the Act) seeking reduction of share capital of the Petitioner Company. 2. We have heard the learned counsel for the Petitioner Company and the representative of the Regional Director (WR), MCA, Mumbai. No objector has come before this Tribunal to oppose the Petition and nor has any party controverted any averment made in the Petition. 3. It is s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany at their meeting held on May 13, 2020 have deemed it appropriate for revision in the Reduction of Capital from ₹ 57,04,32,630 divided into 5,70,43,263 equity shares of ₹ 10 each to ₹ 55,12,14,180 (Rupees Fifty Five Crores Twelve Lacs Fourteen Thousand One Hundred and Eighty only) divided into 5,51,21,418 equity shares of ₹ 10 each, by cancelling and extinguishing paid-up equity share capital of ₹ 1,92,18,450 divided into 19,21,845 equity shares of ₹ 10 each fully paid up. 7. The Petitioner Company has passed Special Resolution on 13.05.2020 whereby the shareholders had approved the revised amount for reduction of its equity paid up share from cancelling and extinguishing paid-up equity share capit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y dated 26.03.2021. 7(b ) The tax implication if any arising out of the proposal for reduction is subject to final decision of Income Tax Authorities. The approval of the Company Petition by this Tribunal may not deter the Income Tax Authority to scrutinize the tax return filed by the Company after giving effect to the proposed reduction. The decision of the Income Tax Authority is binding on the Petitioner Company. With respect to the observation under Paragraph 7(b), are self explanatory and no reply sought from the Company. 7(c ) The Scheme proposes to repay ₹ 1,561/- for each equity shar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ber 15, 2020, as reproduced below: 5.2.5.1 Subject to the provisions of the FDI policy, foreign investment in 'manufacturing' sector is under automatic route. The Petitioner Company also undertakes to comply with any provisions of FEMA with respect to filings after the reduction of capital is approved by This Bench. 12. The learned counsel for the Petitioner Company further submitted that the Company has complied with all statutory requirements as per the directions of the Tribunal vide its order dated 06.02.2020 and has filed necessary affidavits to that effect. Moreover, the Petitioner also undertakes to comply with statutory requirements, if any, under the Act and the Rules made thereunder, as would be applicable. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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