9911796707
TMI Blog2018 (9) TMI 2036X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 above be confirmed. (b) That to this end all direction necessary and proper be made and given; (c) The proposed minute be approved; (d) That such further or other order/s be made in the premises as to this Hon'ble Tribunal shall deem fit. 3. The Applicant (hereinafter called the 'Company') was registered on the 23.08.2004, under the provisions of the Companies Act 1956 (No. 1 of 1956) as a Company limited by Shares. The Registered Office of the Company is at No.4, Rama Rao Street, First Floor, (Off. Bazullah Road), T. Nagar, Chennai-600 017. 4, The main objects of the Applicant Company are as follows; (i) To carry on the business of builders or promoters of residential flats, apartments, individual houses and commercial buil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t and related statement of Profit and Loss with related Schedules for the year ended 05.03.2018, produced by the Auditors confirm that the Financial Statements are free of material misstatements and that nothing has come to their attention to cause them to believe that the said Financial Statements do not give a true and fair view in accordance with applicable accounting standards issued by the Institute of Chartered Accountants of India. 7. Reasons for Reduction of Share Capital is that the Applicant Company, as evident from the Explanatory Statement given pursuant to Section 102 of the Companies Act 2013, had returned Rs. 55,00,000/- excluding Share Premium during November 2017, subsequent to this Tribunal's directions vide Order dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gations and Disclosure Requirements) Regulations, 2015 and all such laws as may be applicable from time to time, if any, (including any statutory modification or re- enactment thereof for time being in force) and in accordance with the Memorandum of Association and Article 38 of Table F of the Companies Act, 2013 as adopted by the Company as its Articles of Association of the Company and subject to the approval of the Hon'ble National Company Law Tribunal at Chennai and any other statutory authorities, as the case may be required, approval of the members be and is hereby accorded to reduce the paid-up equity share capital of the Company from 1,80,00,000/- (Rupees One Crore Eighty Lakhs only) divided into 18,00,000 (Eighteen Lakhs) Equit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany reads as follows; "RESOLVED FURTHER THAT pursuant to the provisions of Section 61 and 64 and other applicable provisions of the Companies Act. 2013 (including any amendment thereto or reenactment thereof) and the rules framed there under, consent of the members be and is hereby accorded for substituting Clause V of the Memorandum of Association of the Company with the following clause. "V. (a) 1,25,00,000 (Rupees One Crore Twenty Five Lakhs only) divided into 12,50,000 (Twelve Lakhs Fifty Thousand) Equity Shares of 10/- (Rupees Ten only)each. (b) The Company has power from time to time to increase its capital as equity or preference shares and to attach to any class or classes of such shares, preferences, rights, privileges or pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ively of the equity share capital of the applicant company involving 5,50,000 shares of Rs. 10 each for a consideration. The consideration includes premium on the equity share capital. The Tribunal has recorded vide its order dated 29.11.2017 that the petitioner and the respondents have arrived at a settlement and the applicant company being the respondents paid the amounts mentioned in the Agreement for Settlement dated 29.11.2017 and hence the petition was closed by this Tribunal on 29.11.2017. The applicant company has come out with this scheme of reduction of capital in respect of the above two shareholders u/s 66 of the Companies Act, 2013. In the affidavit the RD has further stated that the company has purchased the shares as per the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e application on merits and pass such order/orders as deemed fit and proper. 15. In this case as per the provisions of the Companies Act, 2013, notices were issued to the statutory authorities as per the procedure prescribed. However, there was no objection to the Reduction of Share Capital under reference. 16. Heard. Perused pleadings and documents filed in support of the contentions of Petitioner and Respondent placed on file, the Application is allowed for reduction of the share capital of the Company, as per the directions given hereunder:- ORDER It is hereby ordered to confirm the reduction of share capital of Applicant Company by approving the minutes of the EoGM dated 21.02.2018, wherein the members of the Applicant Company have ..... X X X X Extracts X X X X X X X X Extracts X X X X
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